new low, page-6

HF,

Enterprise value of MTE's share of coal.........

On an indicated basis MTE has 319.5 million tonnes

$15m/319.5mt ($27m mkt cap less $12m cash in bank)

=> 4.6 cents per indicated tonne

On an indicated and inferred basis MTE has 3.315 billion tonnes

15mt/3.315bt

=> .045 cents per indicated and inferred tonne.

That's less than half a cent, not 4.5 cents..........less than half a cent per tonne.

You check out it's peers, MTE is trading at multiples lower but I guess it's all about the timelines to get to production, SBR etc etc........

MTE has a large resource, at some point into the future it will have a bigger resource and I am sure worth more.