Equity Research Coverage Reports

Kibaran Resources Limited (ASX: KNL) - Vertically Integrated Graphite Business - Tanzania
Thursday, October 4, 2018
We have a base case valuation/six month price target of A$0.64/share for Kibaran, calculated on a share structure diluted for funding of Epanko and EcoGraf and graphite pricing adjusted slightly upwards to reflect changes in pricing since release of the BFS. This is predicated on meaningful progress at both the Epanko and EcoGraf projects.
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Hastings Technology Metals Ltd (ASX: HAS) - Rare Earths Project - Has Signed Four Offtake MOUs - Negotiating Debt Funding
Monday, May 14, 2018
Key steps now include financing and the completion of permitting. We now expect a period of intense activity for Hastings with, in addition to the project development and financing activities, a drill programme as recently commenced to upgrade additional Resources to Reserves.
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Hexagon Resources Limited (ASX: HXG) - Quality Flake Graphite - Suitable for High Revenue Niche Markets.
Monday, May 14, 2018
We have updated our valuation for Hexagon, taking into account the MinRes earn-in deal. This results in a base case risked after tax Company valuation of A$271 million or A$0.93/share. Dependent upon a future decision to mine, the entry of MinRes significantly de-risks the Project for Hexagon, with no need for the Company to source project financing, and also raises the possibility of significant cash flows
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TNG Limited (ASX:TNG) - Vanadium Titanium Iron Project - Significant Progress Towards a Planned Mid 2018 Final Investment Decision
Monday, April 2, 2018
We have increased our base case, risked target price per share from A$0.41 to A$0.51. This is due to our increase of the risk factor from 60 to 65% given recent activities, and an increase in our forecast vanadium prices.
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Kalium Lakes Limited (ASX: KLL) - Scaleable Potash Project - Fully Funded to BFS - Highest Grade of Brine in Australia
Sunday, April 1, 2018
Our base case is the 75Ktpa start, expanding to 150Ktpa, giving a Net Present Value at a 10% discount rate of A$1.00/sh, rising to A$1.61/sh if the project is expanded to 300Ktpa. At a share price of A$1.00/sh, Kalium Lakes would be trading on a Price Earnings Ratio of 9.6x in the first full year of production at the 150Ktpa rate, which is still a low PER given the expansion potential.
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