Upwards and Onwards, page-173

A couple of posters have queries potential share prices. Here's a few back of the envelope numbers:

MCT:
currently 1,388,729,525 heads
currently 241,745,905 Oppies (strike price ranges from 1.5c to 10c)
currently 32,050,000 performance rights

So 1,662,525,430 fully diluted.


NME:
Currently 192,747,348
no oppies or performance rights
to issue to payout $1.5M convertible note and interest 132,474,353

So 325,221,701 in total.



A few points to consider:

MCT will need to raise further funds to spend on the JV, some will come of exercising oppies but exact amount is unknown.
Admiral bay sale could potentially fund but at what sale price?

NME will need to raise at some point but the vast majority of the liabilities on the balance are owed to directors (or related) who have stated at numerous AGM's (and in the annual report) they will not be seeking payment until the company is in a position to do so. For the sake of this exercise lets say another 100,000,000 shares are issued to extinguish all the outstanding liabilities and provide some future capital (at a conservative 3c).


So getting to a rough back of the envelope shareprice number, it wouldn't be out of the question for the project to command a $100M market cap value. Many juniors with a proven, shallow resource in an area with major infrastructure in a mining friendly environment are capped significantly higher but I just wanted to run some base case very conservative numbers.

On a 51/49 basis:

MCT $51M. 1.66B fully diluted on issue equals 3c per share (about 2.2 times the 1.4c last closing price)
NME $49M 425m fully diluted on issue equals 11c per share (about 2.75 times the last 4c closing price)


These are obviously really rough numbers with a huge amount of potentially different inputs so take out of it what you will. The one I do know for certain is these AUD gold prices, junior explorers are being rewarded very handsomely for exploration success and our projects have shown they have the goods thus far.
Another of my significant investments that are drilling in the greater Leonora area, Torian Resources (TNR), have gone up about 500% and they are still awaiting assay results so given MCT/NME have had good hits in the past two drilling campaigns we could do very well if Jason's enthusiasm for the project is accurate.

Good luck all.