Our opinion on the current state of MTU

Previously known as Mine Restoration, this company invests in mining resources. It owns the Langpan Project which mines and processes chrome with a high concentration of platinum group metals (PGM). The Langpan orebody consists of 3.1 million tonnes of open cast resource and over 4.9 million tonnes of underground resource, as confirmed by MSA Competent Persons report. In its results for the year to 28th February 2023 the company reported revenue of R4,49m and a pre-tax loss of R22,1m. The company said, "On 27 July 2022, Mantengu acquired 100% of the issued share capital of Langpan Mining Co Proprietary Limited. Mantengu have presented the Group’s 2022 financial results for the prior year ended 28 February 2022 under the reverse takeover principles". In a trading statement for the six months to 31st August 2023 the company estimated that it would make a headline loss of between 9,5c and 10,5c compared with a loss of 5c in the previous period. This is an untraded mining penny stock and clearly not suitable for private investors at this time.