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niclou, no offense, but many people over simplify it too

in mid 2007 when MLS spiked to 12c it had 775m shares and itm options on issue with $5m in the bank. that's a peak value of $93m or an EV in the high $80m's

Zinc was hitting all time highs at $4,300/t and the $A was 80-85c
that's A$5,100/t. today it's A$1,990/t
Manindi was the focus, Mile 72 was had barely begun
Manindi's in-situ value was nearly 200% more valuable that what it is today, maybe 400% to 500% more on an implied margin expansion basis
U prices had gone vertical to $130/t
that's A$150-160/t compared to A$45-50/t today
and it was the blow off year of the mountain of money being rushed into resource stocks

today MLS has 980m shares and itm options on issue. 23% more. MLS is already $62m, nearly 70% of the mkt cap, but a little over half the share price. but more importantly the factors that drive it's value are some what different today.