Although I agree with all lot of your analysis, I totally...

Although I agree with all lot of your analysis, I totally disagree with:

- Management: is still entirely dictated by RCF incl. Rick Mark (was "bought" by RCF as their shareholding increased > 10%, enable them to block a going private);  

- Financing: Why is the mangemnet not able to re-finance its interest rates of 10% p.a. and up to 15% p.a.? A producer and cash generater should be able to achieve rates between 5-7% p.a. in this environment. Have they serilously tried to re-fiance? These conditions combined with options for RCF are a total rip off!

- Valuation: daily turnover is ca. $20k and the share price is going nowhere. I can't see any trend! Sorry to say. The most likely event is that RCF and Rick Mark are taking the company private to entirely profit from the upside. Even a take-over premium of 100% (i.e., ca. 20c/share) would be still much less than most of the shareholders have paid for their shares, but more importantly not reflecting the upside potential of the company at all.

As long as all remaining shareholders don't  increase the pressure on the managment and possibly ASIC/ASX looks closely into the company as well, I can't see the market cap is going anywhere near your predictions. However, RCF will only facing problems with their strategy, if remaining shareholders pooling their interest together to >10%+ to create a blocking minority. This in view is the only thread for RCF/Rick Mark

Looking forward to your thoughts.

Cheers