short term how much more upside

guys

lets say they make 35 mill after tax

no.shares to increase to say $125mill post raising

EPS: 35/125= 0.28 cents

PE 5 = $1.40

I reckon short term like any other mining stock, the forward PE aint gonna be higher than 5 or 6!

yes they have magnetite, but that wont be factored into share price like most other mining investments until shareholders can see certaintly that near-term its gonna be a reality. Magnetite on back-burner for now, but with a few good qtrs proddy from haemetite + when management starts talking up the magnetite and start making it a reality, the market isnt gonna give too much weighting for it.

Hence forward PE 5 for now ala most other miners. PE will no doubt head towards 10 when the magnetite comes along.

So $1.40 at PE 5; $1.60 at PE 6

thats the reality of this baby short-term

If ive missed anything plse tell me.