back of the envelope calculations, page-22

Plant 1 60,000 tpa @ $300pt = 18Mil

EBITDA= 8.6M pa (A 'give me' conservative target IMO)

Expect this to be far higher IMO.

SP=$1+

NMP profit upside on Plant 1 is reported to be potentially 20M pa on Plant 1. Yet this is not a 'give me'. So you cannot really include unless you offer substancial discount like 95%. Giving a 5% success rate on these forward earnings. Yet I do not price anything into calculations.


SSC Plant 125,000 tpa @ $300 = 37.5M pa

Alcoa US Plants 400,000 @ $300 = 120M pa

Entitled to 100% of the OS profits as opposed to ONLY 60% from Aussie Plant. Thus the very fast expansion into the US. As the upside during 2011 OS will be our main upside.

SP= who knows (10 Bagger + potential for 2011)


Silica- who knows it BOOM time for silica projects. So great time to make several hundred percentage gains on their original purchase. Like I always have stated sell it for overseas expansion funding IMO. 50 Mil will go a long way. I noted a Commercial Lawyer employed for Silica project- I hope it is to sell it off for our main expansion opportunity in ALU. IMO.

Anyway if MHM must be rated as one of the best up and coming small caps on the market for 2011. The base Plant is $1+ then OS upside and other projects upside is mouth watering.

Even a commodity correction will have little affect on us going forward IMO. As we have mountains of Alu slag to recycle and huge gains OS to be made. NMP and SPL are all icing.

IMO DYOR