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What are the chances of Malagasy being able to raise say $20m for their share of the capital cost of developing the Molo deposit ? I have no idea if that would be enough but I would suggest that that would be just about impossible , almost five times the current value of the company. Even if it were possible the dilution of the current share structure would be considerable. No, I think it a good deal for current shareholders. When and if the mine is in full production Malagasy will receive somewhere between one and two thousand tons of graphite equivalents at $1500 per ton as a royalty,say $1.5m per year or 33% of the current value of the company per year. In addition they will have received about half of the current value of the company in cash.
Unless I am making errors in my calculations I think MGY is grossly under valued and is better value than EGZ , which I also own.