4Q2024 Valuation, page-51

Tin over $35,000 ($51,650 AUD) last night surely ignites the SP today. At these prices we're loking at a margin over $20,000 AUD after AIC so even at 2,500 (1,250 MLX share) per qtr guidence we're looking at free cash flow in excess of $25m a qtr (wow) and we've seen qrtly production exceed guidence.

With tin inventories on the slow decline again the tin price could easily sustain these prices for a couple of qtrs.

Not sure its relevance or if I'm even reading it correctly but I have also noticed a few tin trading sessions now where volume has exceeded 700 and I assume this is contacts at 5t each so in excess of 3,500t in a day changing hands..... doesn't happen all the time but seems to be happening more often recently.

I'm tipping some SP action today with that little sell parcel at 45c taken out early.... and finishing the day up 5-10%.

On a seperate note, we've often mentioned the liklihood our major shareholder APAC is to some degree calling the shots and may have a different objective to us smaller shareholders.... well I'm pretty sure they want to make money so we have that in common and their move against past poor management back in the NIfty days was good for all so I have a level of comfort in our BOD using the funds wisely - I hope I'm not wrong here. APAC likley to have a longer term view than we do.