ResultsClearly not $0.45 EPS but thankfully like a diamond in the rough its there....
Cash Flow page 14 notes $200m CAD cash generated in the year 2022
$80m CAD used to repay Bondholders
$30m Normalised Finance Costs
$34m Increase in inventories
$60m Fixed Asset purchase (needs explanation as much higher than each of 3 previous years)
The Net Income at $49m CAD adding back the unrealised FX loss of $28m and the deferred non cash tax of $21m gets us back to the EPS as expected.
'Loss on Loan' in the accounts at $10m needs explanation but probably due to DB financing accounting along with Warrants but the investment thesis is definitely intact. Looking firward to the Sedar filing as cerified by JDS with updated cashflows( at section 22 )which should give us a clear view of what Debeers/MPVD and JDS feel the cash that will be generated to 2030 from just GK.
It was an NPV pretax attributable to MPVD of $1.233M CAD free cash flow last march(2022) but looking forward to the update one year on.
Thats a pretax , pre corporate costs and pre repayment of remainging debt value of circa $4.74CAD per share . And while debt must be repaid along with corportate taxes (after losses forward) it takes no account of any value for Kennady (we paid over $150m CAD before the latest finds) or the recent discoveries at Hearne which have the poetntial to extend the GK mine past 2030.
The bad days look to be behind NPVD.
Good luck to all