Broker Research Report, page-20

I would have agreed but then as much as this was clearly a well compiled, albeit company funded report, I think the method and comparison companies they used are a bit dubious, or at least a bit fanciful for where MGU are at and I think most people wouldn’t take it too seriously. I haven’t researched each ‘comparison’ company, especially the non ASX ones, but for example Grange Resources are there, who are clearly a well established miner/producer who shouldn’t be included in any peer valuation methodology that’s purporting to show MGU’s current fair valuation. If they were attempting to value where it could be in a couple years as a producer then that’d be a different story and you’d have a different list of producing peers to value against. This selection of peers was very odd I thought!