Ann: Gold Exploration Permit Update - France, page-5

Cash on hand at last quarterly $5.3m
Investments $7.1m
Total cash and investments 12,453,000
Shares on issue 83,464,000
Cash (and investment backing) 14.9cps
Current sp 17cps
Estimated outgoings next quarter = $450,000 (300k exploration)
Doesn't look like any value is being assigned to MZM's projects.

Why? What have I missed?

MZM listed in 2006. Ten years on and there is still only ~84m shares on issue with no RE.

* Investments
P.p. 15 AR

BUX 1,500,000 FPO trading at 18c = $270,000
BUX 4,000,000 unlisted options, strike 12.5c = $220,000 allowing for arbitrage
RNI 8,800,000 last trade 1.4c = $123,200
EXC 14,000,000 FPO last trade 5c = $700,000
DKM 1.450,000 FPO last trade 17c = $246,500
DNK 7,500,000 FPO last trade 64.5c = $4,837,500
LEX 4,200,000 FPO last trade 18c = $756,000