Dear Mr Cook, please explain this..., page-9

I think that MLX will always be undervalued relative to it's gold mining peers.

The reasons include:

(1) diversified portfolio including tin and nickel assets

(2) relatively low liquidity

(3) A major Chinese shareholder acting as cornerstone holder (no M&A prospects)

And temporarily there is the execution risk to get the oz up to c. 500k oz p.a.

However, for investors that are focused more on the LT it is a good opportunity to slowly and steadily keep accumulating as the liquidity allows.

MLX has a very robust balance sheet and growth profile in it's gold division that will, over time, provide ongoing capital gains in addition to the dividends.

This is a company that I lose no sleep over at night (unlike some in my portfolio !!)

Cheers
John