It is a great report for Renison, and the implications for Nifty of having those new stopes ready to go are profound.
I hold - but am a nervous about project reset, that there could be another placement. Prior to the last $50m placement, MLX held about $79m WC and Cash. ATM there is about $74m. Saying that - the placement was reasonably priced. On the other hand - it is possible that MLX can improve their qly cashflow and trade out of this, or even take on a big partner while Winu is top of mind. So that could be exciting rather than slightly diluting. RIO is excited about Winu - Nifty could be a useful little sister mine, and provide some local knowledge as well. Management do have considerable experience at making deals etc.
Anyway - we will eventually find out. Seems very hugely undervalued to me - and finally some value from that $50m placement might be coming through.
MLX Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
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