Ann: Quarterly Activities Report, page-12

Even at the bottom end of guidance (8.5kt of Tin @$25k AISC) you are realistically looking at ~$130m AUD AISC margin at today's prices, of which MLX share would be ~$65m.

Not bad for a company with a market cap of ~$230m AUD, when you consider that production should continue to grow as the Area 5 works enable an increased contribution of high grade ore to total throughput and the met improvement program continues to find ways to increase recoveries. Seems undervalued even if you assign no value to Rentails, the nickel assets or the CYM convertible notes and options.