I'm reviewing numbers from the 3rd quarter in advance of Q4 being released next week, and Q1 at the end of february.

MJS currently has a market cap, or valuation in the market of $80Million.

From their financials in Q3, they had:

  • -Current Assets of $30M (including Cash of $24M)
  • -Plant, Property and Equipment of $40MM
  • -Mineral properties and deferred exploration costs of  $18M

This gives them Assets of $87M, and liabilities of $15M..and $72M as Equity attributed to owners of the parent (shareholders)...

So, MJS is trading at a discount to its assets, and those assets do not even reflect the assets of their insitu resource... 2.3M oz of gold,.  Free gold.  IMO, to be selling, like this massive seller is, is dumbfounding (other than losing total patience with Roddie and his idiot ways).

For for the first 3 quarters of FY2012, Revenue was $19.4M, with a comprehensive loss of $2.46M. 

When year end results come out next week, I could see MJS having full year results ranging in the following:

  • $27M - 30M Revenue
  • $1.5M - 3M Comprehensive loss
  • A clean balance sheet for 2013.

After getting dragged through the mud for the better part of the last 30 trading sessions, I am hopeful that in the next two quarterly releases, there is a catalyst to push this into respectible valuation territory - above .20 cents... but, that can only happen once this relentless seller finishes...

With the Chinese equity investments of 50M shares at .20, and 200M at .18, and the JV takeout with Mr Kong at 140M shares at .12, everyone is underwater.  That is 400M shares in the hands of the chinese at much higher valuations that we have today - half the OS can not be traded as they are in Chinese hands. MJS's valuation has got to change. It is unacceptable.

Let's see thenew quarterly numbers on this ridiculously undervalued PIG.