Given undiscounted cash flows are forecast to be almost a billion dollars and recent additional drilling results have expanded on that, surely this has to be a takeover target - say 16-20 cents or $400 to $500 million.
I am thinking RMS could be interested given the cash it is spitting out at the moment. They could flog their SPR holding off and purchase MEK would provide instant production and cash in the next few months. I personally think this is a better investment than Rebecca which is going to take much longer to get into production. Likewise, they could use their considerable cash reserves which is burning a hole in their pocket.
There seems to be a lot of upside in the size of the potential resource relative to its current size. Andy Well has a lot of promise with five open lodes and significant stoping already completed.
GLTA/IMHO
MEK Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
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