Fertilizer Prices Rocket to All Time High, page-463

Our great friends over at Next Investors crunched the numbers back in July, see below. I've done some back on the envelope calculations based on various NPV from USD$250m to USD$500m, converted into AUD and deducted 15% project ownership. We've had a CR that's diluted the registry since NI's below numbers, so I have taken that into account when I have applied a 30% and 40% of NPV.

I believe my numbers are conservative and there are several inputs that are not known that can affect the NPV such as debt and discount percentage applied + CAPEX......although the MAP price sensitivity is the biggest cost input.

I think if the DFS comes in anywhere between USD$350m-$400m we will easily re-rate to 23c ~ 35c - that is super conservative and will only still give MNB a market cap between $122m-$185m


Dont forget, the Green Ammonia, NPK Fertilizer & Soil Carbon initiatives/projects are currently valued at Zero!