I'm Tommy Humphreys and I was wrong.

I'm Tommy Humphreys and I was wrong.

Back on March 20th, 2013, when Alpha Minerals was trading in the $4 range, I put a $15 price target on the company's shares (source). With the announcement yesterday that Fission Uranium will be swallowing Alpha for roughly $7.67 per Alpha share my prediction has fallen short. Shares of the combined company could still double on a takeover, however, especially if they find new zones and PLS becomes a "Mega-deposit," which means $15 equivalent is still possible, but there are a lot of unknowns. For now I will admit that I was wrong.

I do want to put a $15 target on another stock, however, and this time it's Ivanhoe Mines (TSX:IVN), last at $2.27. I realize I sound ridiculous but lets remember the predecessor Ivanhoe Mines sank under a dollar per share before climbing to highs of over $25. This is the same world class management team with even better projects. Experts tell me Ivanhoe's Kamoa deposit could operate for over 100 years, and that's just one of three tremendous assets the company has, albeit in challenged jurisdictions. I believe Ivanhoe's shares will print $15 in 3 years or less.

Please note I own stock in Ivanhoe Mines at $1.56 and these are just my opinions, and not to be construed as investment advice. Do your own due diligence.

Related: Watch mining legend Robert Friedland send Ivanplats shares over $2 in the near term