sp value, page-7

Hi Rods

I don't disagree with you that MAK is probably undervalued on the market. They have direct shipping ore at Wonarah pretty much ready to commence mine construction, if they wanted to go that way, and a strong likelihood Sandpiper will be actually producing within 18 months.

I think recent doldrums have been more to do with shareholder disillusionment with management. I agree AD et al have made some mistakes with the chief one from my perspective being overly optimistic timelines that were never going to be achieved and thus raised and dashed shareholder expectations. However they have been making consistent progress towards their targets and the markets have finally shifted towards them after a couple of horrendous years.

So a market cap higher than $114 million is justifiable in my opinion but is $307 million appropriate to get gfu his $100 million?