update

I've been in contact with the company.

Chris Jordinson is on the road doing a roadshow. Perth yesterday with a very positive response from brokers who generally are not up to speed with the story because it hasn't been promoted for a couple of years. Melbourne today and Sydney on Friday. In the next couple of weeks he will be flying to Brazil to do some marketing of product to their SSP market. Apparently our product is a very good fit for their phospate needs and needs only minimal capex to get it to the standard required.

An announcement will be out today responding to the ASX. It is as I thought, the company does not have anything to announce and the move has come from out of the blue although is one that should have happened some time ago as we've been seriously undervalued for a while based on the various factors we've discussed - likely quality of project, near term production, strong major investor support.

Chris met with the Intersuisse guys who have analysed MAK and their opinion was apparently that it should have happened some time ago and possibly more than yesterday's move. My own opinion is that an $80 mill market cap would not be unreasonable for the stage of development based on the Intersuisse numbers for MAK. The hold back is that the company withheld from marketing/roadshows over the last couple of years in a very conservative approach. Now that the news is getting out there we should start to see more new shareholders. It would be nice for it to hold 2c plus with a move towards 4 cents or the 80 mill market cap.

There will be a stream of news over the next few months as UCL and MAK work together to get the story out there and keep the market informed of what is happening.