ev/t of jorc thermal coal resource at 49 cents

I am still stumped how MTE is currently valued at 49 cents, soon to be even less.

Based on 3.121bt of JORC coal resource (175mt indicated) in its own right.

EV/t inclusive of cash

It is now trading at an EV/t of 3.3 cents (inclusive of its cash holdings of $23 million and 50% share of Columboola JV funds of $10 million).

EV/t not inclusive of cash

If we take away the cash component they have at their disposal ($23 million in bank and say let's say 50% of Columboola JV funds of $10m), then we could come up with a very cheap EV/t.

I work it out to be 2.2 cents a tonne.

EV/t not inclusive of Columboola

If we don't include the Columboola resource at all and just give it away to SinoCoal I work out that MTE would have 2.485bt of JORC coal resource (175mt indicated).

That works out to be an EV/t of 4.1 cents.

EV/t not inclusive of Columboola and cash

If we just take away $23m they have in the bank from the current market cap of $102 million we then get an EV/t of 3.2 cents.

Are there any other coal exploration companies on the ASX that are trading at these levels of EV/t?

What about the investment in 3TL and port capacity agreements? WICET Stage 2 possibility? We know the Surat Basin Rail will commence construction end of next year.

This all makes no sense to me. Fundamentals are out the door with MTE. It doesn't deserve to be at these levels but it is.

Thanks for the Xmas present Mr Gillies! Let's just hope this is all part of a bigger plan or the market is just stupid and crazy! We can only hope now.