How much MNS worth without Tesla deal, page-20

@skylion.

Corporate Connect did two reports on MNS in October 2022 - one before and one after they announced their intent to progress with AAM. They did not change their MNS valuation in the second report at the time as AAM still was in its infancy, but as to valuation of the remainder, they came up with:

iM3NY (Phase 1 - expansion to 16GWh). 55% of NPV10 (10% cashflow discount rate) = A$1,074m or $0.98cps
iM3NY (Phase 2 - expansion from 16GWh to 32GWh). 15% of NPV10 (10% cashflow discount rate) = A$275m or $0.25cps
Nachu Phase 1 - processing train 1 for production of 118kt/yr. 35% of NPV10 = A$298m or $0.27cps
Nachu Phase 2 expansion - processing train 2 for production of 236kt/yr = A$111m or $0.10cps

Gross Value of the above = $1.60 per share
Less: Deduction for Corporate costs of ($139m) NPV10 =($0.13) per share
Less: Net Cash (Debt) of ($45m) =($0.04) per share
Net Equity Value (excluding AAM) of $1,707m = $1.56 per share fully diluted