joining the dots

While the world zircon supply deficit and the meteoric rise in Iluka's share price continues to impress I am trying to get a grip of where GUN stands.

Recent events include:

1) Appointments of new Board Members, one with strong operations experience in a lead up to commencing the Coburn project.

2) Appointment of an ex-CFO of Newcrest to bring together a funding solution for Coburn. This guy is presumably not a light weight and knows what he is doing. He is now 6 weeks into the job.

3) In David Harley's last Boardroom Radio address, he alluded to Coburn financing being imminent (point 1 and 2 are stronger as we have heard these comments before).

4) The ecomomics of Coburn are now so robust that a stand alone financing option is not a dream but possible. BSE have done it so presumably this is a genuine option. If they achieve this, raising shareholder capital will be quite easy as the SP moves north of $0.35-0.40. A financing announcement will make the SP take off like nothing seen before.

5) I expect when we receive the next Coburn update (before or part of the June Qly Report) the NPV of the project based on new zircon prices will be be $350m+. This is starting to look like serious money.

6) GUN's copper prospects are also promising.

7) Management share options are well out of the money. They are giving the impression that the SP is worth much more than $0.30.

The time is right and the time is now. I am looking forward to a big announcment soon. Please put us out of our misery and make that announcment soon!