Ann: MBN Operational Update, page-9

Compared to POS and PAN........MBN looks very good except it's in VA?
From my googling, normalise FCF is production cost including royalty/tax minus the capital expenditure cost so this means they made around 2M USD in the last 2 quarter when nickel price was at it's low of 3.7-4 but note the mining cost wasn't incurred in the production cost during this period as they are using their stockpile (of nickel ores comprising of 15Kt of nickel concentrate) but I think it's still very good, IMO.