MEP has a market cap of $20.7m (103.6m shares at 20c). For this...

MEP has a market cap of $20.7m (103.6m shares at 20c). For this you get about $13m in cash ($14m at 30 June, less say $1m spent since) and $4.8m in listed investments (at today's prices).

That gives an EV of $3m, for which you get the following projects (listed in order of advancement, with current activity):

1. Poochera Kaolin Project (Minotaur 100%).
Production of premium hydrous and calcined products for marketing to be completed by the end of July and introduced to global markets during the remainder of 2012.

2. Mutooroo Magnetite Project (Sumitomo 59.1%, Minotaur 40.9%)
Further metallurgical testwork required to refine the Muster Dam process flowsheet; new metallurgical drilling is pending while access agreements are negotiated.

3. Cloncurry IOCG Project (JOGMEC earning 51%)
3a) Cormorant. A fence of three south-westward-oriented drillholes are being drilled across the central part of Cormorant to test the new model and orientation of conductors.
3b) Cotswold. Two holes are planned: to test the peak of the magnetic/gravity anomalies and to test the IP chargeability/magnetic target 200 metres to the south.
3c) Others. Camel Well and Oorindi Park - ground work commenced. Osborne Mine area - assessment of historic data underway.

4. Copper Lake, Nova Scotia (Blackfly Exploration 100%, Minotaur Purchase Option)
Drilling scheduled to commence on 17th September.

5. Arthurville Base Metals Project (Minotaur 100%, MMC and MC earning 49%)
Selection of priority targets, supported by geological, geochemical and magnetic-structural data expected to be completed during the next quarter

6. Bonython Hill Project ( Minotaur 100%)
Target generation under way

7. Border Base Metals Project (Sumitomo 59.1%, Minotaur 40.9%)
A broader soil sampling programme over selected targets on Mingary. Other activities are centred on ground geophysical follow-up of potential base metal targets.

8. Other
Various tenement applications in progress

Plus of course excellent management who are very careful in how they spend our cash!

Pretty good upside/downside risk!