Just to highlight the inconsistencies of MS, a basic review of...

Just to highlight the inconsistencies of MS, a basic review of their assumptions in the above extract highlights their double standards. MS says about Min Resources:
"....Shares trade 3 times the coming FY's projected Ebitda and 5.5 times the anticipated figure for FY21"

OK, applying the same logic to GXY, you would expect Mt Cattlin on its own to be valued at somewhere between A$247.7m - A$565.7m
FY20 EBITDA forecast 210k tons @ US$250/ ton (US$600 - US$350) = US$52.5m x 3.3 = US$173.25m or A$247.5m
FY21 EBITDA forecast 240k tons @ US$300/ ton (US$625 - US$325) = US$72m x 5.5 = US$396m or A$565.7m

That excludes cash in the bank, SDV and James Bay.

And what's our market cap at present????

The market cap of GXY is currently A$526m.

And MS thinks they are a reputable mob!!!!