valuation of mox - significantly undervalued

After doing some numbers I realized that MOX must be one of the most undervalued speccies with huge upside potential on the ASX.

The current market cap of MOX is 11 M$ and they got the following assets:

- 5.6 M$ in cash = 4c / share

- 25% of MEU ( listed on ASX) worth 4 M$ = 3c / share

- OMH Joint venture for their Waddikke Manganese project where OMH will spend 2 M$ for drilling while earning up to 60% of the project.

Project value for 60% = 2M$ , project value for 100% = 3,33 M$


- Punt Hill prospect close to Olympic Dam and Prominent Hill = value to be determined due to proven mineralised system, now it's just up to delineating a shallower resource which will be done during drilling this in January / February.

speculative value 2-3 M$

- Melton Copper Gold project ( Mox in 50/50 JV with MEU) with some huge targets delineated by some extensive EM surveys. RXM's ( Rex minerals) resource in the close vicinity to MOX's tenements ( Resource valued at 150 - 200M$).

MOX could be sitting on a similar huge resource ( just like those companies close to Sandfire Resources).

MOX is earning an actual 63% interest in the project due to holding 25% of the shares in MEU)

speculative value 4-5 M$

- Bonaventura is a very early stage project, so no value to be applied on that project yet.


Sum of parts valuation:

5.6 M$ in cash + 4M$ shareholding in MEU ( at 11.5c/share) + 3.33 M$ for Waddikke + 2 M$ for Punt Hill + 4M$ for Melton

= 18,93 M$ current market value with huge upside on any drilling progress

= current fair market value of 13.5 c/ share as a low fundamental valuation.



By buying into MOX at these prices you essentially get the entire project package for free since the cash backing and their MEU shareholding make up for the current market capitalisation.


Any comments welcome.

Cheers