1,188mt resource and growing!, page-56

MLM has benefited from holding 45.3% of MTE, currently its MTE hodlings worth $64m, plus cash and other listed shares of $15.9m, and plus Ni-Co resource with in-situ circa $12.5b. It would be an excellent investment opportunity.

The downside is to mine Ni-Co resource that requires a chunk of capex. These listed shares and cash might pour into the Ni-Co project.

If MLM sell Ni-Co resource for cash and proceed huge capital return like JRL that would be ideal for reducing the risk.

MTE has a very tight share register and has a huge potential. If MTE proves 2.5b-3.5bt coal, surely will soar. Market cap of $500m will be achievable, implying sp of $2.80, (+250%)

Then MLM's cash & listed shares will worth circa $1.85, (+293%).

The medium and long term perspectives for both are very similar.

Disclosure: Hold MTE & MLM.