I last posted regarding MDI back in April, however bought back...

I last posted regarding MDI back in April, however bought back in this past week. I think the Stephen Copulos overhang has largely been dealt with and MDI is ready to progress towards a market cap that more accurately values the prospects, existing plant and mining license.

On that note, congratulations to Copulos, it has been a great investment and return for him. I still recall when he was buying up at 0.004/0.005, when the company was unloved. His main interest at the moment is progressing his Big River Gold ($BRV) investment in Brazil and the development process to becoming a miner (infrastructure), that will require substantial investment.

As with all stocks moving to the miner phase, it is normal to witness a change of the baton with the substantial holders, from those who invested early in the exploratory phase to those who are getting set for the production phase.

The story hasn't changed here, the only element restricting share price appreciation was the Copulos overhang.

- Existing mining license
- Existing infrastructure and 600ktpa CIL plant (requires only $10.3m for refurbishment, per independent estimate)
- Shillington, Twin Shafts, McIntyre, Ridge, Plum Pudding, McClaren, Two Mile Hill, and Old Town Well deposits proving up nicely with very good grades
- Exercise of the Wirraminna option with Kym McClaren, only 1km away from existing 600ktpa CIL plant
- NT government approval of the Barkly highly prospective copper-gold tenements, where majors like RIO are building a land position chasing a major IOCG discovery
- On track to deliver updated PFS by EOY or beginning of 2021 (awaiting lab results for outstanding assays)

In summary, Rick Yeates has done a great job with MDI, without much fanfare. I've been following the story since March. He has positioned the company to be a producer in the short term (2021), he has secured immensely prospective tenements in NT, that provide the opportunity to establish a JV with majors or for the company to progress itself at the correct time.

In my opinion, the registry is changing for the better.

1. The Kahlbetzer family have increased their position.
2. Regal Funds Management have built a decent position.
3. Charlie Arve (Jetosea) on the registry
4. Josef El-Raghy on the registry, the founder of Centamin, from small cap gold explorer to producer which attained 3bn market cap.
5. Lomacott still holding (David Keogh, formerly Bell Potter now Argonaut)

My hypothesis back in April has not changed regarding the prospect of the future of Alto Metals (AME) our adjacent neighbour and Middle Island Resources being intertwined. Since then, the Goldsea, Adaman and Habrok takeovers have failed. Alto Metals continues to drill with excellent results and looks to be on the path to delineating an initial 1-1.5moz.

With the NST-SAR merger, majors, whether local or international are looking at increasing their footprint in the current gold bull market. It makes perfect sense for a larger entity to eventually control both MDI and AME. In my opinion, existing mining license, infrastructure-plant and our own targets progressing nicely will be an invaluable acquisition.

Strong news flow into the EOY too.