Ann: Minbos Secures Site For Capanda Green Ammonia Project, page-130

Hi Chuk, it's always great to hear about your journey with your other investments.

You state that MNB could provide a 10 times return for shareholders over the coming 4-6 years, provided everything goes to plan. Do you consider this estimate to be conservative?

If MNB can generate cash on its phosphate project, I can see this having a cascading effect on its other projects. In years to come, MNB's other projects could make multiples of what the forecast revenue is for the phosphate project.

Using the phosphate project DFS's figures, MNB could be making more than $100m p.a. in profit after a few years of operation. Then adding in profit from the LFP and green ammonia projects, which could collectively provide $200m p.a. (or more!). MNB could be valued in excess of $3b using a PE ratio of 10. That would provide for a lot more than a 10 times return, even with a buffer for dilution.