$360M Galan Lithium buying MAN shares on market [02-Mar-2023]
Updated investor presentation [08-Mar-2023]
Larger capped neighbour in the same region
MAN’s project sits in the same region as $224M Anson Resources which is developing its lithium project in Utah, USA.
Strong cash position, small enterprise value, leveraged to a discovery
After Galan’s investment, MAN will have ~$19M in cash in the bank. Given no capital raise is anticipated in the short to medium term, investors seeking exposure to the project will likely only be able to buy on market. MAN is currently trading with an enterprise value of ~$14M. This means we think the company is leveraged to a re-rate on material news.
