I agree with what Jongerd wrote. And thanks, Troff for posting...

I agree with what Jongerd wrote. And thanks, Troff for posting that. I was confused when Troff's original post went up on the 22nd. It looked like words had een copied from a professional report. It didn't make sense until the PDF was posted today.

This highlights exactly where I struggle with Rex. It's my own complete ignorance, and lack of financial literacy and experience with junior mining stocks.

We have a certain amount of shares on issue (which has increased recently). Hillside is worth X amount. Hog's Ranch is worth X amount. There's a cost to build Hillside, and the potential return varies according to the copper price. We've got an amount of cash in the bank. RXM is talking about selling a percentage of the Hillside project. Possibly more shares issued in the medium term, which dilutes my holding further..... I just haven't got a clue even how to calculate a sum of the parts figure, or how much per share we're likely to be earning once a mine is fully operational (or potential dividends per share, after a major partner takes its cut).

So I am grateful for research like this, and for the opinions of people here who actually know something about the topic at hand.

It's difficult being invested in a junior miner/developer in that unlike, say, BHP or CBA, there is not much actual authoritative information out there to form a foundation of my knowledge on the issue.

Thanks again, Troff, and others here who add to the knowledge of small, novice, retail investors.