The Mt Marion mine (NMT 13.8% stake) is ramping up well, now at...

The Mt Marion mine (NMT 13.8% stake) is ramping up well, now at least 80% of
design capacity, product well accepted by customer Ganfeng, and with pricing
above our prior expectation. Our estimate is that NMT’s stake is generating
$33mpa in EBITDA. NMT has signalled that it may crystallise its remaining
investment in Mt Marion for US$96m. Despite the previously mooted conditional
deal failing to complete we think a sale may still be a possibility. The recent
product pricing outcome suggests the asset value has been enhanced during
the last few months. Beyond Mt Marion NMT is advancing its proprietary
processing technologies which presently are at an early stage. NMT’s proven
model is to attract quality partners to derisk its projects and we expect this to
be repeated. NMT has a low risk balance sheet with cash of ~$50m, NIL debt,​

and an active on-market share buy-back.

we believe to be approximately 50%
yyMt Marion has shipped 129kt (to early July) in a combination of ~6.0% Li2O​

and ~4.0% Li2O product which we believe to be approximately 50% of each.

yyIt is unclear whether the offtake rights are/were included in the sale process.​

This may be a significant bargaining item

yyWhile a sale of NMT’s stake in Mt Marion has not concluded, we believe it
remains a future possibility, as NMT has declared its interest in doing so at the
right price.​

There is much much more

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