mum still cheap

This company is still cheap at these prices. Current market cap is about 28M and the registry is very tightly held.

The best feature about this company is the existing 1.2 mta mill they own and the low cost to restart the mill, estimated to be less than 5M.

The company recently announced a resource upgrade to 276,000oz. While this does not seem like much the company is now looking to build on this with further shallow drilling adjacent to the existing pit.

I expect the next round of drilling results to be out in Jan and this will give a foundation to recommission the mill.

Costs of production should be less than $600 per ounce meaning that even modest production of 25,000 oz in the first year will result in huge revenues.25,000 x $13000z-$600 costs = $17,500,000 profit. In full production the mill could process over 100,000oz gold per year. This would create profits well in excess of current market cap.

The company also has the ability to go underground down the track to chase higher grade gold lodes beneath the existing pit.Once revenue begins to flow further exploration can be funded and the resource improved.

Furthermore MUM also has some interesting Iron Ore Tenements which will need further drilling to unlock any value.

The next few months will be interesting, but as some have said on this forum 20c is not far away based on firming up the resource.