I don't think a dividend will be forthcoming until the 2026...

I don't think a dividend will be forthcoming until the 2026 results (so declaration and payment in Feb/Mar 2027 given the calendar year reporting). This year using their current run rate, I expect circa 4.8m tonnes then moving to 7m tonnes in 2025. With a bit of luck cashflow per tonne will be a bit more than $10 given favourable unit economics and a strengthening bauxite price environment. THis would have debt repaid during 2025 and 2026 and MMI in a strong position with their capex cycle behind them.

I think the price target of about 8 cents is not unreasonable in the next 2 years. That would be a market cap of about $350m or 5 times a sustainable $70m NPAT.

I'll have another look when we get the half year results, that will give the D&A expenses plus G&A expenses. They did a big write off in the last few years so depreciation will certainly be less than it would have been otherwise. They also have tax losses to utilise which also have a reasonable value.