Some would say "No", because the share price reflects what the market is valueing us at !
Some here have already said "Yes", because our market cap is ridiculously low compared to our in-situ value (which is increasing with every drill hole into Eagle´s Nest, not even mentioning Blackbird´s Chromite, AT12´s Nickel and PGE´s, JJJ´s Gold, Vanadium and the JV´s finds).
I can´t deny that I´m one of the latter and let me throw-in another piece for support of that point-of-view:
according to FBR Research
http://agoracom.com/ir/freewest/forums/discussion/topics/399634-cliffs-freewest-to-outperform-analyst-says-check-this-out/messages/1323068#message :
FBR analyst says, "This morning, we are raising our iron ore benchmark price to 121 c/dmtu (a 25% increase over 2009 levels from 10%), increasing our 2010 estimates by about 30%, providing a preliminary $4.10/share value for Freewest Resources, and increasing our price target to $54 per share(excluding Freewest). .......
While excluded from our price target, we believe the recent acquisition of Freewest Resources Canada could be worth about $4.10/share for CLF shareholders, and it provides decent upside optionality for long-term investors.
the Freewest deal is worth C$ 560 M to Cliffs(130 M Cliffs shares x US$ 4.10 (US$ = C$ 1.05)).
Noront (as of Friday close) is worth C$ 269,5 M (175 M NOT shares x C$ 1.54).
There has to be something wrong here, don´t you agree ?
Yes, our chromite discovery is not as large (but increasing).
But our Nickel, Copper, Platinum, Palladium, Rhodium, Silver and Gold @ Eagle´s Nest should more than compensate that (and is still increasing). See recent in-situ calculations of hub posters.
And what about AT12, Vanadium, JJJ Gold, vast prospective land holdings in the RoF, JV finds @ PRB and WPR ?
Come on, NOT is valued @ less than 50% of what analysts say Freewest is worth for Cliffs !
Surely, something must be wrong here !
Waiting patiently for the market to pick-up on that and to correct this under-valued stock price (but wondering what that trigger would be).
FANTOMAS
