quarterly, page-29

In markets like this, investors will seek sake haven in cashflow positive companies that are undervalued and still offer upside through growth

The day ALT confirm they are cashflow positive and only capped at $10M, expect a significant rerating.

Cash burn is relatively low at $1.2M per year. The gem is that it isn't going to exponentially increase like miners do as they ramp up exploration. All the large funds have been outlaid through FDA approval, design reworking etc.

Taiwan alone looks as though it will see them cashflow positive. Even if expenses kick up to $1.5M per year if they go hard for US and EUR, what is left to do with the cash ? Throw Brazil into the mix for another few $M per year and it is looking very attractive.

We already have a multinational major in the US testing product and the latest hint of another in Europe. I consider these double figure share price deals.

10c is a market cap of $50M, which if they can secure $5M of annual revenue, is very fair.

Only have to look at the rerating NEA and ISN had recently.

Market not going crazy and buying it up yet. I expect the catalyst to be securing Brazil as we would then have estimated revenues of near $10M per year.