Probably need to update your sentiment and disclosure there,...

Probably need to update your sentiment and disclosure there, buddy.

I don't know exactly how people/institutions much smarter than me do it, and truth be told, I don't have a perfect valuation metric by which I assess the value of speculative gold explorers, but the answer to your question of how MGV can sustain such a big MC as just an explorer probably lies in the beholder's perceived value of:

- Break of Day (262k very shallow, largely indicated oz @ 10.2g)
- Lena (325k shallow oz @ 2.3g)
- Additional upside to 100% owned resource in current drilling, new lodes being defined etc.
- 25% of a JV with EVN (no resource yet, but enough big juicy hits to get a player of their size interested, which I believe is uncommon)
- a gold price at around $2250 AUD
- $24m cash in the bank as of February, plus whatever LEG and CYM shares are worth.

People around here typically benchmarked it (roughly) against the RMS takeover of SPX - that was over $200m.

When's the next CR? No idea. Probably after a bunch more drilling - lots of cash in the bank.

Is MGV undervalued or overvalued? I don't know. If you're worried it is overvalued, you should probably sell.

What I know is that we have a management team who report regularly, in tenements that provided some of the best hits in Australia (the world?) last year, where new lodes are being defined regularly, in a sector where M&A activity is expected due to majors' resources depleting, in a macro environment where not too many dominos would have to fall in our favour for the gold price to continue its ascent and potentially reach new highs.

GLTAH