price chart, page-16

Proven fact is that market is not perftect. Research is a fancy word for guess work. I'm not sure what your key investment criteria is, but high on many lists is management.

If Twiggy starts up a junior iron ore play tomorrow then it will have strong support. FMG showed what he can do.

With KAB you need to question the ability to make the project profitable because to date management are unable to generate a profit on other companies. NKP and CCC are really struggling.

Ofcourse this is just one criteria. KAB could be different. But what is the point of difference? The only thing I can see is the low market cap.

If I was trying to value KAB, my first port of call would be peer comparison. That would initially be a nearology study. Who operates successfully nearby. I know some have claimed "declining Mn area". I haven't bothered researching in great deal. Haven't seen evidence either way.

If no nearby comparison, then I'd compare Mn stocks in general. Hard with KAB as their is no JORC. But again it's guess work. It's why we have discussed grades and pit size. Certainly two offttakes count for something.

That then links in with DCF model and fundamentals. For that we start discussing Mn price. We haven't really agreed rising or falling. But seem to have agreed on current price.

Then costs? People still can't agree. Transport is the big cost due to distance.

I don't agree with everything you say. Nor should I. Market needs opposing views. But occasionally the threads do evolve and discuss useful things.

Hopefully the resolutions will provide a starting point for some decent and friendly debate.