We can quibble about a few things to do with AISC, CAPEX, interest expense etc but the numbers aren't going to be much different to what's below. MEP will probably pay ADN a small management fee for marketing etc but it's all in the rough numbers.
The really positive thing for MEP is projected EPS of ~3.7c. At a share price of 13c that's a PE of 3.5!
Would you be happy to pay that for first earnings in FY23? (FY22 starts in <3 weeks!) MEP is a BARGAIN!
Assuming a PE of 20, based on 2nd half FY23 earnings i.e. a full six months of Phase 1 production of 116kt showing a smoothly running plant and quarrying operation, gives a target price of 75c. Not bad for less than three years time, 6x Friday's close of 13c!