Their cash postition isn't something that excites investors....

Their cash postition isn't something that excites investors. They will need to raise capital in the very near term, which i think makes increases the chance of a takeover. Mainly due to the company looking externally for partners/joint ventures and investments before seeking other means of raising needed cash. I did a quick simular comparison of ESG and their reserves which give a price of $1.31 which is only 220% or something above the current trading price (off the top of my head). MEL's reserves are priced rediculously low compared to ESG, i think the overall market is expecting ESG to announce an increase in reserves that is multiples above what the have aimed for. Still, i think MEL is severly undervalued.