Ann: Application for quotation of securities - MLS, page-3

Yup if we calculated all the Options that were converted to date (AUD 9,104,702.22) plus the cash in the last quarterly (AUD 8,997,000.00).

MLS has around AUD 18.1 million in the bank. I reckon would be enough cash for a PFS and prolly DFS for a decent graphite or lithium project.

Enterprise Value at today's closing @ 0.075 = AUD 35.9 mil - AUD 16.1mil (Assumed cash in bank after some nice drillings) = AUD 19.8 mil. what a ridiculously low valuation for a project that is more advanced than quite a few on the ASX...

It's just a matter of time I reckon that Canadian Graphite Asset of MLS is going to be re-rated. AUD 19.8mil for Lac Rainy Graphite Project (Indicated and Inferred for 1.529Mt of contained graphite) and Manindi Project zinc and lithium potential.

very very undervalued. I just hope if the Board can hire a CEO to start running the company or get a Chinese company to takeover at a better price say AUD 200mil for the 2 drilled assets at TIER 1 jurisdiction.


AIMHO, GLTAH, DYOR.