MHC featured in write-up on WA Uranium companies, page-3

Manhattan Corp (ASX:MHC)

Project: Ponton

Feel free to disagree with me here, but I just like it. With a market cap of $6m, sentiment in the gutter and the ISR-amenable ‘Double 8’ deposit with a resource of 17.2Mlb at 300ppm under the Queen Victoria Spring nature reserve - yes, ouch - this company needs more than just the State’s uranium policy to shift in its favour. It also needs a bit of a land switcheroo (not the technical term), whereby the State Government agrees to remove the lands of the Ponton project from the nature reserve and replace the lost hectares elsewhere.

Is it likely? No! Is it possible? Maybe, maybe not!

Source: Ponton Uranium Project (18/1/2024)

But look at those paleochannels! Look at Mulga Rock just up the road! They’ve got $2.2m in the bank!

A step in the right direction will be Ministerial approval to keep drilling, which Manhattan intends to pursue.

Buy orders are occasionally hit at 0.15c (which represents a market cap of $4.5m), though there hasn’t been much volume there yet. But hey, we’re getting into tax loss season. At this price, you can wait the 5 years for the election after this one if need be, or for lithium to come right (they have a lithium project in Canada), or for them to sink a few more holes into their gold project if gold keeps running (they did a 13x after hitting some good grades there in 2021).

This one is the longest of long shots, but if the uranium winds change, and they get Ministerial approval to continue exploration, I think we’re likely to see a serious re-rating, despite the location of the deposit.

Really good stuff onthefence