Equity Research Coverage Reports

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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Mustang Resources Limited (ASX: MUS) - Mozambique Rubies & Graphite - Revenue Generation Expected Soon
Tuesday, May 23, 2017
Early stage work by Mustang to date has resulted in the recovery of ~73,000 carats of reportedly high quality rubies from bulk sampling and prospecting, thought to be of similar quality to Gemfields high quality stones. The Company expects first revenue from rubies in October 2017, from a planned auction of 200,000ct
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