risk reward works for me.

Needs to break 3.8 however for a run good to see buyers

keep taking everthing offered at 3.7.

MMX expects to have $27.4m cash in the bank. That equates to an NTA of roughly 6.1c. It has made a separate allowance for contingent liabilities (such as employee entitlements) of $1.4m. Separately, it has received two legal claims that equate to as much as $11.9m, both of which MMX is vigorously defending. These will incur legal costs, and obviously there will be remaining employee and corporate costs, which are hard to ascertain but which have been minimised. But MMX also has a small stake in an unlisted iron ore company (Cashmere Iron), which it is trying to dispose of, so potentially there is upside to the NTA as well.

Assuming MMX loses both legal cases and receives no money for its stake in Cashmere, and for argument’s sake incurs ongoing corporate expenses of $1m between now and when it winds up, MMX would have an NTA of $13.1m, or 2.9c. That seems to me an absolute worst case scenario, and obviously it is completely impossible to know how the legal fights will end up, and my guess is that the outcome will be somewhere in the middle. Of course, if MMX wins its legal fights, then NTA at time of wind up will likely be around 5.6c, a huge 56% premium to the current share price, and that includes no value ascribed to its stake in Cashmere.