I have posted the following on the DME thread - they have an iron sands project based in Fiji
DME has a tightly held register, with over 80% of shares held by the top 20 (Japanese major investor & exec director)
However, current cash only $900,000 - meaning further raising imminent. Approximately 128 million shares on issue at this stage meaning further dilution wouldnt be a huge concern so far, given such a tightly held register.
What concerns me is the EV - a 30c share price equates to an EV of $37 million - given the scoping study for the flagship Sigatoka Iron Sands project is ongoing and still negotiating land access agreements, surely it can't be worth that much.
I foresee further dilution through raising, and the sp to drop below 10c. Saying that, if the market cap ever falls below $10 to $15 million, this will be a definite buy for me.
