Ann: Completes Investment in US Battery Technology Group C4V, page-46

Capraise
The market cap is a result of Nachu; the Banking Feasibility Study done in 2016 indicated a NPV of ~US1.7bn. The changes in the laws in Tanzania obviously changes that figure along with a few other things given we are over 2 years from that BFS, but that is the underlying value of MNS.

Some people would like to think battery factories adds to the market cap, but MNS post the BFS in 2016 reached its highest value and the more they talk about battery factories, the further the price falls.

You only need to look at the investment needed by any manufacturer and you realise that without significant investment (in the 100s of millions of dollars), this is not going to happen.

Think about it; as an investor, would you put 300m into building a factory that is attempting to compete with others putting billions of dollars into their battery factories or or 300m into a mine that has a NPV of ~US1.7bn that will supply these gigafactories?

IMO mgmt have burnt $10-15m and 2 years on batteries , when that time & money would have been better spent negotiating with the Tanzanians to get the mine up and running