Ann: Ammaroo Phosphate Resource Update Oct 2014, page-10

yes 10% is correct, but CEN was acquired at peanuts (CEN shareholders were not for the takeover, it was hostile in its way). so once again... RUM is much more asset rich than it was in 2011 (not just proven, but also expansion)

and when there is a takeover, you don't just add the assets of both companies and assume a combined MC. RUM obviously saw synergies/efficiencies in the takeover (for example logistics advantages), if 2011 it was valued at 90m, it should be valued at least 50% more if market sentiment was the same.

the only point in your favour is yes the hype is not there, but i wouldn't say its gone as with a middle class growing in populous countries such as india and china, the demand for food and hence food fertiliser is likely to increase. ive seen market sentiment decline and increase, but for a resource like this, i don't think its quite gone.

in short, IMO the value added by the dilutions/cap raisings to RUM have outweighed the actual dilution and hence the RUM share price should be well above 30c.