Just been going over the location, potential size, grades of ore...

Just been going over the location, potential size, grades of ore bodies of MMX and MIS.

For both to develop these sites separately would cost many hundreds of millions of dollars more than if it were one entity developing the Weld/Jack deposits together.

We don't know how MIS deposits will compare in size to MMX/mits though are likely to be similar.

So MIS is worth much more combined with MMX/mits than it is on its own, not only due to the reduction in costs/economy of scale but also the time to market would be sooner.

My brief back-of-the-envelope type calculations say that at NPV MIS is worth about $3-10 billion in extra profit over a decade or so when taken back to today in NPV (large range is due to uncertainty regarding resource size). Given the current MC of around $700m, MIS is a steel (pardon the pun).

There would be major value for both companies in a merger. I would imagine this would be dominated by MMX/mits and it would likely end up being equivalent to a takeover. The role of the MIS management will be to ensure a great deal for shareholders (and of course that includes them). Hopefully a del something like the PDN/SMM where it was treated as a merger, and we will be issued MMX shares with CGT rollover (to add to my stake in MMX already) (ie we only pay CGT when MMX shares sold with cost-base = purchase price of MIS shares * number of MIS shares required to get one MMX share)

Directors take note and please consider this, maybe discuss it with MMX/mits company. Looking at the relative share prices over the past months to iron out current fluctuation I would think somewhere around 5 MMX for every 7 MIS just to be evens on the deal, though to convince holders to accept the offer it would likely need to be about 1:1 - they should be able to get this because MIS is worth a great deal more to MMX/MITS than it is as a separate entity.