why so cheap?

Not sure why this stock hasnt done better since listing at 20c, looks like it was oversubscribed.

little value is attributed to their projects which look promising at these early stages.

have cut and pasted some material from the prospectus below

Would appreciate any thoughts from those who hold

cheers

Summary

Number of shares fully diluted: approx 53m

Market cap at 16c: $8.5m

Cash on hand (@ listing): $3.8m
Investment in WDR at current price (60c): $3m


Enterprise value: $1.7m


Manganese Projects:

The main focus of exploration will be concentrated over the Gladstone, McArthur and Fenn Gap Manganese Projects. All projects contain outcropping high grade manganese from surface with historical mining of 21,875t of high grade manganese from the Gladstone Project. The Gladstone Manganese Project hosts a series of manganese deposits over a strike length of 21.5km close to a major port and includes the strategically located historic manganese mine at Mount Millar (mine average grade: 44-48% Mn). Reconnaissance rock-chip sampling at Mount Millar yielded high grade surface manganese assays ranging from 58.7-61.1% Mn. A detailed geophysical induced polarization (IP) survey completed over the mine site recorded unique responses over the known mineralisation. Responses of similar magnitude were noted on IP survey lines 100m north and 200m south of the Mount Millar mine. The response on the northern line coincides with the position of manganiferous outcrops noted in mapping. At the Mount Millar mine, a manganiferous outcrop with a coincident IP anomaly represents the first priority drill target with the aim being to define a manganese resource. Six diamond drill holes for a total of 640.9m were drilled between February and March 2009.

The McArthur River Manganese Project has high grade manganese mineralisation averaging 41-51% Mn similar in form and grade to the GEMCO Operations Groote Eylandt deposits in the Northern Territory. The project area has also been shown to contain extensive clusters of electromagnetic (EM) anomalies that are associated with outcropping high grade manganese mineralisation over several kilometres. Recent reconnaissance sampling in the central portion of the licence has delineated rock-chip assays up to 41% Mn within moderate EM anomalies. Over 7,990m of prospective strike length averaging 600m in width with coincident strong EM anomalies remains untested and contains several high priority targets. Strong EM anomalies may be indicative of manganese mineralisation that warrants immediate work. Lead zinc mineralisation is also widespread throughout the McArthur River region with rock-chip assays up to 35% Zn and 1.9% Pb delineated within the project areathat require follow up work.

The Fenn Gap project is located approximately 25 km south west of Alice Springs in the Northern Territory. The project is close to major infrastructure such as the Stuart Highway and the Alice Springs to Adelaide Railway. The project comprises one granted exploration licence (EL 24839) which covers a total area of 98 km2. Fenn Gap is prospective for iron and manganese. The known manganese mineralisation at Fenn Gap occurs in the eastern part of the licence area where previous rock-chip sampling has outlined a strata-bound dolomite hosted manganese-rich zone over several kilometres in length with manganese grades up to 50.9% Mn (averaging 39% Mn). Geological mapping conducted by Genesis has delineated over 9.9 kilometres of outcropping goethite (iron) mineralisation (between43% and 53% Fe) with moderate grade (33.2% Mn) manganese assays obtained from the Table Prospect
area.

They have other projects as well, mainly gold