Ann: Encouraging Results - Recommencement of Dril, page-12

re: Ann: Encouraging Results - Recommencement... Mal et al,
these are the comparable numbers to its peers. Observe the resource figures and market caps for yourselves...
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Market Cap of Stonegate Agricom = $230 Million

Operating cost and transport cost = Unknown
Distance to rail = 250km
No exploration target
JORC resource = 376 MT
JORC head grade = 9%
Status = Exploration stage
Production rate = Unknown

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Market Cap of Minemakers = $125 Million

Operating cost and transport cost = 100 US/t and 75 US/t
Distance to rail = 1200km!
No exploration target
JORC resource = 1105 MT
JORC head grade = 18%
Status = Feasibility stage
Production rate = 3 Mtpa

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Market Cap of Aguia resources = $50 Million

Operating cost and transport cost = Unknown
Distance to rail = 200km
Exploration target = 50 MT
JORC resource = Unknown
JORC head grade = Unknown
Status = Exploration
Production rate = Unknown

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Market Cap of Bayovar = $500 Million

Operating cost and transport cost = Unknown
Distance to rail = 40km
No exploration target
JORC resource = 247 MT
JORC head grade = 9%
Status = Construction stage
Production rate = 3.9 Mtpa

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And finally we look at Minbos resources figures...

Market Cap of Minbos = $25 Million approx

Operating cost and transport cost = 45 US/t and 5 US/t
Distance to rail = 40km!
Exploration target = 333MT - 538MT!
JORC resource = 117 MT
JORC head grade = 13.6%!
Status = Pre-feasibility stage
Production rate = 2-4 Mtpa

One can observe how much the firm is currently undervalued and will get rerated, when PFS numbers and construction begins. The resource estimates do not even include their new phosphate discovery in Kanzi.

Investors should take note that MNB hold 45,000 meters historical drilling core and metallurgical results....this is a proving project. Just needs time to delineate to their target of 500MT...

Truly a sleeper for now.