Ann: Minbos Investor Presentation - Angola Rising, page-7

"US$26 million left to spend to get into production"
Less US$14mill IDC leaves US$12mill but they also have a significant amount of cash on hand too.
Still need to source maybe around US$8-10mill.

Much more important than that is the new production guidance in today's presentation. Have a look at the big increases in forecast production over the first 6 years. At least 50% increase over the first 4 years. That should translate to a big increase in cash flow over the first 6 years and that means a much higher NPV as NPV is far more sensitive to cash flows in the earlier years. It also means much lower market cap to cashflow multiples from the current mc which will boost the mc and sp targets in the earlier years too. That would all be further boosted by the big capex savings and lower operating (reduced transport costs shown below below). I mentioned a lot of this as an expectation of mine in a recent post but it's great to see the higher production targets released by the company now.