The current share price is just a reflection of the current...

The current share price is just a reflection of the current status of MNM.

You have to remember that MNM technically doesn't have anything at the moment. Mt Mulligan isn't over the line yet and the potential phosphate tenements have no recent exploration or JORC.

Yes, Mt Mulligan will probably happen. And yes, there is most likely some mine-able phosphate out by MAK. But currently MNM has nothing.

Companies who are actually mining and exporting both coal and phosphate are down - so it's no surprise that a company like MNM that isn't mining or exporting anything is down to the level it is.

"Taking a punt in the market" is not something many people are talking about at the moment. MNM will live or die on getting the go ahead for Mt Mulligan and proving a JORC-able resource in the phosphate fields. All we can do is wait for this to happen.