MKR is a conundrum. When looked at along side other Ag...

MKR is a conundrum.

When looked at along side other Ag developers and looking at resources and development to date, it is on the face of it "valued" by the market at $1.07 AUD EV (Enterprise Value) per Ag ounce compared to IVR at $1.14, SVL at $1.35 and BML at $0.78. So nothing seems out of place on a first pass.

HOWEVER, MKR has already in place processing plant and infrastructure that theoretically could see it mining an existing resource in Q2 2023. Furthermore, it can raise some cash for a few more months until then from processing tailings. This plant and infrastructure that MKR already owns has a replacement value according to the company of $100m.

If you then factor in this "advantage" by adding the replacement value to the cash position of MKR, the market is valuing the MKR's Ag at NEGATIVE $0.89 EV per Ag ounce.

Maybe the posters here can venture why?

Is it because -

• this is a benefit/advantage that is not obvious to the average investor and/or is hard to compute?
• MKR has debt of $11.5 m due next year? But that level of debt, (though expensive) relative to the plant is not significant and could be re-financed (?).
• of the tightly held shareholding?
• multiple projects blur visibility?
• Cash low? Yes, but this could be dealt with by deferring expenditure until commodity prices rise materially. Wait out the current war on commodities that has affected all its peers too.
• Other?