mhm exploration progress report, page-67

Hi GO,

Firstly, Im happy with the way management are spending the money they have. Last time they cap raised it was at a very timely moment after a great rise in the price. They went for what they thought they'd need to get to the next phase to minimize dilution as you'd expect with the person who would be most affected being Frank with the largest holding.

As I dont know the terms of their payments with Sims or Impex its very hard to make a call on the figure but I do know those companies are paying for MHM's services and their $ plus Alcoas = 14m pa of which 8.6m is MHM's.

What's the point trying to work it out really when there is so much going on right now and the plant just being commissioned, USA work, Tassie Drilling etc. I know that in ~90 days it'll be 8.6m/12 months each month - whatever they are working on (drilling etc) which will be to increase the value of MHM.

This company has NO DEBT, is MAKING $ and has less shares on offer and smaller market cap than many other companies on the ASX who will not be in this position for the foreseeable future. Plus what I see as LOT of upside.

So the long winded answer GO is I'm not going to make a call on what it'll be because I'll get the answer when the quarterly comes out and I have some confidence that they are not throwing the money away on some 'hopefull' drill that costs 20-30million a pop and only as a 1/6 chance of success. I know you like Oil/gas stocks and each to their own but the risks are so much higher on those and I genuinely have trouble understanding how you can be long RIA for example and think so little of MHM.

That's what makes the world what it is though eh ? We arent all going to always agree, just look at T Abbot and J Gillard ! And I met a guy a while back who LOVED George Bush - can you believe it ?!! ha ha ! :)