Thanks Roznov.The revenue was good as you point out but in the...

Thanks Roznov.

The revenue was good as you point out but in the past the operating costs are what killed it for AAF. So a big surprise the last quarterly came in with 819K net operating cash flow. I think this got lost on a lot of people as everyone was fixated on the abandoned AIM listing.

So at 800K net a quarter, if they keep it up, AAF could have approx $2M AUD in the bank, WITHOUT selling the smelters. And no debts to service.

The strategy of renting the smelters removes the operating risks and costs and seems to deliver a nice profit. Can they keep it up is the question.

Perhaps management are evaluating this quarters performance, because if they deliver another 800K profit, and can do it consistently (for example by locking the smelter renter into a longer term lease), why sell at all?

So we have
-$1.36 cash in the bank end, potentially growing to $2M end of Q2
-A market cap of $4M AUD. (based on .07 of a cent share price)
-A P/E as low as 1.25 when last quarters earnings are forecasted yearly.
-Great upside from JV exploration and further concessions.

This has got a good shot at being worth more than the current share price of 0.7cents I would say, announcements or not.