Ann: OM Materials (S) Pte Ltd Private Bond Issue up to A$30.9m, page-26

Even with less than 12 furnaces operating during the September Quarter and using the CMSB profit for that 3 month period of RM34.27 million ie A$11.41 million. Using this profit and expanding to OMH owning 100% of OM Sarawak this profit = A$11.41 million x 4 = A$45.64 million + (A$45.64 million x 3) = A$182.56 million. In a worst case scenario of 20% tax and only a 25% share of profits would equal a 5c/share dividend. This should be a base case going forward.
Full production ie 16 furnaces operating would add another 25% profit. Adding in Tshipi and marketing will increase the profit further even allowing for interest payments and loan repayments.


The company dividend policy to be announced Q1 2023 should set the scene for a share price recovery.