What’s going on, page-63

Clearly the market recognise MEI will need to complete a raise based on the extent of the upcoming exploration works, versus cash at the end of quarter.

With that in mind, the company just need to get the raise done, which is holding it back now.

If anyone wants to see what is likely to happen post raise, just look at HEG today. 10c closed placement and trading 30-35% above that on open. e.g. the equivalent of MEI trading at 9.1-9.45c assuming a raise of 7c.

At $38m market cap and 35m enterprise value (both fully diluted) I am backing the truck up at these levels. By comparison, peers with a lot less have market caps in the 100's of millions + we actually have quite a derisked asset highly likely of producing Nickel, Copper and of course, Cobalt JORCs!

Cheers,