A great report, and the value here is starting to get ridiculous!
Mcap at about $400 Mil
Cash is $220 Mil
Roughly $17 Mil worth of investments (probably a little more, this includes TAM, Nico, First tin, and the fees for CYM - This does NOT include any value to CYM's con note, which could be worth around $40 Mil or more with options if copper keeps running and they get into production)
So cash and investments of about $240 Mil, with no debt, and could be up to closer to $300 Mil if CYM comes good
That gives an EV of around $160 Mil on the low end
Cashflow was $58 Mil for the quarter, roughly $230 Mil for the year (of course very dependent on tin price, but its hanging around $30K US, or the same $46K AUD due to weak dollar)
That gives us a EV/EBITDA of about 0.7, which seems crazy!
Considering EV/EBITDA in mining is generally 1-4X, and we're using cashflow here, where EBITDA is $80 Mil (annualized $320, or 0.5X), you can see the discrepancy
Market is valuing this as if tin price will drop through the floor...
Hopefully, we can work through those credits and start some fully franked dividends some time soon, I think only then will the market start to value this properly
Thought experiment - Value us at 2X EV/EBITDA - That's an EV of $640 Mill, or MCap of $880 Mil, which is literally double what we are now, or a share price of more than 90c....
GLTAH, DYOR, and NFA
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