Value, Grade and size of inventory, page-56

You may be right, but look at it from an earnings perspective.

MUS cash costs are about $900k/month (not inc plant build etc). So roughly $11mill a year.

If they sell say 3 auctions a year (ie one every 4 months) and get $5mill each auction (at this stage they are striving for 1 auction in the first 9 months !!), then from the $5mill they subtract 4 x $900k = leaves them $1.4mill profit per auction.

3 auctions a year = $1.4 x 3 = $4.2mill profit for the year.

Using a PE of say 10 = a mkt cap of $40mill.........so to get up to $100mill like LOM they'd still have to do significantly better than the progress so far.

I'm not say it cant/wont happen (I hope it does) but I'm trying to put forward a realistic scenario based on the little facts we have.....