Ann: On Track for FY24 Shipping Guidance, page-3

Yes - $430m + another $50m or so for value of ore inventory stockpile + debtors + listed investments (FEX, etc) and so $480m of "liquid" assets and a market cap of $535m - difference is $55m for the operating business.

Anyone want to buy an iron ore mine generating $200m+ per annum of free cash flow for the next min 2.5 years for just $55m?? For this low, low price, we will also throw in a bunch of prospective tenement areas currently being assessed for minerals and an option to maybe extend the iron ore mine by another year or so with some good mine planning (sorry - we are out of steak knives).

But wait, there's more!! You also get a nice portfolio of deals that we are assessing amongst the junior miners, where our cash alongside a potentially strong NPV greenfield project has the potential to create significant additional value. At a time where the juniors are cash starved, the ability to for MGX to craft great deals using both proven mining management expertise + cash reserves.

And maybe, just maybe, Mr Market may have finally started to wake up to this mispricing as of today, where MGX is up nearly 5% when all the other IO stocks are down??