Ann: Minbos to Pursue Yellow Phosphorus Potential in Stage 2, page-43

I agree with much of what you said but the variables you talk about simply dictate the level of discount apllied to any valuation that the market puts on any of MNB'S (or any other company's) projects. Your earlier post seemed to suggest the market won't put any value on these other projects (apologies if I interpreted it incorrectly) without a FS and that was what I disagreed with most. Yes the market has its sentiment swings and yes I do read the news and I know we have come through at least a year of very negative sentiment capped off with a recent banking crisis. Hence the sp of so many small caps getting crunched. MNB is one of a minority of small caps to come out with a big reversal higher and I attribute that to progress on all its projects and especially to how undervalued it is and how much upside the market is seeing ahead.
Looking forward to a period of positive market sentiment and what that might do to the sp later - after a strong rerate higher on developments.