mak compared to poz

POZ have 94.675M shares issued and 23M 20c options in the money. They have $10M cash. At sp 75c EV is $78M.

MAK have 80.89M shares issued and 30.284M in the money options. They have $11M cash. At sp $1.45 EV is $150M.

POZ has an un-JORC'd historical resource of 82Mt@20% plus additional good prospects. They are a considerable distance from any infrastructure and the talk is of a +300km slurry pipe like Legend, which will mean high CAPEX. Legend's capex is close to $1B.

MAK as we know has 72Mt@17% and at least 2Bt in total @ 14%, and in addition to the 2Bt has the high grade likely-DSO Aruwurra Zone not included plus the Lower target zone Quartz Breccia Phosphorite also not previously included. Also, the recent drilling at Aruwurra indicates for illustrative purposes that a notional 1,000 metre x 1,000 metre x 5 metre thick block of mineralisation contains 10-12.5Mt of RP, enough for up to 3 years operations at the planned 3mtpa throughput. There looks like a lot more than that though at Aruwurra.

Given that MAK is low-CAPEX that means less dilution and a quicker timeframe into production. AD is still confident that a 2010 start is feasible, at least on the regulatory and land title side.

If the POZ shareprice goes a lot higher, it will make MAK look undervalued and the market will figure it out sooner or later. I have thought about jumping on the POZ bandwagon today but have decided to continue to accumulate MAK at current prices for a 2-3 year investment horizon.