New Edison Report..., page-40

I agree, it's such a hard company to put a fair value on.

I think it's quite easy to put a fair value on Panda Hill. It's an outstanding, economically viable deposit and enough work has been done to demonstrate that with a high degree of confidence. Panda Hill will be a niobium mine and someone's going to do very well out of it.

However, I'm not sure that it will be Cradle's shareholders. If you read Dentie's posts here, I think he's assessed the situation very well.

Personally, I'd expect a "shock and awe" low-ball takeover offer as soon as the offtakes and finance are announced, and before the market has time to come to its senses and wake up to the value of this project. The low share price over the last years will be a factor in asserting a low offer as "fair value."

Fair value would be upwards of $1, perhaps $1.50-2.50. What I expect a t/o offer to be realistically is more in the range of 40-50 cents, perhaps 60-70 if we're lucky.

Mind you, I still think Cradle is an excellent bet now (although holding it for the last two years was a waste of opportunity), with little downside. I expect decent upside in the near term, but nothing like what I would consider fair value.

All IMO only.