I agree with pretty much everything you've listed Phogg.I think...

I agree with pretty much everything you've listed Phogg.

I think the $40 million TS quoted was more him referring to beginning of FY when they had $40 million in the bank. I agree that last quarterly i read it was nearer $24 - $25million.

Pinnacle.

Refer May announcement where 42.8% of pinnacle was deemed to have cost $65 million. Extrapolating through, This gives fair undeveloped value of pinnacle assets of around $150 million and is a reasonable estimate as May was a transaction point. Could be much more, but unlikely to be much less, as further money has been spent on these since. Even in todays market i think $150 million is minimum value here, but i think nearer $200m given the CFE baseline discoveries. Don't forget it also includes the *sleeper* bullum lignite coal project on the coast.

AKI

I have heard it mentioned that CFE will perhaps divest interest in AKI in the coming few months and i'm imagining $70-$80m being the sale figure.

Think that adds another $100 million + onto your $450 million so i think $550m is minimum fair value or $80c / share. As Tri will probably point out, if you are being optimistic you can easily move these valuation figures closer to $2 / share.

Kasper