Is there still value in MEI?
Well consider this MEI's maiden mre is 409Mt for 2626 treo ppm, (631ppm is MREO), work out the tonnage on mreos, this is what I came up with, note the prices are probably out of date. Even if they only recover 50%, it's still a lot of mreo resource value at $16.4b USD or $25b AUD, so at $447m AUD value, is it still good value yes it is imo. And they are pulling results outside of their maiden resource area.
Now let's pull out a non-producing Goldie for comparison and use DEG as an example 295.5Mt for 12,675,000 ounces, gold is currently $3590 Aud per ounce, so $45.5b in resource value right? DEG is currently valued at $2.4b.
So 1/19 of the total mre value for DEG.
MEI is 1/112 of total MRE Value for MREOs only currently. Fair value is probably $2b+ allowing for further work and pre-production capex for a non-producer which will cause a bit more dilution. And yep I think around 1/20 - 1/25 is probably fair for a non-producer, as it allows for expenses, delays, (the ramp up phase when they start production), etc.... And of course the obvious (no one is going to recover all that mreo) So I would rather set the bar low and be surprised, then set it too high and get disappointed.
GL guys, as a VMM holder I hope MEI continues to be successful.
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