bull,Groundwater may not be an issue, depending on whether...

bull,

Groundwater may not be an issue, depending on whether you're in it for the graphite or the io.

Groundwater is only an issue with the Gum Flat io project. And if you listen to the AGM presentation (available via www.brr.com.au and the LML web site) John is relatively upbeat that they will get past the technicalities that prevented approval.

I've never been excited by the io prospects on offer over this way (I live on the Eyre) having spoken to various parties involved in mining. But you don't have to live here to understand we're talking relatively low grade, higher cost ore, that is a difficult economy with deflated io prices.

On the other hand, I think there's potentially some very nice upside to the graphite prospect they hold.

My issue is what sort of market cap can be justified? The market is attributing minimal value to Gum Flat, hence we have a company with similar MC to AXE, with much less cash and less developed.

I'll be looking to sell my shares if we see 15-16c, which will be a 100% return. LML has been good for trading over the last 5-6 years but it can be quite illiquid at times, so i use the bird in the hand principle when it comes to profits.

Good luck, whichever way you go.