Hi 1mission,You pose an interesting question. It really depends...

Hi 1mission,

You pose an interesting question. It really depends what you are after. I will see what I can do, but there will be some bias in it.

DML - sovereign risk, currently small tonnes. Have notdone much research on this one.

SFR - excellent grade, will be in production within 6 months. IMO, the sp has a fair bit of hype in it. Always the possibility of OZL t/o. Copper output of more than 50kt makes it a well and truly Tier 2 miner.

OZL - I own OZL. I have a sp NPV model and the model indicates that it is undervalued. Currently producing more than 100,00tpa of copper at an excellent C1 cash cost. It has C, Munda and exploration all providing growth options. It also has no debt and cash for expansion and pays a dividend. Copper grade is good for all projects. Also has a fair bit of Gold (185,000 oz per annum) that helps on C1.

PNA - Good company that is well managed. It gets the projects the others reject, copper grade is lower, projects are small (compared to OZL). Has a good development pipeline that it is executing.

CDU - crap company, crap management, crap disclosure. I get the impression that CDU are like the kid in the schoolyard playground that is always boasting about what he has or what his dad does, or where he went on holidays, but it all turns out a lie. I have never seen such poor governance from a company. SFR will be mining before CDU because SFR do it and CDU talks about it.

Hope all this helps.

HT1