Get rid of nifty, even if it’s for $1, that’s my preference. Need to move on and it needs to go to someone with much larger pockets, will cost more than $100m to get it up and running and spinning positive cash flow. Don’t forget MLX need significant capital to access Area5/Bell50 (raise bore drilling from surface for new ventilation shaft, dewatering and UG development) and there’s also Rentails to consider.
Im bullish tin once the world economy gets humming again - great supply/demand fundamentals and area5/Bell50 will be extremely profitable given grades. My estimates below on cash flows, base case is the company will have around $30m cash at 30 June (with $35m debt). I’m expecting much healthier margins in second half as they hit the high grade.
H1, CY20 est
MLX Price at posting:
7.4¢ Sentiment: Hold Disclosure: Held
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