Malaga Inc —a Tungsten producer in Peru—is now cash flow positive earlier than its recently announced schedule and raised $5m to accelerate its growth plans. The shares trade for .13 (an $18m market value) but our appraised value is .50 ($80m). Our 3-year target is .90, a potential return of 7 times our current investment, or 90% per year. Malaga is the only Tungsten producer in the Western Hemisphere, no new mines are anticipated starting up anywhere until at least 2014 and demand for the commodity is increasing. Proceeds of the issue should allow drilling to be expedited so the company can continue to add reserves from its known 77 Tungsten veins. The company is essentially trading at 1x expected EBITDA as production is set to double in the next 12 months
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