oversold, page-6

I've just finished updating my valuation on Balla Balla with more recent curves for exchange rates, Iron fines and Ilmenite and am getting $2.20 using a 11% discount rate on the assumption they will raise $500m mixed 70/30 debt/equity with the equity component raised at $1.20.

Potential upside to valuation on any upgrade to mineable resource over 270Mt and prospectivity of Yalgoo.

Heavily long and still buying.

Encephalon