69.9% Fe after easy benefication given the low impurities.90%...

69.9% Fe after easy benefication given the low impurities.

90% recovery on throughput.

Major transport infrastructure next door.

Only 30mn shares in issue.

$2.8mn cash on the balance sheet worth almost 10c per share.

So EV for 69.9% Fe open in size and depth with a 10km anomaly yet to be drilled at an SP of 12c is $0.6mn.

It could be worse I suppose when I bought TRH back in March the EV was negative.

At least MWN has a positive EV.

Surely an EV of $10mn - $20mn would be more appropriate.

That equals a lot of bags with the top 20 holding 54% of the shares and 76% of the options.

EB