"OMH is profitable operation, its yet to deliver to its full...

"OMH is profitable operation, its yet to deliver to its full potential from its assets.."

As you say OMH is a profitable operation but the manganese ore production did pull the result down last year. OM Sarawak made $100 million profit in the last 6 months of 2021.

The debt as of 31st Dec 2021 was A$409 million but to offset that is cash in the bank of $112 million. Net debt is
"The borrowings as at 31 December 2021 comprised US$230.5 million (equivalent to approximately A$317.7 million) of Sarawak Project Finance loans associated with the smelter operations."
There was also Inventories of $353 million although $230 million in payable giving a nett value for inventories of $120 million.
"Inventories increased to A$353.3 million as at 31 December 2021 from A$216.3 million as at 31 December 2020. This was mainly due to increased inventories of raw materials (including power inventory)"
Current enterprise value $669 million.

"The Company’s net asset backing per ordinary share was 82.84 cents per ordinary share as at 31 December 2021 as compared to 63.56 cents per ordinary share as at 31 December 2020, a 30% (or 19.28 cents per ordinary share) year-on-year increase."