TAM Investment Research- re MLX investment., page-14

I am not sure about the point you are making?? Westgold has gone from $1.28 a year ago to $2.62 today. I bought BTR at 1.1c. It is now 1.6/1.7c. The aim of this game is to buy stocks that go up. That is all. Everything else is just noise helping us decide what will go up vs not.

The TAM investment is not material to MLX but nor will any price appreciation be material to MLX. Even if we got a 5x rise in shareprice it is only $10M and only if we get to sell it (generally won't be able to on market, would have to wait for a liquidity event). It's a dumb investment that suits APAC only, not us as MLX investors.

Let's pretend we get a 5x in value on our TAM investment of $2M, and therefore our MC goes from current of $322M to $330M (even though we actually can't sell it to realise this value) - it's a rise of 2% in MC based on today. Less than the daily fluctuation of MLX shareprice. That's how ridiculous our management was in deciding to support the APAC purchase. And it worries me when management are prepared to make openly dumb decisions that bring into question their competence, allegiance and direction.

PS - I have met with Alex Rovira at BTR. I am confident this is not a gravy train but you do you.