8245L & Alpha = Mugloto = Top $, page-10

Do the math on the IIR Research Report contribution of the Ruby deposit to share price. Risk factor 20% was used in their assumptions to arrive at $0.133.

http://www.mustangresources.com.au/irm/PDF/2335_0/IIRMustangResearchReport24May2017

Basic math to remove risk:

( $0.133 / 20 ) x 100 = $0.665

Removing risk assumes two successful and consistent auctions plus a JORC that establishes a viable life of mine and they then progress to full scale mining. IIR assumed life of mine at 10 years but apparently we may get much much more.

That's a 15-bagger on current share price of 0.045.

Graphite contribution is only $0.030 contribution to risked share price according to IIR.

Even with a healthy dividend paid we can assume MUS will have oodles of spare cash as retained earnings to fund and drive growth!

I love dividends though. A big lump of cash every 6 months would be fabulous.

DYOR