Next opportunity for a bump., page-46

MYL (Myanmar Metals)

- 16M cash
- Nil Debt
- MCAP 100M at .082cps
- Perilya own 20% and Mark Creasey owns 12%

Taylor deposit owned by Arizona Mining had a total resource of ~72.5Mt at 1.8 Oz/t Ag, 4.4% Pb and 4.4% Zn. Comparatively MYL's Bawdwin currently has a total resource of 82Mt at 3.8 Oz/t Ag, 4.7% Pb, 2.4% Zn plus the additional upside of the high-grade copper zones of around 3%. The Taylor deposit was taken over by South32 (S32.ax) for $1.7billion AUD. The Myanmar resource is seems superior according to these numbers. Taking into account the project is only 45km away from the Lashio refinery (operated by MYL’s project partner East Asia Power) you would imagine offtake agreements shouldn't be too difficult either, given we are on China’s doorstep.

John Lamb, Executive Chairman and CEO, commented: “This is truly an exciting time for the Company. We are now working with our partners in joint venture and are committed to an accelerated feasibility study schedule. Short and medium term catalysts to look forward to on the path to first ore include: in-fill resource drilling, a regional exploration program, metallurgical studies, PFS results, offtake negotiations and BFS results" In addition, Lamb stated "Projects of Bawdwin’s size and grade are very few, it is even rarer to see projects of this scale held by emerging publicly listed companies. Combined with the valuable of experience of MYL and our local partners we have all the foundations necessary for becoming a very successful company.”

**Myanmar Government relations** The Company and its partners continued to build the positive relationship with the Myanmar government. Mr Lamb briefed Union Minister and new MIC Chairman U Thaung Tun on the project when he visited Australia for ASEAN; and Win Myint Mo continued to provide its regular updates to Mining Enterprise No. 1 (ME1). Most importantly, correspondence from the Ministry of Natural Resources and Environmental Conservation (MoNREC) was received during the quarter, which supported previous correspondence from both MoNREC and the MIC. This final statement of government permission confirmed MYL’s legal right to exercise the Bawdwin Option and its position as majority holder in the Bawdwin Joint Venture.

Argonaut Research Note and ValuationValuation Price = .510 Target Price = .220
TA wise Very nice cup and handle formation (breaking out of handle as of today and doing so with volume). RSI healthy and MACD green. Resistance above is .088 and then a push to .099 and into the teens.