not expecting much from the qtrly, page-35

"Not expecting much from the Qtrly". Well Tota you must be very pleasantly surprised. Let's examine:

Firstly some housekeeping:-

1. Cash Receipts - Alcoa moving from 30 to 90 days means only Dec. billings to Alcoa were received in this qtr. January's will be recd in April etc etc. A one off event. No sweat.

2. Admin Costs up - every growth coy in history has had costs run ahead of receipts when in a strong growth trajectory phase. The trick is to ensure you don't run out of cash and that they are recouped down the track. Management 101.

Now for the serious stuff. In previous posts I have postulated a $10 SP within 12 - 18 months. In doing so I placed zero value on NMP tech and Silica and focussed solely on Alnak. Well this qrtly sends the message loud and clear that I had better change my views regarding NMP and Silica. Pleasantly so.

Why?

3. NMP tech. - "the coy continues to negotiate the sale of Alox 80.... consequence of value adding NMP" and the coup de grace "MHM will provide the mkt with further details upon the signing of ANTICIPATED contracts". These comments I interpret to mean that the tech. is there and that they are now finalising the commercialisation thereof. A big, big positive for something against which I had assigned zero value....and if that were not enough then we got

4. Silica - "all approvals in place"..."drilling expected to commence in early May"..."MHM continues negotiation for offtake...and is expecting positive outcomes". Geez that's like getting hit over the head with a baseball bat. OK, OK I get it there is value in the Silica.

$10 SP?? providing they can execute it will be blown out of the water.

I am now more than ever madly, wildly bullish about MHM so take with a grain of salt whatever I say. DYOR.