Yep - seems to be one of those instances that, for whatever reason, the market is locked into a view that is mispricing MGX. It happens from time to time and provided you are confident in your investment thesis, the market will one day wake up and the subsequent re-rate can be spectacular.
I think your assessment of cash is correct and unless the bottom falls out of the IO market, then MGX should continue to print good levels of cash in FY25. At this stage the market is placing almost NIL value on future cash flows (even if only 10 quarters of mine life left). Until MGX can announce what life after Koolan looks like, then that limited mine life will always play a limiting role on share value.
So, the NPV of remaining mine life at Koolan will come into play in the share price at some stage. That alone probably should shift this up to much closer to $1.00 (I would expect in the next 12 months or so).
MGX Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
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