Harvest Minerals - It Remains All About Cashflow
The key attraction for investors here is significant, near-term, cashflow generation. The simple, low cost, low capex Arapua fertilizer project has begun production on a trial mining basis. We believe the company can generate free cashflow yields of between 30-80%pa from Arapua, based on a range of reasonable sales price & volume assumptions. The most likely outcome being around ~55%pa FCF Yield (based on US$55/t sales price). The same assumptions generate a project NPV@10% of ~£60m for this project (compared to a current market cap of ~£18m). We note that the company has no debt, and should not require any fundraising to develop this project further, in our view.
Harvest Minerals is engaged in the exploration of tin in Brazil.
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