Shares: 176,733,663ITM Options: 10,200,000F/D Shares:...

Shares: 176,733,663
ITM Options: 10,200,000
F/D Shares: 186,933,663

Price: $0.925

F/D Market Cap: $173m

Cash: $11m
Cash from Options: $3,225,000
Cash from Columboola JV: $26m

Total Cash: $40m

Enterprise Value: $133m

Resources: 1,188,000,000

EV/t: $0.112

- I think its fair if we only use resources that are attributable to MTE, then we also include the funds available from the JV.

Take out the funds from the JV and you'd still have:

EV: $159m
EV/t: $0.134

One for you to think about!

If they sold 50% of EPC 1167/1164 as it is today (767mt) at an equivalent of $0.50/t, that would value the project at $383m, and provide a cash injection of $191m.

Despite the great run we've had, that cash on its own is still larger than today's market cap!

I think $0.50/t is very achievable, cheap even, considering the size of the exploration target and the imminent upgrade in JORC status.

What's gonna happen in a few weeks when Bundi resource is increased? What if they achieve something closer to $1/t? What if the $600-700m is the real deal?

Clearly, MTE still has plenty of steam. Pardon the pun.

I continue to hold without any hesitation.