Future sp/mcap31 May 2026 17:14
Post-S11 Market Cap and Valuation ModelingThe company's current pre-approval market capitalization sits at approximately Β£25 million to Β£26 million, trading around 0.95pβ1.00p with roughly 2.62 billion shares in issue. However, investor models and company targets outline a completely different capital structure upon finalizing the Beisa deal:Expanded Share Capital: Shareholder projections indicate that the total shares in issue will scale to between 4.0 billion and 4.5 billion shares to accommodate equity funding, debt restructuring, and Sibanye-Stillwater becoming the largest corporate shareholder (holding a 30% to 40% stake).Projected Earnings: Operational models for the Beisa Node alone forecast base operating profits of US$225 million to US$275 million per annum (assuming a base operating profit of ~$254 million), excluding additional upside from the Henkries Complex.Target Share Price & Final Market Cap: Applying a standard mining cash flow multiple of 5x to these steady-state profits yields a predicted post-deal share price target of 19p to 23p. Based on 4.0Bβ4.5B shares, this values the finalized market cap in the region of Β£760 million to Β£1.03 billion.