Ann: Change in substantial holding, page-49

Hard to see where the bottom is because much of the share price is linked to the tin price. However, if at the end of the quarter we have $130m cash plus CYM convertible notes, plus NC1 shares and options that puts us at around $200m which should be the absolute floor. MLX also has significant tax losses and the Rentails project which should be very valuable with good tin prices.

Area 5 kicks in shortly and the majority of capital spending should be complete at the end of the quarter.

As long as we churn out decent tax free profits we are a bargain at $250m market cap now. at $200m it's a no brainer with the market cap covered by assets. If the tin price gets hammered down then that's the only real danger apart from operational performance.

If the markets take a big tumble then likely MLX follows, but if profits are unchanged then it just makes the company an even better value proposition.

I think most agree here that some sort of capital initiatives such as dividends or buybacks would be the best option to either reward shareholders or increase the share price.