I have held SIR for just over 2 years and am not unhappy about...

I have held SIR for just over 2 years and am not unhappy about where the price is currently (although would like it back up at $4 again)

However reviewing everything I know there are a number of thoughts I have worth tabling.

- They have a mkt cap of $603mil which is fairly significant for "explorer", realising they have a significant asset the proof will be in the mining. There have been a number of world class assets that when mining starts head south very quickly.
- Income will only be generated in about 3 years and will need capital to set up the infrastructure. How will that be funded, dilution or debt? (sorry may have missed an annoucement through shoddy research) That is also a long time to wait for value to be realised.
- Crux, could it be another Nova? There is already talk that Fraser Range is the next big thing so Sirius is well placed. Also the sp does not seem to have really reacted to Crux's potential in the same way as it did to Nova. May have been because of the timing and the next week or so will some punters in. Analyst reports received all have SIR above $3 (that was before Crux).
- The mining sector... A lot of conflicting thoughts around prices and mining in general. Long term nickel price forecasts indicate $10/lb (think I got that from one of SIR's presos) so in 3 years when mining starts profits could be substantial.
- This is nickel and happy to be proved wrong but large nickel projects in Aus have struggled. SIR's forecast cost per lb does seem attractive but it is a forecast. Again a 3 year wait to find out.
- Cash is not a problem currently so Crux can be explored further without tapping shareholders just yet.

Factoring in all of the above the risks appear to be limited at the current share price with a possible spike up on any good news from Crux (as nothing appears priced in not sure the price would drop much if bad news). I thus do not see SIR as a sell at current prices. Not committing to a buy either but would not want to be left out when the news starts flowing again.