The balance sheet has been crafted almost on a liquidation...

The balance sheet has been crafted almost on a liquidation basis. Looking at the composition of the balance sheet I think:

• the non-mine assets amount to around A$414m (~ 34.8c/share) and mine assets A$54m (~4.59c / share). For comparison I'd estimate $0.3402 and $0.06652 @30 June 2024)
• looking ahead, they're expecting (targetting???) to sell not much more than 3mt realising around A$130m.
• mine rehabilitation will be about A$66m
• net cash increase then somewhere around A$64m

With the above in mind, the liquidation value of MGX will be about $0.402 / share

Not very ambitious or inspirational me thinks

Re the buyback ... agree with the consensus that it doesn'r even operate to stop the bleeding below liquid asset backing. And to proudly announce doubling the intent is at best embarrassing; at worst misleading. Aside from price, I wonder if FIRB issues are in focus?

Otherwise, I still think MGX is still working with its compatriate GRR to see if a deal opportunity exists. I think GRR's market approach is just pricing a transaction for MGX to subsume. Time will tell. Regardless, I don't see any move on this front as adding any value to retail punters

I hope they are working through the motions of downsizing ... given the scope of forward acquisitions is deciding between ANZ 12 month term deposit or NAB's eye catching 2.5% 3 month facility, not a lot of strategic minds are really needed looking ahead. 20 heads from HQ would probably save around $4m pa ... just thinking

Have a great day