RE:RE:Reference Prices for the 4th QAnd given NDCC of U$6.85 (to match their guidance for 2H22), they should do $40mm Ebitda in 4Q22. That will make it $248mm for FY22. Now we need to see them upstream that capital from MOA to S. Looking at the Moa b/s will be key to the 4Q22.
At this Ni/Co price, they should do $400mm of Ebitda in FY23 including the U$57mm coming in the form of Co from GNC. Stunning if they upstream it. And with an EV of $487mm (excl all cash) on top of $400mm Ebitda....low and behold, we have a multiple of about 1.2x. Even more stunning(ly cheap).
S presents at the TD Mining Conference next Thursday morning, FYI. Imagine a new presentation will be up on their website shortly.