Sherritt International Corp T.S

Reference Prices for the 4th Q

[Contrarian333]

Q4 2022 - Ni $11.47 (Q3 was $10.01 and last year Q4 was $8.99)
Q4 2022 - Co $23.00 (Q3 was $26.26 and last Q4 was $29.89

[JoJoRabbit11]

Thank you sir!

[Ernieandbert]

And 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

[VerificateASAP]

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[downwithdotcom1]

Verication wrote: "as a sheep the many wolves have ignored discussing anything with me. I will discuss to my group my thoughts to them. I am absolutely sure after being banned by the wolves twice off of stockhouse that nobody wants to discuss anything with whatever I say!!! I am on too all of you and even if these wolves are hunting me down daily I express the truth - integrity

[autofocus111]

There's no Wolves here. Those are on USA Wall Street. S is Canadian. It's Bay Street animals that are handling this one... snakes. Maybe call'em Bay Street Boas.

[VerificateASAP]

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[VerificateASAP]

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[downwithdotcom1]

So now its: Metal inventory 444$ million and the trades receivables of 200$ million equals $1 cash???  NOT TRUE in any business accounting and hugely NOT TRUE WHEN IT COMES TO CUBA!!!! definition:cash [kaSH]NOUN-ready money etc Maybe, just maybe , they should go to the bank and make a withdrawal and exactly how much cash would they get tommorrow???  Just proves you are

[VerificateASAP]

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[downwithdotcom1]

How about KINROSS???? owning gold inventory (according to you, as good as cash) didn't help them when they had to exit from RUSSIA-shocked the market when they sold out for 50 cents on the dollar and then have a quazzi russian court cut that AGAIN IN HALF...you got to do a better job selling that SNAKE-OIL .... dwdc

[VerificateASAP]

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[FrozenInOntario]

Hey E&B, If they do $ 40 M Ebitda in the 4th quarter at current price, they would make 160 MM Ebitda in 2023 etceteris paribus no ?Can you help me understand how it would go to 400 MM  on a yearly basis ? The US 57mm does not have an impact on EBITDA as it is a distribution.  The repayment of Power AR will not have an impact on EBITDA. But it will sure help their cash position

[autofocus111]

Frozen... It's the inventory silly! Just ask Verificate. Moa JV 2022 $450M inventory vs $300M 2021.  Excess over 2021 level is ~150M. Sell that excess and  Sherritt's 50% stake amounts to ~$75M. No cost of sales as ithat's already built into the inventory value isn't it? Not even close to enough to fill the 160->400M gap though. Maybe E&B is counting on a miracle

[Ernieandbert]

1) Here is how you model S's Ebitda (which btw, is effectively is Dividend paid out by Moa.  If it is not paid out by Moa, then it is retained at Moa in the form of WC).  Per Q: U$ Ni price of 29,000 / 2204.6 to get US lbs = U$13.15 x .95 to deduct 5% Royalty = U$12.50 x FX of 1.3500 = C$16.87.   S's production of 4,200 tons/Q x 2204.6 = 9,261,000 x (C$16.87 - U$5 for

[autofocus111]

E&B What is a reasonable assumption for long-term average WC (aka inventory+receivables) at MoaJV? It has increased to $650M since the start of the year.  I just checked previous reporting and the numbers were historically alot lower. Do you believe it will drop back to the 300-400M range next year, and if it does, will a good chunk of that to flow into S coffers boosting 2023 ebitda

[VerificateASAP]

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[rkhosla]

This is a bit of a black box for me too. Ernie and Bert said that working capital is accounted for "at cost". So it is not "marked to market price". However, inputs have been a lot more expensive lately such as sulphur and fuel. Likewise outputs are worth more. It was generally my impression this is a major factor as to why working capital has risen. It is not necessarily the