FCN was a bit different. That was based on exploration success...

FCN was a bit different. That was based on exploration success whereas ADY is based on good deal making.

I see ADY as having 2 good core projects (Chile Iron Ore and Rincon Salar), each potentially worth 20cps. I see the Philippines deal as less than a 50% chance of coming off. I think ADY would rather walk away from anything marginal. Of course, Phil Thomas as ADY could have another ace to reveal which would take us and the market by surprise. As such, perhaps 30 cents is not unreasonable given the bull nature of the market.

I see announcements along the lines of a larger iron ore resource proved up under JORC or progress at Rincon Salar (lower cost of production of extracting lithium carbonate) as the most likely value accretive announcements that are due.

I've got to say that someone is expecting a good announcement soon given the chunky nature of the buying. That is some serious cash. Interestingly HSBC did a fair chunk of the buying today, which is a bit different from usual.