It seems odd that he did not explore thecapital structure...

It seems odd that he did not explore thecapital structure expected at the time of production.
Dilution from either options being exercised or capital raisings required to fund production are important when looking at investment risk/return.


The dilutive effects of MNS 200m options and TON future capital raisings are ignored. Not sure for SYR?
So we cannot rely on Table 5 of the report. It is way out!

While he made good observations relating to MNS reduced project funding and sales risks, the end result is that his analysis is flawed and limited.
IMO, a good investment analysis ends with a value/share basis and shows all it's assumptions.

If only we could get the right assumptions .... good luck