The $50k Challenge Update 8 – 17/10/2019
Stock Code: MSE
Shares Purchased: 1,666,666
Share Price: 0.006 (Purchased via Capital Raising)
Reasons for Buying:
1) Very impressed with their recent HPA acquisition
2) Drilling to commence imminently to establish a JORC 2012 resource
3) Low market Capitalisation and Enterprise Value considering project and future milestones
4) From a peer comparison perspective ADN started in a very similar position and have now gone on to be valued at over $100m market capitalisation. This shows the potential MSE have if they can define a high quality JORC resource
5) Recent capital raise means MSE is well funded in the near term
Risks:
1) Obvious risk with any explorer is share price and success is highly dependent on drill results.
2) More capital will be required in the future, however if company milestones are met then capital raise price should be much higher than current levels.
In the interest of full transparency I have been a holder in MSE for over 12 months with an entry at 1c and have personal holdings outside of the $50k Challenge.
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