is MTM overvalued?
if we look at the list (ignore WA1 and ENR), the other stocks have M/C from around 7m to just a bit above 20m (AMN is 17m if takeaway 3.5m WA1 shares)
so at the moment MTM has around 17m M/C which is near the top
but comparing to some other players in the area who are in more advanced stage than MTM
MTM still has more work to do in the West Arunta
I guess this is the reason why MTM's s/p has dropped recently
if we look at the chart there's 2.7c gap, and at 2.7c the M/C will be ~$8m
Ann: Flash Metals Presentation Deck, page-33
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