I did this comparison a while ago (updated for price/FX/SP's) and is probably why i chose to go larger in MLX than AFM though i tend to regret not skewing it the other way. Alphamin no doubt has the premier deposit and the most strategic deposit (and exploration upside). It controls the asset unlike MLX and no doubt is extremely attractive to suitors vs a JV interest in Renison.. Renison is after all >100 years old and riddled with Chinese fingers already.
What the below does however show is the difference in valuation. On top of the below MLX has a stack of tax credits so if you were going to compare on FCF multiples it would be skewed even further.. DRC also has 20% dividend withholding taxes so really the only exit for AFM is a takeover whereas as Aus holders we can just sit back and cash the dividends here. This along with the Copper and Nickel assets makes MLX look relatively attractive (+ jurisdiction) despite the inferior deposit (or some could argue mgmt). Each to their own though - I hold both.
MLX Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
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