new research, page-4

On page 21, it says that using Cu of $7,834 has a -2% impact on valuation and Au of $1,710 has a 1% impact... Don't seem material. Well, not that material when its an 88c valuation and a 26c share price.. Lower commodity prices would be nice, but hardly going to pull the valuation back below 26c..

Re placement, 3% dilution - is this worth writing about honestly (or delaying the research I presume). Mountains and mole hills me thinks.

There are some comments on the transaction not being accounted for without further information. Agree, more would be good, but we have to make our view while we wait for more news...

This isn't BHP we are talking about, it's a small miner - if you expect more (inlcuding analysis that is up to the minute), I'd recommend staying with UBS research coverage of the top 100..