shaw stockbroking report, page-17

I believe Shaw's were the underwriter for a $30m rights issue back in 2009. So yeah, I'm sure they would have a biased opinion. But then again why would you underwrite a $30m cap raising if you didn't like the project?

Don't get me wrong, I reckon most of these analyst reports are guesswork at best especially during the early stages of pre-production. With so many unknowns, it's near impossible to value a company. How many shares will end up on the registry after finance is secured being the most pertinent I would imagine.