Ann: Quarterly Activities Report, page-233

What you don't know or are playing dumb??? Weird since you are an expert

It went up more like 9x actually but I'll explain why, it's quite simple

- MLX was moving from heavily indebted, to debt free, and then stacking cash
- Global tin inventories were disappearing rapidly and tin price moved from about $13k to nearly $50k and set a much higher base subsequently
- the market in general was quite frothy. 2021 was a standout year, especially < large caps

The problem we have, friend, is that since that time MLX has continued to stack cash and yet the SP remains range bound and near it's post push lows. I take the point @stocktalker makes about following tin price and comparisons to AFM and LME but to be fair AFM is in a horrible jurisdiction and while MLX may have followed the tin price to some extent, it doesn't make a lot of sense as our EV has continued to drop throughout this time. Surely it is our EV that would remain constant vs tin price if you want to apply logic.

I know however that markets are sentiment machines, and the uncertainly of a capital allocation plan and the fact we are stacking cash and getting zero returns for our equity risk taking can only add to the negative sentiment. As would the idea that a minority holder, which has it's own agenda, quite outside of looking after fellow shareholders, has full control of this company.