Ann: Change in Substantial Shareholder Notice, page-5

I imagine Mr Munro would have been approached by Petra Capital in their search for a buyer for the Supervised Investments stake. If thats the case he would have access to their research.

I have heard from a reliable source that they have forecast the cash flow from the open cut operations after Capex and corporate overheads at 13 c a share and guessed $20m (3.5c) for the PHES and $10m (1.7c) for the Exploration targets.

They haven't put a value on the plant and equipment.

My crystal ball tells me the 13c should be more like 10c but there is a good chance that the PHES will be worth way more than 3.5 c. 6.5c would put it at $35m

I've been told that the VAA valuation for plant and equipment includes $10m for the processing plant which is scrap value. I think Steve has said its worth 6 times that as a going concern.

Even if the giant pit and the PHES is all there is to it Mr Munro could be on a 12 month 2x from here. Plus the bonus of a bunch of franking credits.

Now thats more than a round of drinks.