9 ships coming into the halfway mark for the Sept quarter. Very good effort by MNS and keeps up the pace we have been seeing since May.
Which just reinforces that all is going well on the ground at Koolan - so no operational issues holding back the share price. On my figures, they should have about $230m in the bank after ship #9, plus over $100m ore stockpile plus the approx $20m of Fenix shares = $350m of current assets against a market cap of $550m and a business that should generate around $350m EBITDA in FY24.
We really need to see a circuit breaker (like a dividend announcement when they release FY23 results at the end of this month) to provide the catalyst to get this share price moving to something that approximates fair value.
MGX Price at posting:
45.8¢ Sentiment: Buy Disclosure: Held
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