With at least three quality assets in its portfolio and a market...

With at least three quality assets in its portfolio and a market capitalization of only $155mil and a wide-open share register, you would have to think that this is a good takeover candidate for the right suitor.
Just looking at the current share register, there are four substantial shareholders:
Mitsubishi UFJ Financial Group Inc 8.93%(61.5mil shares)
Apac Resources Ltd(HK) 8.77%(60.4mil shares)
IOOF Holdings Ltd(Perennial Value Funds)8.75%(60.3mil shares)
Jinchuan Group Ltd(China)7.22%(49.75mil shares)
So those four account for 33.67% of the issued shares. The only possible takeover candidate amongst those would be Apac Resources - it is only a small investment for them at the moment worth $13.6mil. They also own 33.2% of Mt Gibson(MGX) worth $465mil and 7% of Westgold(WGX) worth $45mil. Apac has in the last month raised $80mil in a rights issue and taken out a new borrowing of $45mil for their war chest without further explanation. Maybe they think they can pick up MLX cheaply for 45c/share that would cost them an additional $285mil.