I don't think many appreciate what a location MAG is in?
Adjacent to last month's $145M JV of Inflection Resources and AngloGold Ashanti ($14B MC Major) - Inflection acquired those grounds not that long ago, MAG has had their ground for years (held by $21B MC Major (Gold Fields) before MAG) before Inflection came into the neighbourhood.
FMG ($70B MC Major) tried to do a low-ball JV with MAG when MAG was on its knees and struggling, and got turned down by MAG, and then FMG went on a ground pegging spree all around MAG grounds (ie. ground that was available, around the Crown Jewels).
CMOC ($24B MC Major)/Sumitomo's ($38B MC Major) Northparkes mine is 60km along strike/down the road.
ALK's producing Tomingley mine is about 15km's from MAG's Myall, and adjacent to MAG's Parkes project.
Newmont ($52B MC Major) is right there too, adjacent to ALK's grounds and MAG's Parkes project grounds.
And then there's MAG there, with a $21.7M MC (and $4.7M cash at end of last qtr = so, $17M EV) - with all the recent drill hits, and all the potential from the rest of the tenement, per below extracts from today's presso:
Anyway, hopefully drilling resumes shortly, and I don't think I'd favour a JV at this stage as they're close to making the big discovery and if they do make it, I'd like the whole cake to ourselves - imagine coming into Myall as a Major now; you'd be thinking, thanks for all the work and getting it to this stage, we'll take over now. I wouldn't be opposed to a JV for the Parkes or even Wellington North projects though.
Cheers,
GB.
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