This presentation really says it all...

This presentation really says it all

http://www.musgraveminerals.com.au/pdfs/2016-02-25-0459282016_Feb_MGV_RIU_presentation.pdf

For a micro gold explorer hopefully come producer, this is my no.2 pick. It doesn't have the same defensive qualities as BAR, but it's extremely cheap and there are comparisons.

1/ Expertise in the top 5 share registry. The market really overlooked imho the significance of the Silver Lake JV deal. Located in the highly prospective Murchison region sharing neighbours like Metals X and Ramelius, close to existing infrastructure. By having Silver Lake as now their largest holder through a deal on one of Silver Lakes non-core assets - there are huge benefits for both companies. Also in the top 5 are heavyweights Barrick and Independence group.

	Column 1	Column 2	Column 3	Column 4
0			Fully Paid
1			Number	Percentage
2	1	SILVER LAKE RESOURCES LIMITED/INTEGRA MINING LIMITED	9,548,387	7.63%
3	2	INDEPENDENCE GROUP NL	9,027,000	7.22%
4	3	ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD	6,947,417	5.56%
5	4	BARRICK (AUSTRALIA PACIFIC) LIMITED	6,000,000	4.80%
6	5	ALLISE PTY LTD	2,600,000	2.08%

2/ Admin cash burn has been reduced and is now at a very reasonable level

3/High exploratory budget with great discovery upside

4/ Very low shares on issue, large options expired, small free float.Cash strapped MTH dumping (and It's a real shame I missed out on that one) ruined momentum plus a secretary issue stealing funds didn't help. Though I see only upside from here with these speed-humps behind them. Volatility is gone and there are buyers lurking about for the limited stock on offer.

5/ Cash buffer and no debt

I will go into more detail as time permits, however with this high exploratory budget, and the commercial terms of the JV requiring a certain spend for an initial 60% interest in the project, they will need to raise money at some point within the next 12-18 months.

With such low shares on issue and such a good registry, raising money will never be an issue when the time comes, and with huge discovery upside it could be well-placed to raise at decent price, further dampening the dilution of such low issue in the first place.