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Don’t be fooled by the absolute market cap. It has as per my post above, still multiple times share price upside from here. The re-rating we are seeing is just people starting to give value to the (monster) iron ore assets - and still far from fully pricing in the low end of the exploration target range even.

And what’s discounted now in shares? Still very little!
-Donovan2 at SINGLE DIGIT million USD
-EH+surroundings at SINGLE DIGIT million USD
-Los Campos ZERO
-SanCelso less than 20MozAg at $20 (vs my estimate 50-200Moz)
-IronOre less than 40Mt (vs exp tgt 74-245)

I sold out of Alba at 0.55 and bought more UFO. At that price, Alba looked fairly valued to me as I m not willing to bet on them expanding the Clogau resource considerably - I don’t like punts. UFO is a totally different animal with (substantially) more upside at lower risk.

Management does have skin the game.
They have options worth c3% of company, of which half is Bill’s.
Around 2/3 or so of management’s options are not exercisable til 2021.

After solid run stock still offers multiple times upside
Discounted currently:
-Donovan 2 at ZERO value
-EH+surroundings at few millions USD
-Los Campos at ZERO
-San Celso below 20Moz Ag at $20 (vs my estimate 50-200Moz)
-Iron Ore below 20Mt (vs exp tgt 74-245)

Market finally waking up to massive undervaluation.
Today’s Interview below - confident message of CEO and JV seems well on cards.
https://www.share-talk.com/bill-brodie-good-technical-director-of-alien-metals-ufo-l-interview-3/#gs.ip1zds

Good to see that smart GGP poster Hydrogen is on here.
He s got great geology knowledge so that’s very reassuring.

Priced at 0, how much could the iron ore assets be worth? Do the maths, a game changer to valuation actually:
UFO has a big exploration tgt of 74-245mt Fe/50-63% (51% owned).
Peer Fenix Res. has an advanced project in West Australia of 10.5mt/64% for USD40m mcap=> USD4m/mt!

I think this is actually good news.
The number of warrants exercised has been in continuous gradual decline over the past month; and despite a rising share price since late last month. To me this signals that one holder which held the shares down has finally come out:
Warrant exercised:
14 sept: 92.81m avg 0.2p (share p at time 0.76)
18 Sept: 72.2 avg 0.13 (share p at time 0.74)
25 Sept: 22.3 avg 0.17 (share p at time 0.7)
6 Oct: 16.8m avg avg 0.24 (share p at time 0.74)
13 Oct: 1.875m avg 0.15 (0.8)

Well. You need to have a view of the size of the resources, then apply a value in the ground for each resource. My view is that the Mexican silver assets can Very easily have 50Moz of Ag, but possibly up to 200Moz as a bull case.
Then on the Iron Ore assets. We know the company has an exploration targets (74-245Mt) at 50-63%. It’s up to you to apply a probability of it being delivered. For Iron Ore, looking at example of Fenix Resources in Western Australia. It’s an advanced project with MRE of 10.5mt @ 64% Fe (o/w 7.8m reserves). That stock is valued at $3.8m/Mt.

No brainer here on solid risk/reward profile in my view. My blue sky valuation points to a market cap potential of £140m: 7x upside. Meanwhile, downside limited since the shares are discounting a low $15/ozsilver; and pricing the copper/gold and iron ore assets at zero.

Theyknowitall: exactly, spot on.
An in fact I calculate that even the silver price discounted is way below spot. Something around $15.
Huge upside from here.

If you wondered how much those iron ore assets were priced at in the shares today: ZERO is the answer.
=> just pure upside

On my numbers:
-Silver price of $15/oz (vs spot at $24)
-Zero value assigned to Iron ore projects (vs expl targets of 74-245Mt at 50-63%)
-Zero value to Donovan2; despite decision this month on likely JV
=>Great risk/reward profile

This stock has >2x upside on super conservative assumptions even at a low $20 Silver. We re now at 24. What’s fair value of you go to 30?! Great risk/reward profile.

My Lowball valuation breakdown:
-SanCelso: US$34m- Say hit on 10% of strike
-Iron Ore: $14m- 10% chance attain low end of exploration target
-ElizabethHill+surrounding tenement: $7m- say no extension to known EH resource+book value of surrounding land
= £43m and that’s before assigning any value to Donovan2 & Los Campos...

How can this be a £19m market cap company?!:
-SanCelso silver project in Mexico could have 50Moz+ Ag on conservative estimates
-Iron Ore exploration targets in Australia of 74-245Mt at 50-63%
-Rock bottom price paid for Elizabeth Hill silver project in Australia. Worth 3x as much
-In process to JV gold/copper project in Mexico

We are being held down by Warrants well in the money that keep on getting exercised.
Aside from this the fundamentals are very strong.

Nothing really game changing in here. Helpful to see less of a loss than at the same time last year.

Simple maths on San Celso assets - Getting to 50Moz conservatively.
Strike 3km. Widths, Depths as per photos - assuming no extensions to depth

A) Underground mine. Still open at depth.
Say 100m wide *30m deep* 0.5 (say mineralisation over half the volume)*300m (tenth of strike) *440gAg*2.8 (density)/31.1 = 18Moz Ag

B) Las Christinas
50m wide*50m deep*300m (say a tenth of strike)*440Ag*2.8/31.1 = 30Moz

A+B = 48Moz
And that’s just on this project. And what’s our market cap? £18m?....