GL1 has reported the results of a Scoping Study for the Company’s flagship Manna project. While the study’s financial model generates an impressive Pre-tax NPV, in our view, the use of US$2,500/t sale price for a SC5.5 grade output is aggressive. In this update we dissect the study and present a more conservative 1.6Mtpa Manna development scenario. GL1 has chosen some ambitious targets. Our more conservative assumptions still indicate undervalued shares.
Manna featured as a special mention in Argonaut’s recently published Best Undeveloped Projects 2022 book.
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