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Valuation, page-29

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MtIsaRocks

2 Posts.

20/05/24

12:56

Post #: 73913075
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Originally posted by Happ: ↑

Just wanted to put everything in a perspective here.

Shares on issue at 9 Nov 2023 - approx 615mln with options and other rights say 700mln

Stage 1 production rate about 250kta (recent interview)

Stage 1.5 production rate up to 625kta
Stage 1.5 AISC $160-180
Stage 1.5 investment $17mln

Stage 1.5 financing:
Need for funds is skewed towards later part of 2024.
Best case: free cash plus options $3.5mln plus debt up to $15mln.
Worst case: 25% dilution through equity raising, increasing shares on issue to 850mln.

Market price of phosphate A$530 per tonne, which gives about $350 per tonne margin.

PE ratio 7

Worst case scenario - we bumble along 250kta and make only $100 per tonne margin. Valuation would be (250kta x 100 - 5mln) x 7 / 700mln shares = 14c

Less the worst case - production 500kta, margin $100 per tonne. Valuation (500kta x 100 - 10mln) x 7 / 850mln shares = 33c

Fantastic case - production 625kta, margin $300 per tonne, no dilution. Valuation (625 x 300 -10mln) x 7 / 700 = $1.87

In any case company is undervalued by at least 70% to the worst case right now.

Any thoughts?

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Market Price of Rock is way off course. Check out India CFR for starters. At most ~A$200FOB

CXM Price at posting: 4.8¢ Sentiment: None Disclosure: Not Held
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Last 4.0¢		Change 0.002(5.26%)		Mkt cap ! $34.65M

Open	High	Low	Value	Volume
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No.	Vol.	Price($)
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Price($)	Vol.	No.
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No.	Vol.	Price($)
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Price($)	Vol.	No.
0.040	378517	2
0.042	122633	3
0.043	460739	3
0.044	343896	3
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