Ann: Phosphate Fertilizer Project Update, page-117

Back of the coaster figures,

Based on latest TSP prices & 70.5% of that for our BPR = $312/t

Lindsay’s cost per tonne of $117 from crux interview (landed)

$195/t profit

From the presentation production schedule

Year 1 153kt = USD$29.8m or AUD$45m gross margin

Nameplate 187kt = US$36.5m or AUD$55m gross margin

Now that is higher than our present Market Capitalisation, depressed because of the recent Cap Raise.

You could put an EBITDA multiple on that gross margin, a multiple of revenue or work out a PE ratio.

I think all these valuation methods would need a fairly high multiple because:

1/ They have already indicated they will build to stage 2 - double the 187kt and also resulting in opex dropping by $20-30/t

2/ Green Ammonia around the corner

3/ Captive expanding market

If you give a company without much growth potential a PE of 10, or EBITDA multiple of 5x

What do you give a company like Minbos with all that near term expansion.
Either the $45m or $55m multiplied out gives multiples of our present Market Cap.

They just need to prove themselves, completing construction & a couple of months production where product is delivered to customer’s warehouses will do that even if revenue trails.

Late edit, we only own 85%, so reduce those figures by 15%