This company cops a discount from the market and one of the main...

This company cops a discount from the market and one of the main reasons put forward for this is concerns on capital management. Let’s run through some of the ways these guys have managed the companies capital since coming in mid 2020..

1. sold nifty to Cyprium for upfront cash and upside convertible notes/options… which they’ve just restructured on hugely favourable terms
2. Spun out / IPO’d NICO into a hot nickel market and then sold a bunch of shares, retaining some shares, a board seat and some upside options.
3. Executed numerous capital improvement projects at Renison and put money into exploration - finding Ringrose.
4. Started a buyback..
5. Acquired ~20% of first tin when it was massively depressed and picked up 2 board seats.
6. Looking to execute a capital lite version of the Rentails expansion project.
7. Looking to opportunistically acquire a 82% stake of the 50% JV interests in Renison whilst that company is in a shambles.

But folks want to focus on the A$1m invested into Tanami Gold.. which by the way is up >10% on their purchase price.

If MLX can pull off the acquisition of Greentech and take a controlling position in Renison it will be a major coup. You’ve removed the JV structure affording control and surely the market recognises the track record of the way these guys manage shareholder capital. If not we await for the bulk dividends that should come after the remaining tax losses are utilised.