This thing has value written over it- and the TA indicate that...

This thing has value written over it- and the TA indicate that people are startting to see that:

RESOURCES
WA, nr Geraldton
1. JAGUAR DEPOSIT [100%]
JORC Reserve 1.6mt @3.07%Cu + 11.73%Zn + 0.72%PB + 120 g/t Ag.
This is equal to @20.5%eq Zn or @9.5%eq Cu . Deposit is extremely rich and is top 5% VMS deposits worldwide.
Initial mine production plan 70kt /yr @48% Zn + 40kt/yr @24% Cu + 0.9 Moz/yr Ag X 5yrs
Exploration - deposit is open at depth , aim is to double resources over next 2 years. Aeromagnetic survey of entire project Jan 06.

2. TEUTONIC BORE [100%] 4km from Jaguar, large tonnage, lower grade, excellent complement to Jaguar.
Exploration. 21 /02/06 131m @ 1.4% Cu eq. IP survey betweenJaguar and Teutonic indicate 2 trends >4km strike. Follow up FLEM survey Q1 06, and drilling thereafter.

JORC
1.6mt @20.5% Zn eq = 330kt Zn.

MILESTONES
- BFS done
- Offtake Agreements 100% with Oxiana done
- Mining started Q4 05
- Mine decline and concentrate plant [aquired from BHP] assembly start Mar 06
- Production and first income Q2 07

FINANCIALS
- using Sep 05 Metal Prices [Zn US$61c/lb, Cu US$104c/lb] NPV A$60.5m [8% discount] 45% IRR, in lowest quartile cost, A$101m EBIT, share price = 17c
- using Dec 05 Metal Prices [Zn US$85c/lb, Cu US$208c/lb] NPV A$180m [8% discount] 74% IRR, A$282m EBIT, share price = 55c
Cashflow yr 1,2,3,4,5 = A$40m + 48m + 44m + 40m +10m = A$180m

- Capex = $56m, is now fully funded through $28m from equity + $53m ANZ debt
- Exploration $5m /yr x 2 yrs is also now fully funded
- All production is 100% unhedged- profits will zoom with the metal prices

Major holders are CSM - they have 32.6% and want more.