From a risk perspective, it is also important to note that...

From a risk perspective, it is also important to note that Centrex's eggs are not all in the Port Lincoln basket.

MOST of CXM's value is associated with the investment by the Chinese in their magnetite exports out of the proposed Sheep Hill deep water port, over which there is no concerns or debate (well, none that I know of...)

- Cash and funding from the Chinese for their two magnetite deposits
- near-term 100% owned DSO out of Port Lincoln.

One is a relatively small dollar amount, soon, providing positive cash-flow. The others are company-making, medium term and involve 10 times the annual revenue.

And underpinning the value is over 100% cash and receivable backing, which is independent of the Port Lincoln decision.

I am comfortable with the limited downside risk, and excited by the obvious upside of this company.

Y