Ann: Minbos Investor Presentation - Angola Rising, page-49

Just curious. Does anyone know of any other listed ASX stock that is trading on a multiple of just one times forecast 1 year forward after tax cash flow?
That's where I see Minbos after yesterday's updated guidance.

The DFS had year 6 cashflow at US$62mill or A$92mill. That was based on 157,000tpa.
Yesterday's new guidance is for 153,000tpa from year 1 and 163,000 from year 2.

So we should be looking at after tax cash flow of over $80mill per year from next year and a current mc of just $80mill. I'm assuming they will need to spend the extra US$1.7-3 mill upfront to go straight into stage 2 production to be able to produce and sell 153,000t in around 5-6 months of next year. Stage 1 was 187,500 and stage 2 doubles that to around 375,000tpa. It makes sense to go straight to stage 2 considering how low the cost is for stage 2. The new guidance which appears dependent on spending that little extra on stage 2, suggests to me they are very confident on not just raising the final US$12mill but probably also expect to be raising the extra $1.7-3mill.

Yesterday's updated guidance pulls year 6 sales forecasts all the way back to year one.



The DFS forecast shows the expected after tax cashflow for that volume of sales.
Getting very interesting!