QBL Short- & Long-Term Analysis, page-49

As you say Tomas

MDL will significantly re-rate South Johnston from $0 to $xxm in its current state I'd say 10-30m so potential double the current market cap with upside as they get off take agreements and mining lease approved.

Seen a comment earlier on this thread that they should focus on the MM ignore the bauxite. The method they have gone is to trial mine and creep resource JORC north as they mine i.e drill more for resource evaluation once approved and money is coming in. It's a quick way actually scratch that it hasn't been so quick in the end 15 month odd process but it is a cheap way to get into production the risk is if need project financing they have no PFS DFS to rely on. Claim to only need $5m to get underway so I'd say with options and way things are panning out they won't need to capital raise for production.

50 mill. tonn. approx was found at south Johnston decades ago with a lower standard to JORC i.e drill holes every 200 metres instead of every 50 so the resource size is fairly well understood not sure where the extrapolation to 190-400mt comes in. Either way at 2mt per annum 50mt is 25 years life of mine. Whilst I don't disagree with comments of lower grade ie 30% instead of 50% the claimed cost under $20/t free on board leaves a healthy 50%+ profit margin per ton. With the ore that China was eating up from Malaysia being even poorer
Quality they will take this no worries IMO.

Looking forward to next few months. If you spoke to Pnina and Sholom I'm sure they will tell you the MM is a great acquisition but their real value driver from their perspective will still remain a new bauxite province.

DYOR