Speculative Buy, valuation $0.37/sh

We now assume a smaller equity raise and less dilution in our modelling and have increased our valuation to $0.37/sh (previously $0.33/sh). MNS provides leverage to an emerging commodity with a solid demand outlook driven by expected growth in lithium-ion batteries. Under our pricing assumptions, we calculate an unrisked project NPV of $357m and steady state EBITDA of $125m. Using management provided PFS prices, we calculate an indicative fully diluted equity valuation of $1.32/sh (0.6x NPV). MNS is a Speculative investment as it carries permitting, development, price and offtake risks.