The key link for MNM to be valuated is how essential is MNM's...

The key link for MNM to be valuated is how essential is MNM's development in BM for Exergen. Or take from Exergen's perspective, how fundamentally important/unique is MNM's place in their plan, in the short and medium term.

We know Exergen's knocking on doors at LV, and has done so in the past (Q why if they already got MNM on board? not all eggs in one basket eh?). We also know MNM has little presence in LV. So despite this piece of paper pre-JV agreement, what is the risk of Exergen simply ditch MNM and seek another partner, even just on a short term basis (eg just to get a pilot going). Afterall existing power stations already have mines, with the equipment ready to do the digging. Whereas MNM need a mining licence/develop mines etc etc. At this stage of the project, to Exergen which is worth more? Billions tonnes of 'potential' resource in ground, or an easily accessible source of brown coal for demonstration?

If MNM's head start in BM is such that, it is not possible for a rival company to enter now and get more tenentments/drilling within Exergen's time frame, then MNM holds a real advantage, one which can be used to bargain with Exergen. Otherwise MNM is just one company out of potentially many who had a sniff of the brown coal boom.