Minotaur Exploration Ltd (ASX: MEP) is a mineral resource company with a portfolio of exploration and development projects and a 50% interest in a new technology venture.
| Metal | Project | State | Owners |
| Eloise JV | Qld | OZL 70% MEP 30% | |
| Copper -Gold | Jericho JV | Qld | OZL 80%, MEP 20% |
| Breena Plains JV | Qld | SFR 100%, OZL/MEP to earn up to 75% | |
| Peake & Denison | SA | MEP 100% | |
| Highlands | Qld | MEP 100% | |
| Base Metals | Windsor | Qld | MEP 100% |
| Industrial Minerals | Great White Kaolin JV | SA | ADN 51%, MEP 49% ADN earning 75% |
| Halloysite R&D | Natural Nanotech Pty Ltd | ADN 50%, MEP 50% |
FOCUS ON GREAT WHITE KAOLIN JV
Assuming MEP maintains its 25% interest in the JV and contributes accordingly to the development capex:
| Item | Project | ADN | MEP |
| Interest | 100% | 75% | 25% |
| Capex | $13m | $10m | $3m |
| Working Capital | $15m | $11m | $4m |
| Max. Cash Requirement | $28m | $21m | $7m |
| EBITDA per annum (x 26 y.) | $79m | $59m | $20m |
| Project NPV 8% | $511m | $383m | $128m |
| Company Market Cap. | $79m | $21m | |
| Ratio MC/NPV | 21% | 17% |
For MEP, the Great White Kaolin JV is one asset of the portfolio. For ADN, it is its flagship asset.
