New MUS Independent Valuation, page-2

Removing the risk factor, unrisked share price
= $0.16 / 20% x 100%
= $0.80

To remove the significant risk Mustang need to conduct two auctions (October and March), complete JORCs for Rubies and Graphite to establish life of mine and then progress to full-scale mining operations. The October auction and a sale result ( USD/ct ) is the key activity that will remove risk for investors.

For the Rubies it's quite simple - dig gravel out of the ground from shallow depths, wash/screen/sort to build ruby inventory, grade and parcel for sale before shipping (with insurance and security) to location of the auctions. Simples.

For development of the Graphite MUS are intending to identify a JV partner.