Ann: Extension Of On Market Share Buy Back, page-25

Thanks,

They seemed to have sales made prior to the end of the march qtr, so I would have expected to see some figures. Depending on the JV structure this may not be directly released to NMT but rather paid as a dividend? Correct me if that's not the case...

So rev / profit circa $8m / $5m respectively last FY (due to be reported in the net qrtly), with an EV of circa $100m.

They have small holdings in ESR (has not done well), and 40+% of HNR (has done well very recently and has a flat top formed, looking to break out).

The battery recycling for cobalt looks promising. The direct processing of lithium brines looks promising. But the local market at present is applying a zero value to potential or opportunity, hence leaves upside.

I calculate sales to date (Since Feb) to be 129,000 t (from ann 19 June). With a price payable of USD $750 / t (low case), (from ann 5th July).
Gives me sales to date (NMT 13% share) $12.5m USD or $16.5m AUD.
Take that on an annualised bases (not including ramp up in production) revenues of approx. $35m pa.

I can't find their profit margins anywhere: Your case above looks to be about 60%? Seems very high for such an operation? But even taking 40%
Net profit before tax ($35m * 40%) = $14m

EV @ approx. $100m, is justified by the Mt Marion 13% stake alone. No value is currently applied to any other assets or technology.

It's a bloody complex company - maybe why the SP is where it is... where are the brokers research notes?? Lazy pricks aren't doing their jobs - too hard perhaps!