conservative

MEL has been undervalued for some time when compared with its peers.

I think the management team have been playing a conservative game for quite some time - like playing a game of chess.

If you go back through the MEL ASX announcements over the past few years you will find the hints in the presentation packs. They don't put all the hints in one pack though.

They have only explored 5-10% of their acreage.
I think they have a good idea of what treasures lie beneath.

They have been constrained by size, funds and the GFC.

They don't want to excite the market too soon as they will attract takeover attention too early.

Slowly slowly wins the race - work on lots of aspects without progressing one too far, to quickly - creep it out there.

And one day, when they are ready, and the share price has crept up slowly to seize better value, out will flow the many gems this company has in its back pocket.

Patience will be rewarded