Equity Research Coverage Reports

Vista Gold Corp (TSX, NYSE American: VGZ) - Largest Undeveloped Gold Project in Aust. - Updated PFS
Monday, February 12, 2018
We have updated an NAV valuation for Vista, with this resulting in a Company valuation of US$459 million, or US$4.69/share, US$0.19 higher than our September valuation. 94% of the valuation is attributable to Mt Todd, with an after tax (but unfunded) NPV5 value of US$434 million, or US$4.43/share, risked for Resource confidence.
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Egan Street Resources Limited (ASX: EGA) - High Margin, High Grade Gold - Working Towards DFS - WA
Tuesday, January 30, 2018
We have completed a valuation for EganStreet, with this resulting in a risked base case Company valuation/price target of A$61 million, or A$0.44/share, on a share base diluted for option conversions and which uses a conceptual funding model for Rothsay. We see considerable upside in this (our unrisked valuation is A$144 million, or A$1.04/share) and would expect this to increase with positive results from ongoing work and de-risking as the Project advances.
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Hexagon Resources Limited (ASX: HXG) - Premium Graphite - Key Qualities Required for Premium Products like Battery
Sunday, January 28, 2018
We have completed a valuation for Hexagon, with this resulting in a base case risked Company valuation of A$156 million, or A$0.37/share, diluted for a conceptual funding model for McIntosh. The aim is to develop the Project as a long term, reliable supplier of a range of premium graphite products with consistent quality, and differentiate itself from competitors.
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Calima Energy Limited (ASX:CE1) - Drilling of Three Horizontal Wells - Liquids-Rich Areas of The Montney - British Columbia, Canada
Sunday, October 22, 2017
We have a base case 6-month price target of A$0.15/share for Calima, based on a land value of C$2,500/acre, and a fully diluted structure including the current fully diluted share base plus 200 million shares issued through upcoming capital raisings of a minimum of A$20 million at $0.10/share to fund the farm-in drilling.
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Oneall International Limited (ASX: 1AL) - Outdoor Furniture - Sold in 42 Countries - Acquisition - Strong Balance Sheet & Growth Prospects
Thursday, October 19, 2017
Revenue increased 14.4% on the pcp to $25.9m and the NPAT increased 13.0% to $5.7m. Revenue growth was realised from improved sales volumes.
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