BBB,I tend to agree with your position and I sit with a quarter...

BBB,

I tend to agree with your position and I sit with a quarter of your holdings and are of the same mind. I'd prefer to maintain my other share holdings if the benefit is less than 10c (which I would have to sell to fund the options).
Share price neeeds to be higher on better & consistent volumes (difficult due to small registry tightly held) or a clear plan with milestones moving forward to give me confidence that things are on track. TU from me.

Fisho,
$50m I believe is margin and not profit year 1. Typcially (on the assumption cost & FE price hold) there is a delay between digging it and realising the sale. The gap in timing is covered by working capital. The concern here is it that delay between dig and sale that costs can blow out and suddenly margins errode.

Big concern here with this company to date is their inability to meet timelines, which in my opionion puts negative pressure on their financial assumptions. However saying that, if the actual Profit was 50% of there projections then it is still a good buy. Hence why I still hold.