Yes I didn't include a valuation for ongoing profitable production for Renison in my $300m valuation. My main take is that is my rock bottom valuation where buying is extremely low risk. $300m for me covers, cash, NC1, CYM, convertible note interest, Rentails project and the benefit of tax losses.
Add production from Renison and buying at a market cap of $300m makes a huge amount of sense. All this is on the proviso that the tin price doesn't collapse.
Despite what MLX is worth I think if we assume a recession / bear market scenario then there is a good chance it hits $300m. So good chance that we can buy in the future at a cheaper price while fundamentals improve - more cash in bank, area 5 higher grades, increased production.
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