reasons why, page-29

I completely understand the dissapointment in the SP but I am surprised by some of the posts.

This business is not for the faint hearted and nothing is guaranteed. When management take shares in Lieu of fees, have the size holding like our management have it gives me confidence. These guys know much more than the shareholders,more on the line and they have a much longer term view.

I get amazed by some who get fustrated by the BM timeframes. It just shows how ignorant some people are to how long projects of this size take to deliver in Australia. If people seriously believe a company can drill a huge coal resourse and get to production in less than 5 years they dreaming. Sometimes its not just a matter of building a plant but building miles of rail lines etc etc
IMO the BM project timeframes are no shock.

Some of us like to buy when sentiment is low and some buy when sentiment is high...yes the SP is low but this is not unique to MNM. I had heaps of NEU and its gone from 2.5 cents to 4.7 cents down to 3.3 cents in a few months.....doesnt mean NEU is a crap share.....MNM has had extra fortrend pressure which has hammered us but they only have about 1.5% of the register so wont last forever...

I look at the fundermentals....
MNM has a variety of assets
Great JV Partners
No Debt
tightly hold
cash in bank
low cash spend
access to 9 million in funding
We won Mt M court case after years and NEARLY ready to value add this asset/project
BC Pilbara taking shape and we have heaps of brown coal
managment takeing shares in leiu of cash

one last think,,,if you watch hundreds of shares on the ASX and their MC you get a better idea of value IMO,,,,MNM is best value I have seen in years...its never been this cheap with so many irons in the fire but some will sell low...this is the market and this may be a good learning experience for all IMO....

I hold tight