Ann: Minbos to Pursue Yellow Phosphorus Potential in Stage 2, page-40

finally a sane post without "crystal ball predictions" like "sp will be $.20 $.40 $1, $4 next month, next quarter, next year, next few years etc.", which I find entertaining. Even a PFS (the next step after the technical study), once completed is still deemed as preliminary and cursory assessment of the GA project (hence the word Pre-feasibility or Preliminary). The technical study alone took roughly 7 months, so PFS, and DFS, and its eventual first production, when will it be? I'm not having any immediate interest in this "supposedly big" project at the moment, and I strongly believe so is the market.

Few posters even suggested that the potential value of the GA should be "counted in" current SP, which I find quite funny, given how pre-preliminary stage it is (preliminary to something preliminary). No profitability numbers are even suggested in the technical study, so "counted in" how? Personally, I think only when PFS is completed, that's when a small % of NPV should start being reflected in SP. At this stage? Hell no.

Which brings us back to what drew investors to MNB from the start: the main project that is suppsosed to start first production by the end of this year. The only sustained, reliable catalyst for sp rerate at this stage is conclusive news about offtakes and funding that have finally been secured. Mr Lindsay can't get the market excited (yet) with the notion of MNB developing to be a multi-project valuable company in Africa. Until then, sp will likely remain at this level, and rightfully so, not undervalued.