Was just looking through some of the recent company...

Was just looking through some of the recent company announcements:

There was an update on Rentails DFS dated 16 Jan 2023. Nice to get more color on where things are headed. But no updated project financials? Very different from the announcement dated 4 Jul 2017. I think shareholders should be in a position to understand (1) what the working assumptions are to analyze the Rentails project, (2) what kind of IRR we can expect.

I had another look at Old Peak. As of Jan 2023 they own 10.77% directly via shareholding. Presumably that doesn't include the economic interest held in the form of a long swap of about 3.70%. From what I can tell MLX is quite a large position in the Old Peak Master Fund. OPMF AUM estimate can be found here. OP sold a combined 20mn shares (stock + swaps). Presumably they are still a seller but I have not been able to verify this independently.

In any case, sub 30c we are again. In view of a potential follow up on the 26 Sep 2022 announcement, it seems to be a no brainer to increase MLX's exposure to Renison through a buyback while a willing seller presents the opportunity to do so at favorable terms for MLX.

PS: I changed my sentiment to "Hold" for now. I'm fundamentally still positive but I really need to see more from management than "oh, maybe we do some M&A ..."