My guess has been that in the short term Metals X is fairly priced at 60c to 70c. Nothing to do with fundamentals, but just market confidence. But with the rising Tin prices and Copper prices in Aussie dollars and Institutional confidence building then it should re-rate.
If @hottuna is right and Metals X does get down to the $250m market cap i.e. 40c a share then purely on fundamentals I would think it would be a screaming buy, considering the current margins for Tin (about $10,500 a tonne) and Copper (about $1,650 a tonne) on that Metals X will produce about $80m to $90m free cash on todays margins.
I would think that Metals X may trade at a slight discount in the short term.
MLX share purchase, page-61
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Mkt cap ! $348.8M | |||
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