Recommendation, page-448

Just a reminder on what Lindsay said in the Africa Down Under webinar released just over a week ago.

Lindsay said that they are currently completing some work and they should soon be announcing a new ore-body model, new resource model, mine plan, tenders and "so on". That sounds like there will be a series of ongoing announcements ahead of the release of the DFS.
Regarding the zero carbon ammonium project, there is 3,000MW of Hydro in Angola and around 1,000 of that is un-utilised. The cost of that electricity is extremely low at $15/MW or 1.5c/KW. He mentioned that the ammonium could be used for fertiliser and explosives so it sounds like this could be a significant sized project. He also mentioned ammonium as a store of energy but that would be for later. That's an interesting subject itself - ammonium could be a much more efficient way of transporting energy than shipping hydrogen.
Good news regarding the port of Cabinda upgrade being commissioned ahead of MNB commissioning their project.

I doubt very much that we will be waiting much longer for significant news. Also 1st qtr 2021 for the DFS could mean 6 months from now or it could be just over 3 months from now. It's also important to remember that the company has already made the decision to proceed with construction of the project. This is a first for me. Most companies not only wait for the DFS but they also wait for customer offtakes and/or finance before committing to proceed. MNB has ordered long lead items and committed to proceed well before the DFS is due for completion.
As for waiting for a sell-off in equities, where have you been for the last month? The US DJIA has been correcting for around a month and just had what might have been a blow off climax. Sure it might go lower, but it has corrected nearly as much as last October so this correction might already be done. Indicators are approaching oversold levels.



Our All Ords has been correcting for around 5 weeks.



Minbos has shown good strength in the face of the market correction but has also had its own pullback. I'll bet it will bounce back very quickly when investors start to believe this correction might be over. Markets might be near full valuation but MNB certainly is nowhere near its full valuation. That would be well over 60c according to the scoping study. Markets might need to go essentially sideways for the next 12 months but MNB needs to go many multiples higher.