quarterly out now cashflow positive

MAL moving along at a cracking pace.

6800t of concentrate ready for sale worth $3m this quarter vs $3.5m sold June quarter. Net cash outflows $3.2m and now the maiden sale pays all that off. Debt 1.8m and cash $3m.

If you annualise the production from herein you get revenue of about $14m, and net cash flow of about $8m by my calculations. Market cap $37m at present, which puts this on about a 4 times multiple. Very cheap considering life of mine and the performance and relative multiples of other mineral sands producers out there. I think MAL will be taken over within a year.