MNB (ASX) Ann: MoU with Foskor and Port Update

Originally posted by chuk: ↑

"Making comparison to the lows of 2021 is so misleading"

"All talks have failed for funding"
That statement isn't just misleading, it's a straight out lie. The IDC credit committee approved the US14mill loan with very standard preconditions. That covers over half of remaining capex requirements. Talks with Angolan banks are ongoing so you can't say they have failed. Far more likely they will be approved as the IDC loan was.

"cornerstone investor has run for the hills"
Also very misleading. It would suggest they have sold at least part of their holding but they haven't had a single change of substantial holder notice to signal any selling since they first bought. Not taking part in one cr is not running for the hills.

"Angolan banks would see the the balance sheet is in a mess with loans required for construction and runnings costs and repaying debt and huge renumeration packages etc "

A loan required for construction? How strange is that?! What else would a construction loan be for? A loan for running costs? That's the definition of a working capital loan.
Angolan banks would see a better balance sheet than the IDC saw when it approved its loan. MNB currently has zero debt and higher cash balance than it had when the IDC approved its loan.
That IDC loan won't be drawn until after the full funding is in place and Mnb is currently debt free.
The remuneration packages are nothing out of the ordinary for them to affect the loan decision. Google ASX CEO, CFO, COO average salaries.

You said my comparison of the 2021 4.9c low to the recent 4.9c low is misleading which is strange seeing as the lows were identical. There is nothing misleading about pointing out that the sp bounced off the same level.
The only thing different is the market cap at those lows which is why I detailed both the current market cap and the fully diluted market cap. However, what is also different now is that the project is ready for construction, plant components are on site, ready to be installed and the IDC loan is approved, waiting on preconditions of the balance of the Carrinho offtake and balance of funding to be completed.
The project DFS NPV has also improved - probably by more than the current market cap through capital cost reductions of US$10mill plus US$24mill which adds up to A$51mill as well as higher production forecasts for years 1-7 which would further boost the NPV. There could be a further boost again from the exports to SA.
So while the market cap is now higher than it was in the 2021 lows, the company is also much closer to construction and the project NPV and expected cashflows for years 1-5 are much higher than 2021 DFS forecasts. With a market cap below $50mill and an after tax NPV of probably around A$350mill plus, there is easily potential for the market cap to rise by more than the four fold increase that occurred in 2021, even after further dilution.

Expand

And an after tax NPV of probably around A$350mill plus

Sounds good but no one buying the story above

MNB with - Moratorium- Decree and Quotas we are now in July and no funding

If cornerstone investor took part in last CR - this debacle would not have occurred

If cornerstone investor did not pull plug on $25m funding - mnb would have already been producing in 2023

@chuk

IMO

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(20min delay)
Last 5.3¢		Change -0.001(1.85%)		Mkt cap ! $46.56M

Open	High	Low	Value	Volume
5.4¢	5.5¢	5.3¢	$19.22K	357.7K

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