Stock Options : krogh, thank you for the clarifications provided, I should remind them… An insider is not legally allowed to take profit of his internal knowledge…. So, there should be (normally) no  (direct or indirect) insider activity if something is to happen….

Analysts : the 7 Cdn$ target price refers to a post Prefeasibility analyzis done by a (private) european newsletter that considers joining Ross Beaty in all in his related investment is an accurate strategy (Short, Medium or Long Term) : LCC (S/MT), ANF (S/MT), CBJ (M/LT), KIV (LT), ...

Their position about ANF could be (reproduced and) summarized as follows:

  1. History : Anfield bought the Mayaniquel concesssions from BHP Billiton at the beginning of 2009 for a reduced price. At this time, BHP was engaged in a bid on Rio Tinto and Mayaniquel was no longer a priority in their strategy (hence an opportunity and a good price for Anfield). In 2011, exclusive negotiations to sell the project took place but did not succeed. Therefore, the management decided to further proceed with a independent Prefeasibility study to attract new potential buyers.
  2. This independent Prefeasibility Study doubled the initial NPV of the project (from 600 Mio to 1 395 Mio $) and demonstrated, amongst others, a production cost of 3.05 USD / nickel pound. Consequently, Mayaniquel offers one of the lower production costs worldwide…
  3. However, the Nickel market is not at its best (LME stocks are at a high level). Those elements do not offer appropriate conditions to obtain a (normal) price close to a (40% discounted) NPV and substantially reduce the possibility to obtain a good price.
  4. Consequently, they fixed a first price target at around 20% of the NPV and considers that negotiations could start again.

Well, this is not a extraordinary study but this is what is available so far… Waiting for other expert’s (Canadian) opinions…

IMHO, this 7 Cdn$ target should be considered as conservative and do not take into account the experience of the management team in this specific field (buying at low price, drilling, increasing the value of the project and selling to a major).