MEP 1.69% 6.0¢ minotaur exploration ltd

No, not me. I've already got my fill, except I did want another...

  1. 3,767 Posts.
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    No, not me. I've already got my fill, except I did want another 400k, but happy with what I accumulated over the past month.

    As you've highlighted - either way it's a win-win for MEP. Although, I do think OZL are interested in the project and looking long term, while not seemingly huge, it has the potential to be with lateral and depth extensions (as I highlighted with Eloise depth). If we look at my base case which only includes the current resource target on J1 (2,300m x 250m) and use a respectable IGV of 5% (typical for early valuation on exploration that has a 50/50 chance of development) then that gives a base valuation of $43.6m/300m SOI = $0.145 TP. Obviously this values the rest of the company at zero. Should OZM continue with the project to FS/PFS then the metrics for valuation will change - away from IGV - and towards NPV etc...

    Anyhow, feeling very comfortable at this stage and think a base valuation TP of $0.145 is more than reasonable and probably the minimum of where MEP should be trading come resource announcement after this current drill program.

    Cheers
    SethD
 
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