Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-9

Near term this is what I wanted to see most

“while cash flow should benefit from concentrate inventory reduction with several shipments planned for the MarQ.”

So we can expect more than the 2 that are currently being shipped, meaning there Should Be at least that other 10kt that is needed to be cashflow neutral (+/- 10%) for the Q and perhaps others to add some gravy on top would be nice.


“They still have to demonstrate they can produce and sell the product this year before we can assume that next year's numbers will turn out that neatly.”

Spot on mate, that’s the bet here @Sharpey