well done guys, page-10

Hi NB1, If I can try and define the difference between valuation and speculation it may help people understand how valuable a well constructed basic assessment of a companies risk adjusted valuation can be.

What Fergus has done has been to take known facts and apply reasonably rigorous calculations to find out what the value of the company is NOW. This sort of analysis is essential to professional investors and managers to try and sort out the chaff from the real potential. Very few specualtive shares at this end of town will have value NOW let alone a share valuation below the calculated value, they are usually well overpriced to the known value NOW. APG is reasonably unique and on the cusp of having Fegus's valuation ramped up significantly as the extent of the opportunity is proved and added to the value.

Now to speculation, when a person can extrapolate the future of a company to beyond the facts known now as we are doing and say the EARS/DRI/DRZ has the potential to be able to change the whole metal industry that is reasonably well considered speculation but not "truth" as yet until deals are confirmed.

Celebrate the difference. because when you can find the right company which is being valued very conservatively to it's potential and your speculation is correct then you get your 10 baggers and above when the conservative end of town keep raising the valuation in multiples as the speculation becomes truth. We believe it (APG's potential) to be truth but they want proof. When it comes ,stick that new truth in Fergus's model and watch the valuation fly and the big money makes it's deposit on the proved technology.

When you understand what Fergus has done don't shoot the messenger. This is where the big end allow the minnows to take position first. They will give you a many, many bagger because they let you take the initial risk. APG is definatley in my opinion moving from risk to a big return but they will wait for proof while we all have a chance to take position.

Cheers

Seik