financial review says aggressive buy, page-6

Financial Summary
Balance Sheet
At March 31 MLX had cash on hand of $5.2M with debt of $12.5M including a related party loan of $7.3M. Subsequently MLX has raised $32.7M through a placement to Jinchuan (117M shares at $0.28).
Earnings
The restart of Renison is expected to have a significant impact on group earnings. Renison is projected to add ~$60M in EBITDA which could lift mid term group earnings toward $80-100Mpa (Figure 8). Key risks to this assumption are tin prices and meeting production targets. Earnings could continue to grow with eventual contribution from Rentails ($30-$50M) and Wingelina. In our assumptions we assume MLX utilises some $60M in tax losses.
Funding
MLX should be well funded for the anticipated restart of Renison budgeted at $25M with a healthy cash position and existing cash flows. Further, in the money options are expected to raise some $40M in coming years. While group cash flows are expected to build it is likely that future growth projects such as Rentails (~$60M) and Wingellina (potentially $2B) will require additional funding. MLX may well seek a partner for any Wingellina development.