No surprises.
So we have MGX with a market cap of $540m, net cash of $162m plus a further $25m of cash and liquids (shares) to come from the divestment to Fenix = $187m. So, market value of the mining assets is $353m.
Meanwhile, in what should now be the established operating level for MGX, they generated $91m of cashflow from mining operations for the quarter = $360m annualised. Market is valuing MGX at 1x annual pre-tax operating cashflow.
They also have $150m of stockpiled ore - which will underpin a steady FY24 result (ie the stockpiled ore will assist any wet season disruptions).
Will be interesting to see how the market reacts to this quarterly.
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