Beans - yes, agree with you again - this is a well managed...

Beans - yes, agree with you again - this is a well managed company with smart management. They also own a lot of the shares, which always helps. The fact that I said I hope not to see the 'sophisticates' come in is in no way a reflection of any suspicion that they at some point in the future will. I personally believe that the staged development that is planened for Mt Carbine will overcome a lot of the capital constraints.

Fishinnick, don't take it as financial advice, but I currently hold AWC, NIP, EKM, AYN and III in Australia as well as CVT and PGW in NZ. Am watching quite a few more, off the cuff SVL, KZL, ATR (still trying to make sense of that one; its an enigma wrapped in a riddle), OZL and AHR. There is also a 'multibaggers' thread on the general forum that I think can give some further clues.

Have been a LYC holder right through the capital raising and until recently, but sold out when the astrologists, chartists, alchemists and high priests of the day trade took over that stock. Am waiting now for mess they inevitably leave to be cleared up before considering buying back in. I left with an expectation to buy back in at between 80c to 90c before production in Sept 11, and still believe we will see that level before this is over. I see LYC as the only viable RE company in AU, btw, and think that for now, REs are part of a Goldman style squeeze that will inevitably end in tears.

To pontificate a little, in my opinion PEK, GGG, ALK, CMY and the like will all end up going the same way. It costs half a billion to get a plant and with the exception of LYC (who has the cash now in the bank) none of these have a chance to get their own plant. ARU may, but they will still need a lot of capital and I don't like their cap raising precedents. Hence the others will have to go to LYC or ARU to get their resource processed, and in my opinion long term it is LYCs plant, not Mt Weld, that will determine its value and price.

There have only been very few companies in this year where I took a single look before deciding I wanted a part of it; III was one of those. The reason was that at 2-4 Mil of income at a back of the envelope P/E of 10, the company should be valued at 20-40 Mil. We are currently on the lower end of that, so I don't agree with you that currently shares are expensive. It think more or less fair value right now (a 3c risk premium on the low end estimate, but no production yet). I took the last 8c parcel on offer about 7 weeks back.