Ann: Sheffield Secures Derby Port Access Agreement, page-5

Thats a good bottom level to value it, the enterprise valuation I have on it is between $7 and $10. The exploration and mining area has huge untapped potential, the price of the resources itself will only increase while the forward cash flow projections are conservative.

Management are large shareholders as are a couple of wealthy private investors, they wont sell to a bidder without a significant premium above any valuation, and why would they when the possible dividends alone in the future will probably be the same as their original entry level.

Consider also other businesses valuation which trade on a strong PE, this alone possibly sees the business at a level once production is running at 100% closer to $2b.