No doubt that one man's trash (Red October) is another man's treasure and that Red October was peripheral to SAR's requirements, you just have to look at NST and its evolution to see how this works.
Does your spradsheet account for the fact that many of the companies will need tens if not hundreds of millions of dollars to transition from explorers to producers? This is something that MAT will not have to incur (due to its toll treatment agreement with Anglo) and is a major stumbling block in terms of not only expense, dilution, expertise, delays and time to most explorers wanting to convert their ounces in the ground to cash in the bank.
And these are the sorts of sums that got BDR and BLK into trouble - approximately AUD100m for BDR and AUD37m for BLK. How can you compare that to the piddly $4m loan facility of MAT?
Similarly, I believe your comment, "The trial mining at Fortitude was anything but profitable with costs far exceeding the realised sale value", may be factually incorrect.
Let's wait and see the March quarterly to see whether the trial mine was profitable or not.
In short @jogo, I feel your analysis of MAT is pretty poor and you must be rather bored to be concerned about $1m of MAT scrip given that SAR is capped in excess of $1.5bn.
Perhaps your analysis of SAR isn't up to par also???
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