Mongolian Mining Corp. (MOGLF)

[mhsg]

Interim Results:

Revenue up approx. 20% on increased sales and marginally higher ASP

Gross margin largely unchanged (+/-40%) and GP up close to 20%

One-off loss of $18m and related to long-term external mining contract/kit due to inability to ramp fully up and reflecting border bottlenecks i.e. why produce more if you cannot export and sell?

Refinancing gain of $21m

PBT $68m or $65m normalised after allowing for the 2 entries above

Question: what further potential provisions exist in mining contract if any?

Prices seem to have softened slightly of late but 2H traditionally the stronger period for volumes. So $100m NP should be expectation for full year

Current ratio getting closer to 1 after years in the doldrums suggesting liquidity reasonably healthy