$1 is my target.I can't get away from the fact that MNM almost...

$1 is my target.

I can't get away from the fact that MNM almost CERTAINLY has 6 billion tonnes+ of in ground Vic BC.

this calculation involves a conservative 2 billion tonnes at MNM's 355 sq km BM project, and 4 billion tonnes in MNM's 569 sq KM Gippsland Basin tenements that are adjacent to the prized S7 zone in the LV.

And 4 billion tonnes in the LV is probably well under the true resource. Loy Yang claimed to have 7.7 billion tonnes in it's 45 sq km about 10 kn north of MNM's tenements only last week. MNM's tenements are 12 times larger than LY's!

5c per in ground tonne is a minimum value in the 'brown coal pilbara' era that has just started.

6 billion tonnes x 5c = $300 million.

MNM has approx 300 million shares on issue fully diluted.

IMO $1 a share is fair value just for the Victorian BC.

If the exergen JV comes off and monetises MNM's 6 billion tonnes of BC over the next 50 years then MNM will be re-rated as a producer rather than an explorer.

If that happens then $2 MNM is possible.