New Research Report Posted, page-18

MUS is a very unusual company in that the SP has little impact on the success or failure of the business. Thanks to Arena MUS doesn't need to raise and has more than enough cash to last a few years. They don't need a CR to build a mine or start generating cashflow. While the board has zero credibility with the market they are basically able to ignore us provided they keep Arena on side. We are at best a distraction.

The success (or failure) of MUS is totally down to them finding a location with a reasonable yield of high quality ruby. This is total luck. If they find enough rubies they will have no problem selling them as the demand is there. Everything rests on them find rubies which nobody here knows if they will be successful or not.

It is very hard to value MUS since the key number is the probability of them finding high quality ruby. I don't know if MUS is overvalued, undervalued, or valued correctly. I do know that the implied success rate of them finding a source of high quality ruby is below 10%. These seems too low to me given the location of the ground, but I guess we will see. In the mean time we will continue to be kept entertained with the antic of management.