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Kalahari Minerals (KAH:AIM) 27.25p

An investment in Namibia-based uranium explorer Extract Resources (EXT:ASX) accounts for 85% of Kalahari's £31 million market cap. Extract releases its first resource in early February. This could trigger upside to its – and Kalahari's – shares. It is now drilling a new area south of Rio Tinto's (RIO) huge Rossing uranium mine, with promising early-stage results. Kalahari can trade in Extract shares after a lock-in period expires on 20 March, and may raise its holding. Deducting the current Extract stake and £3.5 million cash, market cap suggests Kalahari's copper and zinc projects are worthless. Co-house broker Ambrian said last October they should be worth nearly £10 million. Kalahari will drill 75,000 metres this year. Expect a resource mid-2008 for the Malachite copper deposit.