Valuing MEP: The Poochera JV, page-5

There is a big difference between investing in Poochara through MEP or ADN.
The Poochara story is a good one .I think it has a very good chance of quickly and cheaply moving to a profitable mine .
However at this stage it is just that , A STORY .
I have seen other businesses that have had a great Story ( and unfortunately have been invested in them ) crash and burn when the assumptions underlying the story did not actually occur .

The SP of MEP does not seem to have much value for its holding for Poochara built in to it.
The SP of ADN almost completely revolves around Poochara being a successful mine.

In my opinion not only does MEP have a lot more leverage to success at Poochara than ADN but it has MUCH less downside if Poochara does not work out as expected.

The combination of leverage and safety imho makes MEP a much better investment than ADN.
However if MEP did not have any ownership in Poochara I would consider a punt in ADN .
It is not that ADN is a bad investment it is just that MEP is a much better one.