Ann: Phosphate Fertilizer Project Update, page-141

In the past, I posted that MNB was caught up in the small cap bear market but that it was outperforming for quite a while while others were being decimated. That was probably at least partly helped by the fact that it hadn't gone into bubble territory like some others, so didn't correct as hard.
More recently, MNB has dropped more significantly, although less than many others and I thought that it was being punished for delays and the recent cr.
I also thought the bear market for small resource stocks was over from around late last year. However after having a look over 5 year charts of a lot of stocks on my old watchlist, it is clear that the bear market really hasn't ended yet and that MNB, as bad as it's been recently, has still outperformed many other small caps.
Most still look very weak on the 5 year charts but most (not all) also appear to have leveled off. I expect that at least the worst is over for the sector. This has been the worst 2-3 year period for small cap resources that I can remember in 40 years in the market, with the exception maybe of the GFC. I can understand why some newer investors might hate small cap resource stocks after these severe declines. I do know one thing though and that is that the very bleakest periods are usually followed by the best periods. That can be seen in these charts as most of these stocks rallied incredibly after the corona virus shock. The stimulus packages that followed was like an adrenaline shot for the sector but resulted in a bubble that has since popped and possibly overshot on the downside. I prefer to select stocks rather than hope for a sector wide recovery but a sector wide recovery is inevitable at some point.
What is also clear is that MNB really has not underperformed versus most of these with many near and some below their 2020 prices.
Not many of the stocks below will be going into production next year or even in the next 2-3 years. MNB very likely will be so will hopefully outperform strongly from here.



Last but not least! MNB



MNB zoomed in to 6 months;