Agreed. Minuscule market cap relative to peers. This is a strong...

Agreed. Minuscule market cap relative to peers. This is a strong BUY from here at $32m EV $34m MC (fully diluted with historical grades of greater than 10%) versus the likes of CLQ ($970m MC and .13% co), AUZ ($330m MC and .11% co) and ARL ($236m MC and .09% co). In terms of a high grade peer comp, EUC with similar historicals is trading at $200m MC and is probably undervalued at those levels. Thus MEI has a long way to rerate to a fair value.

	Column 1	Column 2	Column 3
0	{colgroup}
1	{col=374x@}{/col}{col=100x@}{/col}{col=100x@}{/col}
2	{/colgroup}
3	Date:	09/10/2017
4	Share price:	0.063
5		MC	Proceeds from Issue
6	FPO	461,227,190
7	Options - at an exercise price of $0.012 per share and will lapse at 5.00pm, (Sydney time) on 9.9.2020	9,000,000	108000
8	Options at an exercise price of $0.02 cents per share and will lapse at 5.00pm, (Sydney time) on 30.6.18	8,150,000	163000
9	Options each exercisable at 0.011 with a 3 year expiry date to various advisors to the company in relation to the acquisition, half vesting on a 20 days VWAP of $0.04 and half vesting on a 20 day VWAP of $0.08, at an issue price of $0.0001 each	60,000,000	$660,000.00
10	Performance rights	5,000,000	$0.00
11
12
13	Cash		$1,300,000.00
14	Shares	543,377,190
15	Market Cap	$34,232,762.97
16	Less cash and proceeds from issue	$2,231,000.00
17	Enterprise Value	$32,001,762.97

The need for a recap prior to their drilling campaign is the only thing holding them back now. Look at HEG post 10c placement, within a week was trading 50-75% and 35% on open. GL to people selling with the view to get in at or around placement price.

Cheers,