Would that be true! The reality is that their cash is worth near...

Would that be true!  The reality is that their cash is worth near zero till management announce what they'll do with it.  An NPV on an IOP that most analysts believe will dip below US$50/t in the near future is interesting, but not definitive.

Don't get me wrong - this stock is undervalued and I am holding for the uplift.  Its on that path now - but oh so slowly!  To get to anything like the valuation you've calculated, MGX management needs to:

1. immediately announce a small but sustainable dividend - say 2c/share, ff, delivering a DY of circa 10%.  Even a more sustainable 1c/share would deliver some shareholder value.
2. Give the market an update on ore sales - the last couple of contract cancellations (were they just LOIs anyway?) have left the market wondering what impact that actually has on the bottom line (my take: nil).
3. Announce a capital management policy: on market buy back or capital return.
4. Give/update the market on what it is the company is actually pursuing with regard to acquisitions - what commodities?  What target level (greenfields?  operating mine?).
5. Updated resource numbers, OPEX, CAPEX commitment.

The Second quarterly report is due out by the end of this month and will be the perfect opportunity for this update.  Some of the above will be in that update: MGX reports its average all-in cash costs consistently.  The last quarterly was, imo, very good and shows an income stream that would underpin a divvy ($9M/quarter cashflow).

MGX needs to get on the front foot now to realize its full potential.