I expect MAH is front of mind in imminent tendering of mining...

I expect MAH is front of mind in imminent tendering of mining services for Liontown ( which I also hold).

LTR is somewhat unusual as a Tier 1 lithium project, with both underground and surface aspects, north of Kalgoorlie.

This combination would play perfectly to MAH strengths, IMO.

However MAH has won much new business last couple of years, and this has not moved the share price lever, other than down.

I suspect there is a lack of institutional support, due to perceptions of the role being played our major Indonesian shareholder. I suspect this is more suspicion, than reality. However, it seems odd to me, and very disappointing, that the new contract for next stage work in Indonesia has not been announced yet. I expect the extension is inevitable, under a life of mine arrangement, but maybe the Indonesian's don't care so much where the share price trades. Getting sick of hearing delays here are Covid based, when the commercial and mining worlds have been pretty active throughout this whole period.

The previous Chair's departure was also never explained, which might add to hesitancy.

I also think the relatively low cash pay-out ratio for dividends has not been well explained to the market, which might be having a depressing effect.

None of the above concerns me overly, except as to where the price trades. As long as the company continues to grow at close to target returns, albeit fairly modest, value is being created, and time should eventually bear this out.

I noticed recently a summary of broker valuations of MAH, which were in the 30 cents plus range. Why MAH doesn't publish and promote these reports, like other mining sector companies do, is beyond me.

I suspect the new Chair needs a gentle rocket about working harder for shareholders' interests, including the share price.