The catalyst for significant price appreciation is going to be a successful announcement of JV.
The most comparable JV that I could find is Cockatoo Coal's purchase of 51% of Anglo Coal's Surat Basin tenements (51% of 606m tonnes...ie equivalent in tonnage to Bundi) for $105m last year.
Assuming the global markets stay relatively calm, could we assume that the Bundi JV will also fetch around that much?
If so, it means that MTE should be valued at around $0.35/t.
Current resources are 1,188 tonnes (MTE share), so this means total market cap of $412m vs current price of $124m.
What am I missing? I'd like to buy more but I am concerned if there is something we are missing
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