I am all for Rentails. In fact I think ppl are sleeping on the project, especially if ur a believer of LT incentive prices for tin of US$35k/A$50k. Could spit out $200m pa+ (1.5yr payback?).
Let’s call rentails A$300m capex + (2017 study $205m) and a build time of 18mths/6 quarters starting mid 2023. That’s $25m MLX share per quarter. I’d argue easily funded via operating cash flow.
In the meantime you have A$50m cash in bank and an operation which, post this final Area5 upgrade capital spend could very well cash flow A$40m per quarter. I’d like to see some of this cash distributed in some form to holders. It will certainly provide a catalyst for a SP rerate and attract a different investor base.
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