MLM MCap indicates there's a lot more upside to MLM than others...

MLM MCap indicates there's a lot more upside to MLM than others at present time.

$13m Cap quite low relative to value of current inferred resource 13Mt @99.3%

MLM have the distinct advantage of not requiring the expensive transport inputs $20-$25/ tonne. So can ship present quality as DSO with minimal overheads.

The other guys need to process to get to profitability ( $25/tonne transport chews a long way into 99% grade prices) so other Silica ASXers will have to build processing plants. (also requiring significant CAPEX $30m and OPEX quoted at $15/tonne elsewhere)

But the Silica Sand Quality is commensurate amongst all players. Resource size different but the limits to export seem to be 2MTpa for all players .

2million tonnes is a lot of trucks and trains and barges....50t/load in a triple = 40,000 truck movements = 800 trucks per week = 150/day = 20/hour
Even if it's costed it's a significant logistical ongoing requirement.

MLM is on a traditional SiO2 Shipping Supply Route. (Next to World's biggest SiO2 miner and exporter)

MLM are presently undervalued IMO.

hold tight and bring on the resource upgrade