Ann: Quarterly Activities Report, page-5

So current tin price is $A42300 compared with the last quarter average of $A39867. 6% higher so if no change in costs revenue rises $A5.5 million this quarter and EBITDA rises from $A19 million to $A24.5 million or by 29% if price maintained. Only half due to MLX of course. Annualised around $50 million cash flow for MLX over current year.

So market cap $277m less June 30 cash of $124m. Enterprise value around $150m (ignores value of shares held) which is only 3 times annualised cash flow.

The quarterly said "the completion of the above works combined with the deferred access to the higher-grade stopes should lead to a
further increase in tin production in the second half of 2023."

So higher production could increase revenue and reduce costs as well.