yearly report!

(REPEATING THIS POST AS "AVM "- PREVIOUS POST UNDER "AVL" MAY BE MISSED)

The over-run on costs establishing Stage 2 are not of any on-going concern - Marut's post has covered that aspect well.

The $US30,000 spent on the Philipines is a very nominal sum and at this stage not significant.

Items that were of interest were --

1. Sharehoder Equity $20.5 million (23,554,229 shares)

2. Diluted Earnings 29 cents/share.

3. Net Earning $6 million.

4. Total revenue 30.5 million.

According to Hotcopper contributers Stage 2 - fully commissioned, probably near the end of September - will approximatelly double income.

Forecasting bottom line possibility re Anvil share price becomes more practical.
A share price of 38c to 43 cents based on earnings of 3 cents share now ---- leads to a rough figure of 72 cents to 86 cents share based on post stage 2 commissioning.

Anvil has been to 60 cents share.
A possible spike to 120 cents next year looks possible.

Am more inclined to agree with Flats comment some time ago that tis better Anvil bed in stage 2 (profits and project) to provide a strong foundation to move on to taking over Gecamine from Congo Government.
It may be that Bill Turner is working on this basis.

Projecting into future upside! ----------------------
A takeover of Gecamine would eventuate in greater recognition of Anvil as a company in addition to increased profits.
Miningnut, Stone Pony or Flats might be able to indicate such incresed profits. - Perhaps a doubling?
If so at least double projected future share price as for above.

An additional mine based on drilling results at Kapulo or closer to Dikulushi would also increase share price. However the run up between discovery (confirmation) of resource, placing mining infrastructure, processing ore, would likely see a slower uptake in share price based on actual profits - not anticipated profits.
That is how institutions seem to be working with their analysis of Anvil.

The yearly report appears sound and proper - no "talking up" - nothing unexpected.

The indicated increased profitability will lead to share price revaluation - as commissioning passes on to increased profits.
Future possible corporate expansion is a known factor.

Looking good!

A few months to much higher share price (early 05 for sure I believe)
A year might well bring corporate expansion.

Cheers

NT