Arbitrarily, the same way that ppl write down resources to zero....

Arbitrarily, the same way that ppl write down resources to zero. What I mean by my (throwaway) statement is that a company is never really worth its cash backing because shareholders rarely see the full benefit of that directly (as cents/share). Where they do see the benefit is when management does something meaningful with that cash (ie, value adding), its given back to them as a capital return, or there is a t/o where its value is considered. There are too many companies on the bourse who had a healthy cash backing, only to see it being whittled away on dud deals, inaction, or forced legacy costs.

I do not believe MGX will be the victim of bad deals (though with resources there will always be risks = write downs), or inaction (management is, at worst, reasonable and, at best, good). Nonetheless, there is risk. In this scenario, it seems pointless to attribute full value to their cash holding, yet not value their assets (plant, contracts, resources).

MGX is a valuable business: cash backing AND ongoing business.