MGT share price, page-227

@Burlzey these are excellent and salient points. Most junior miners have to raise capital via dilution especially at the early stages, what is more important is where the capital is spent and company direction and momentum. MGT is fully funded for their PFS and has formulated a more agile plan to get into production compared with the one a few years ago (which would require considerably more capital). They also understand the importance of good PR, being responsive to questions from shareholders and maintaining a strong social media presence. Another thing we have to consider is timing, MGT is prepped to take off under a great bull market for iron ore, during a period of great support from both federal and state government.

Heres another perspective, having slow and steady growth (which may be made more steady by a larger number of shares on issue) is far better than parabolic rises and dumps, it helps build market confidence in the company and gives retail investors like most of us a chance to take part in an amazing journey and realise larger returns in the medium to long term. For example I have a long term view of 2-4 years for 20-100 times return with MGT, but someone impatient may look for only 4 times the return in a short time and just dump the stock, missing out on future growth. We are less likely to see shorters and the associated problems with excessive volatility (manipulation and mass stop loss triggers etc) and some nice steady gains for all of us.

Also talking about the SOI alone, is like talking about the number of pizza slices we have without thinking about the entire pizza (or acknowledge that it is growing in size). So what we have now is a smaller pizza with lots of slices, compared to FMG which is a big pizza with lots of slices, and the only difference is growth over time. Can you say how big our pizza is or how big it will grow? I certainly can't (but I believe we have amazing growth potential). Our current intrinsic value at this point in time is hard enough to estimate and it is not our market cap, just FYI, or the 3.9 Billion tonnes of the "pizza topping equivalent of ore", it also has to take into account our potential, other intangible factors and market factors that are very difficult to value. Making decisions about the current state without looking to the future potential is flawed. Our present intrinsic value and future growth is complex and affected by:

• our existing resources
• potential value of unexplored strike within MGT tenements (>1700 square kms)
• the pioneering use of novel ore sorting tech
• position and timing within an emerging magnetite industry
• support from state and federal government (policy-wise, fiscal, logistic and supply chain..)
• market appetite
• commodity price
• present and future demand (manufacturing is a big driver here)
• interest from other miners and opportunities (joint venture/merger/acquisition/takeover)

I for one think that if these dot points were check boxes, many of them would be ticked right now, and with more ticks arriving as time goes on. I also think that the intrinsic value is much higher than our market value, which is why I am invested heavily here. I think we are underestimated in terms of future growth, which has and continues to provide great buying opportunities.

I appreciate your post and all points of view, but I would end with saying that discussing the number of shares on issue (SOI) alone as a talking point is reductionist and not a good metric for investment decisions. There is so much more information out there that needs to be considered, and I think it is this type of reductionist viewpoint (no criticism intended) that is part of the reasons MGT is still only being discovered by the wider market.