New report values Heron at 29c, says leading reporter Barry FitzGerald, page-3

Quote from aforementioned article:

"Warren Edney at Baillieu Holst has run the numbers on Heron on that basis and reckons a 29c price target on the stock is warranted (on a fully diluted basis for an equity issue of $64m at 10c a share in support of the financing package. His target price is kind of interesting given Heron has been trading at 9.9c."

The current valuation of HRR puzzles me. Is it a case of investors being scared away by looming CR, loss of confidence in mgmt' ability to meet targets, or jittery nerves due to zinc correction?

In any case, important milestones coming up after Easter with financing package and off-takes announced, and clarity around CR. Reasonable chance of a significant positive rerate imo.