great value at this level

Hi All MNM holders, this has been a great journey from early 2011 to early 2012 with some great profits made.

Just some thoughts and approx maths, put it this way for BM the briquettes (with low moisture and good burning, also exportable and being the best product in the world; AUD has 25% of the worlds brown coal 200,000mt) goes for about $200 a ton factor in the Run Of Mine (ROM) and transport costs etc. profit is at least $110 a ton. They will have a minimum of 1bt and can process (from the trial being a small plant 4 t/hr) which is 96 ton per day * 30 days = 2880 t/mth @ 110 = $300k approx. for the month (this is ultra conservative!) they can generate at least (easy,easy,easy) $1m per month which is around 10,000 t/mth this is small chips from what they really can do. Do the DCF on the Life of Mine (LOM) which something like this has a very long time 20yrs that’s $130m @ 10,000 t/mth with a Disc rate of 7%.

For Mt Mulligan there is value of at least $100m of value so the current mkt cap $30m + assets (only 2 of them there are others) $230m = $260m divide by number of shares OS (approx. 250m) = a SP of around a $1, factor in the JV etc MNM should be worth at least 50c. Only approx. numbers but gives an idea to the value which at this level is a no brainer!

This company will be nice in the future and long term holders will benefit big time.

DYOR