News: RDM Red Metal Ltd Proposes To Spin Out Maronan Project Through Listing On ASX, page-4

stroke of genius? ... dilution has been low but to date so has value creation in concrete terms.

the point to having mineral rights and resources in a listed explorer/developer is to drive sp growth - otherwise there's no point to a listing other than employee lifestyle at fairly oppressive cost

but that is the past - now becoming irrelevant if plans proceed as sketched

what's important now is - as a responsive mgt/board should - theyve recognised they need to apply fresh competencies to create/achieve fair value

im not familiar with ADN/MEP - but as I'd indicated, my experience has been it should work for both stocks as long as

- MMA, once listed, re-rates to silver sector peer valuations and tracks the sector, and
- there's no conflicting major 'value driver' resource of a non-complementary nature in RDM that starts to occlude the MMA value driver

there's usually a bit of a 'lag' effect/ pricing differential between a pure and partial exposure.

but it mainly depends how much bid tension there is 'in the rope'

there simply arent many ways to get silver scale on the ASX - and thats the chiefest protection against a big pricing differential - so long as you think silver remains healthily bid

the better the MMA valuation and the faster the rate of price increase - the less risk of pricing differential

the 50% also means RDM gets takeover veto and so isnt at risk of missing any m&a premium

low % retained ownerships are much more problematic