48 cents comes from a MP securities valuation several months...

48 cents comes from a MP securities valuation several months ago. Other stockbroking firms have had valuations of similar levels. The only fundamentals to change since then is the spot price of Iron Ore has cooled down a bit. All other fundamentals remain unchanged and ,in fact, the price of Lithium is expected to appreciate considerably in the next 2 to 3 years
The reason the share price is depressed is that management formerly told the market that first production will be in Sept 2005 and at their AGM in november, they then told the market that it won't ship until July 2006.
Naturally many short term speculators sold and drove the price down and management wasn't viewed as favourably as before because they were at least 9 months out with their estimations of shipping and production.
However, since then they have contracted a port (Caldera) and reconsidered their production setup to more easily expand the operations to 4mt per annum in the future.
The recent spot price of Iron Ore has been strong so the business is still very viable and will just take some time to arrange port facilities before shipping. When they start to produce, the market will re rate ADY, first as an Iron Ore producer and then as a Lithium producer