Like for Like, page-5

Seriously?!?

All that EMH requires is CERTAINTY!

Right now it is impossible to value EMH (Finger's KDR comparison notwithstanding).

The EMH share price is declining due to the unpredictability of how the new CR government will deal with EMH going forward.

We can all speculate about expected outcomes, but the reality of the declining share price suggests that no one is willing to really bet on any outcome in the absence of basic certainty on the way forward. Even those proclaiming to believe in a positive outcome (i.e. that EMH really is a watermelon instead of a marble) have not got sufficient conviction or fire power to buy EMH shares and thereby stop the share price decline.

I believe that if EMH and the CR government came out tomorrow and said that they had come to an agreement that the government was going to take a X% equity stake in EMH but look to accelerate the development of the mine, the share price would pop almost irrespective of what X would be - simply because investors would have more CERTAINTY of how things would move forward. It would then be possible to run a valuation - perhaps even to prepare a meaningful comparative valuation.

At worst one would then compare apples with oranges.