Thought it was an unsurprising decent result. Cash burn was $8m despite $11m unfavourable working cap mvmt (payables reduced $6m, receivables increased $5m) and capex heavy half where $78m annualised, 100% basis was spent finishing the upgrade works to enable the next phase of mining (Area5 et al).. and tin price was depressed.
Talk of M&A rather than dividends / buybacks was the key takeaway for me… and tbh given the job done on turning the ship with Nifty/CYM and Wingellina/NC1 deals.. plus the patience shown on holding a decent cash pile.. the mgmt probably deserve the right to have a crack at M&A.
Now the heavy capex spend is done, grades improving, tin price holding on and tax loss position sitting large.. this mine seems as though it will make money on the down cycle and absolutely print once tin does its thing. BOOLISH.
MLX Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
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