I think if Jinka was not acquired we would have been 2-3c mid last year. The bottom would have fallen out of this stock. With production set at Burnakurra and more recently upgrades to Gab & Jervois I see the market has priced this in at another 7-9c. Since late 2011, I believe the market has added value with new confidence in Andash with another 2-3c.
All these are well below even a discounted NPV for the above projects. The market had re-rated (down) most stocks that were 100% speculative. I doubt that an announcement will re-rate this now, but once we are in production mid year we will see all our projects re valued closer to their NPV's.
Regardless, I believe 18c still a fair target on confirmation of the social license and extension of the permit which I believe will follow soon after.
BTW, great work Chuk!
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