pen surging , page-32

binbin,

been there done that numerous times before and I don't propose to repeat the exercise. My point was simply to illustrate that arguing that the price 'should be' higher than it is now is nebulous. The price is the price and tough numpties if you don't like it...

There are numerous ways to value the company at production and note that I qualified it with 'assuming production 12 months from now'.

Methods including NPV, peer comparison based on either lbs in the ground or lbs produced/annum, PER etc... Using stage 1, 2 or 3 productions figures? A 300% difference but remember future value tends to get built into SP in advance once it's seen as inevitable.

I've done valuation exercises on all of the above using various permutation of production dates, U price, speculative influence (recent history shows +/-200% is not unusual), including and excluding karoo value and I've come up with about 30 different numbers ranging from 10c to $1. My chosen *rough* figures of 20-30c are what I perceive to be a reasonable middle of the road range taking all likely factors into account. Reminder: I did not say this would happen in 12 months, I said assuming production at that time.