our base case valuation is $0.32/share

Sounds like a huge potential upside ,and valuation doesn't even include Irvine.


http://www.pluton.com.au/irm/content/research-reports.aspx?RID=349


Investment View • PLV began producing iron ore from Cockatoo Island at the end of 2012. However, it did not raise any equity to do so and was funded, instead, by part payment of forward sales of product. • PLV has recently raised $5.3m in equity, at prices above the current share price, and has a commitment for a further equity raise with Hong Kong based resource house GNR, subject to shareholder approval. • Our base case valuation is $0.32/share, assuming a long run iron ore price of US$ 90/t and AUD-USD of $0.85. Our valuation of Stage 4 is $0.16/share. • Even with a significant risk weighting and lower Fe prices, our valuation is a significant premium to the current share price.