cash & listed shares of 68c + in-situ $12.5b, page-10

If I recall correctly, JRL was very similar to MLM, JRL was holding huge listed shares and trading at around 20% discount of its cash and investments.

MLM holding 80m MTE shares, and plus cash and other investments. Today's MLM cash & listed shares worth circa $96m, implies 74.5c per share.

The main reason convinced me is that MLM also have its own project worths over $10b IGV. It would be costly to develop, but if it were not viable, won't be a lot damage.

MTE has huge upside, current mc is around $175m, BND with similar resource but more advanced, being valued around $930m. MTE also has a couple of interested parties and expects non-binding offer early August, next week or after.

Is there any value here????
50c share price Vs 74.5c of cash & listed shares (main MTE has huge upside) and IGV of $10b.