- Long lead time to any potential income- Considerable initial...

- Long lead time to any potential income
- Considerable initial capital required = heavy dilution
- Nearology fears, with China property market slowing sharply
- General market sentiment towards small companies

Probably a low risk hold at 004 but the moment i did a few calcs when the announcement came out, i thought it would struggle. Haven't really changed that opinion and think the two price drivers in the short-term will be general market sentiment and any post-CR pump. The actual 'story' is a long way from proving itself and npv doesn't look amazing on a 5-year basis, i.e. they would need additional tenure on the development to create s/h value. This is the same reason you don't see mines with $80M in upfront plant costs and a 5yr LOM every actually getting to production.