Hi V,I looked at the above link on "X" and could not work out...

Hi V,

I looked at the above link on "X" and could not work out how you arrived at the upside in red for takeover multiples.

I have changed my spreadsheet for the bottom two rows to calculate the value of each companies resource at US$1.50 valuation per silver equivalent oz for precious metals but only US$1 per silver equivalent oz for base metals which I feel is more realistic valuation comparison (hidden rows). The share price target is in $AUD. Base metals could even be lower in $USD.

I've added Discovery Metals (DSV-TSX), so there are two Nth American explorers to compare the aussie miners against.

One thing to note is that IVR has the least upside on this measurement. ADT is overvalued but the metal value per MRE ton is double MMA's and MMA eclipses all other miners on this spreadsheet.

If MMA achieves half the upside reflected on this sheet, I will be very happy.