$150m p.a gross, cash and shares $28m, mc $38m

I feel like this stock is a good one for a first post, because MLM is clearly a totally under rated and poorly understood company.

1. Aside from their projects they have Cash and Listed Investments of 28,759,450 at 22 August. Today's market cap is $38m fully diluted. $10m EV for all their projects seems totally wrong.

2. At the bottom end of the target price range for scandium they expect to achieve $3000 per kg of scandium and selling 30,000kg per year, they'd gross $90m

3. At the top end selling 60,000kg per year and $8,000 per kg they'd gross $480m

4. At the long term expected price of $2000 per kg they'd make $60-$120m per annum gross.

5. Their scoping study predicts an annual operating profit of $179m with a 20 year operational life.

6. A research report from 31 August, prior to this JV placed an un-risked DCF/NAV valuation of $1.22 per share witha share price target of 51c.

7. They also own the Gippsland Heavy Metal Sands project with Maiden JORC Inferred Mineral Resource of  1.7 Billion tonnes @ 2.2%THM for 38Mt contained HM  Inc: Higher grade zone 360Mt @ 2.7% THM for 9.7Mt contained HM

8. This binding HOA greatly improves the odds of MLM getting finance for the scandium/cobalt/nickel project SCONI.(Estimated capital expenditure of A$597 million)

In summary they are way undervalued and ready for a re-rate. It would help if scandium had a nicer name and a few people understood it, but the big money on offer once the project is operating should be what's needed to get more people to study and understand MLM.