Edison Investment Research - Mwana Africa (MWA) Update: Q415 update

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Edison Investment Research

Update: Q415 update

Production and (implied) revenues for Q415 were greater than our expectations at both Freda-Rebecca (FRGM) and Trojan. In addition, Trojan costs were lower, as a result of the effective conclusion of the mobile equipment refurbishment plan, with the result that we have increased our FY15 earnings estimate by 30% from US$3.4m to US$4.4m.

23/04/2015 8 EN

Underlying

Mwana Africa

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United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Board recommends rejection of EGM resolutions

Mwana has called an EGM for 9 June 2015 in response to a requisition by shareholders representing 5% of the share capital of the company. Inter alia, the requisition seeks to remove Ngoni Kudenga, Herbert Mashanyare, Stuart Morris and Johan Botha as directors of Mwana and to replace them with Scott Morrison, Mark Wellesley-Wood, Olivier Barbeau and Anne-Marie Chidzero. None of the proposed directors have been subject to due diligence by Peel Hunt, and such a peremptory change could, in our view, result in its concluding that its position as Nomad is untenable.

May 27, 2015 May 27, 2015 3 EN

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Update: Q3 update and US$20m bond closure

Q315 operations were affected by a combination of exogenous (eg weather, holidays and metal prices) and endogenous (eg reagent quality and equipment availability) factors. As a result, both grade and metallurgical recoveries came under pressure at Freda-Rebecca and Trojan, causing us to revise our FY15 estimates. Mill throughput at FRGM increased to a post-restart record however. In addition, last week, Mwana successfully closed its fully subscribed US$20m bond offer to fund the Bindura smelter restart.

March 4, 2015 March 4, 2015 8 EN

Manx Financial Group - Termination of coverage

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musicMagpie - Termination of coverage

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Topps Tiles - Accelerating growth through Q125

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Update: Q415 update

Update: Board recommends rejection of EGM resolutions

Update: Q3 update and US$20m bond closure

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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