Equity Research Coverage Reports

Latin Resources Limited (LRS) - Update Note - Significant Increase to Exploration Target - Peru - latinresources.com.au
Sunday, August 4, 2013
In late November 2012, the company announced a significant increase to the exploration target at the Guadalupito Project in Peru. The exploration target was increased from 2.7B tonnes to 4.5B tonnes @ 6.1% heavy minerals. The increase was a result of new drilling and sampling results from prospects within the Project area.
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Emerchants Limited (EML) - Reloadable Contracts Driving Growth - Valuation Upgrade to 50c
Wednesday, June 26, 2013
Since we initiated coverage on EML (formerly known as Adept Solutions) the company has secured a number of new agreements to provide prepaid card products and processing services. The company has been focusing on growing the reloadable business, which is where revenue growth is likely to come from for the company
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US Masters Residential Property Fund (ASX: URF) - Update Note - US Residential Property - www.usmastersresidential.com.au
Monday, June 3, 2013
In May 2013, the Fund announced the successful completion of a capital raising. The Fund was seeking to raise $50M with the ability to oversubscribe by a further $50M. The Fund raised $68.5M through the issue of 38.7M units, representing 19% of the total units on issue. The units were issued at $1.77 per unit. This capital raising adds to the $100M raised in December 2012.
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Excelsior Gold Limited (ASX: EXG) - Gold - Kalgoorlie, WA - Resource Base Continues to Expand
Sunday, May 19, 2013
EXG has increased its Zoroastrian deposit JORC Resource Estimate to 6.58Mt at an average grade of 2.48g/t of gold, taking the total Resource Estimate at the Kalgoorlie North Gold Project to 21.4Mt at 1.73g/t gold. 67% of the total resource is classified as Measured and Indicated.
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Highlands Pacific Ltd (ASX: HIG) - Copper/ Gold - Continuing Talks with Xstrata and PNG Government for Frieda Project -
Tuesday, May 7, 2013
Highlands Pacific Limited (HIG) is an ASX-listed mineral exploration company with interests in two projects (Ramu and Frieda River projects) that have recognised JORC resources and exploration licences at a third site (Star Mountains). The company is incorporated in PNG and is also listed on the POMSoX and all assets are located in Papua New Guinea (PNG). We maintain our valuation as per our last update note.
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