Equity Research Coverage Reports

Australian Potash Limited (ASX:APC) - High Margin Potash - WA
Wednesday, July 19, 2017
We have a base case valuation range of A$0.16 to A$0.39/share for Australian Potash, with our preferred value being the midpoint of A$0.28/share. The Company’s Lake Wells Project, which has ready access to transport infrastructure including rail and ports, has returned a very robust Scoping Study for a 20-year operation, with Australian Potash now moving directly into a BFS, due for completion in early 2018 – the Company is looking to first production in late 2020.
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Sayona Mining Limited (ASX: SYA) - Low Cost Near Development Lithium - Quebec, CANADA
Monday, July 17, 2017
We have completed a valuation for Sayona, with this resulting in a base case Company valuation of A$164 million, or A$0.087/share, diluted for a conceptual funding model for Authier. Results of the February PFS have highlighted the potential of Authier as a low cost, robust hard-rock lithium project, which returned a pre-tax NPV of C$140 million and an IRR of 39%.
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White Rock Minerals (ASX: WRM) - High Grade Zinc - Considerable Exploration Upside Expected from Future Drilling
Wednesday, July 12, 2017
We have a valuation range of $30 to $66 million for Red Mountain, with a preferred valuation of $52 million or $0.060/share (with a range from $0.034/share to $0.076/ share) - this does not include any value for the Company’s other projects or cash. This preferred valuation is well supported by values of recent transactions.
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Kairos Minerals Limited (ASX: KAI) - Quality Exploration Portfolio - Gold/Nickel/ Cobalt/Lithium -
Sunday, June 25, 2017
Kairos is concentrating activities on its two key areas – Roe Hills (gold) and the Pilbara Projects (lithium and gold) - This change in focus is supported by a number of recent major gold discoveries in Western Australia
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Noxopharm Limited (ASX: NOX) - Clinical Trial Program Commences - Sufficient Capital for Trial
Wednesday, May 24, 2017
The company has commenced a comprehensive clinical trial program that will see the initiation of 7 clinical trials throughout 2017. The first clinical trial is underway which focuses on using NOX66 in conjunction with chemotherapy on patients with late-stage cancers.
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