Edited Post: Today's Share Price Performance: Strong support at...

Edited Post:

Today's Share Price Performance:

Strong support at $0.53 indeed. Previous resistance levels becoming support, and previous support levels turning into resistance ($0.60).

Critical to hold for the peak and trough continuation pattern to hold. Good to see some strong buying and volume to push the SP from an intraday low of $0.53 to a high of $0.60.

Buying strength could be a sign of a positive announcement to come out by this week regarding the scheduled Traditional Owners Mining agreement signoff to occur over the next two days. Sign off will strengthen the business proposition obliterating tribal risk factors towards development, another tick towards due diligence checks.

General Meeting 25th March 2011

From a quick read of the latest announcements, I am supportive of the Director options, take it as being performance base. Given that these options are only exercisable at a 143% premium to the ordinary share price 5 days prior to issue. This is in line with Intersuisse calculated NPV of $1.82/share. For example, if today's SP is $0.60, at 143% the options will be in the money only if the SP is above $1.46.

Thus, I am taking into consideration the timing of the General Meeting held on the 25th of March 2011. Coincidently this falls into the timing of the anticipated update on the Wonorah VERTE deal by March 2011, followed by the crucial final decision at the end of second quarter 2011.

Traders and Investors alike will no doubt be positioning their trades in the lead up to imminent events to present themselves. I don't see MAK breaking $1.00 until the Directors options are issued by the end of March, followed shortly by the update and final decision. Once funding risk is removed, I would expect $1.00 to break easily, and the broker NPV targets to be progressively reached bringing the options in the money.

Funding needs to happen soon, otherwise expect the Share Placement Facility to be actioned as per Resolution 2.

All the best to all holders!
LM