We’re a development company in the Kyrgyz Republic. We’re going to talk about what we do, I’m going to talk about the Kyrgyz Republic – it’s been a challenging couple of years there. I’m going to talk about the projects, and of course the future.
Let’s talk about who Manas Resources is. We are the largest and most active gold explorer in the Kyrgyz Republic. OK, no one has spent more money or invested more money, no one has drilled more metres and no one has discovered more gold in the Kyrgyz Republic since we’ve been operating there. We’ve been operating there for about four years, four to five years, through our parent company Perseus Mining, and we floated first in 2008.
How are we going to deliver on what we’ve done? What is our next move? By moving to a low cost, gold project producing about 40,000 ounces per annum over the next 12 to 18 months.
Our capital structure. Like I said, Perseus Mining own 24 per cent of our company, we then have technical institutions holding about another 20 per cent of our company, that’s incredibly important. The Lion Group, Macquarie Bank, they’ve all come and visited us in the Kyrgyz Republic, left the visit, and come and invested in our company, so it’s been very important that has.
Two hundred and twenty-eight shares on issue, we’ve got $15 million in the bank, so we’re well funded for the next 12 months. Market capitalisation of $40 million at current share price. It seems to have been an interesting challenge over the past day on who’s got the lowest EV, what the market’s given the lowest EV, ah look I don’t like using the word undervalued – I warrant the market is always right. At the moment we’re valued at $40 million or $20 per ounce. So we’re the winner of the lowest EV at the moment.
Anyway, we’ve delivered on our resource growth over the past three years, we’ve grown our company. When we listed we had less than half a million ounces, now we have one and a quarter of a million ounces. All our growth has come from the Shambesai project.
