IPO - Jupiter Mines Limited, page-132

JMS is a high margins business

I don’t filly understand OMH because it’s vertically integrated hence the financial aren’t as clean and I can’t back out my numbers, but a simple look at the financials suggest:
- in the same period OMH has much lower margins than JMS (15-20% ebitda margins vs JMS’ 60% margins)
- we know for a fact the breakeven pointnfor OMH is much higher because Bootu has C1 costs of US3.20/dmtu
- most concerning issue I have with OMH is why is the opex rising in line with revenue (cf 2016 and 2017)? Typically in mining, your opex is broadly fixed. This suggests to me OMH is not very scalable

Hence hard to compare with JMS. Should be compared with piles of GMC?