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Minotaur Exploration Ltd (ASX:MEP) company profile - part 1/3

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.


MetalProjectStateOwners
Eloise JVQldOZL 70% MEP 30%
Copper -GoldJericho JVQldOZL 80%, MEP 20%
Breena Plains JVQldSFR 100%, OZL/MEP to earn up to 75%
Peake & DenisonSAMEP 100%
HighlandsQldMEP 100%
Base MetalsWindsorQldMEP 100%
Industrial MineralsGreat White
Kaolin JV
SAADN 51%, MEP 49%
ADN earning 75%
Halloysite R&DNatural Nanotech Pty LtdADN 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
ProjectADNMEP
Interest100%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/NPV21%17%


For MEP, the Great White Kaolin JV is one asset of the portfolio. For ADN, it is its flagship asset.



 

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