Yes all true not sure what Rentails will cost now but I imagine no more than 450m. With a higher Tin price even 500M gross May provide a reasonable NPV As for inorganic growth what makes sense is to leverage available assets around Renison . Stellar or more accurately its tin project has many advantages. 1. Very very low risk as I imagine won’t cost more than 1 quarter cash flow to acquire and it already has a decent resource. 2. Secondary ore source derisks Renison operations 3. Latest NPV value was 71 m post 57m capex so without this capex spend the NPV would be much higher so there is a 8–10x upside on cost 4. MLX have cash flow to drill this asset meaningfully which may inturn make it much more valuable medium term.
MLX Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
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