last chance before u miss out, page-33

Robbo,
Have you seen the SMM Dec 06 presentation on their website?....I recall the cash flow is projected at about 400M per year....so 50M profit per annum is small compared to SMM projections.
Don't own SMM but have watched them over last few months and tried to understand where the upside is.
They are expecting upgraded resource report soon, and I believe they are contesting Paladin in court to get back the 1/2 of Valhalla PDN has...if they win (they are confident of course) then they have a 150M lb resource.
That would imply a value of 1.5 Billion.
I would say SMM is fully priced now, but not necessarily overpriced....but it is fair to say the market has already priced in the go-ahead for mining in QLD, but not the winning back of the other 75M lbs from court case.

Have a buy in on MTN.....as I understand it most U companies are valued at about $10 a pound in the ground currently (given that it's reasonable grade of course) so i figure MTN Market Cap should be closer to 690M (69M lbs x $10.)
Actually, maybe a bit higher as it's USD$10, not Oz$.

It's scary buying in after such a run, but unless there are serious environmental questions regarding mining at Mt Gee, or the management have bad track record or some other factor I'm missing, then this still looks undervalued to me.
What am I missing here?