Equity Research Coverage Reports

Venturex Resources Limited (ASX:VXR) - Exposure to Zinc Copper & Gold - Further De-Risking of Sulphur Springs Project Continues - Pilbara, WA
Sunday, February 18, 2018
Our valuation of Venturex is A$351M, with upside to that number if the Whim Creek assets are included. We have chosen not to risk adjust this valuation, because of the pace and scope of derisking work the company is undertaking, and because the commodity markets appear to be in a broad upward phase, and are likely to generate more positive than negative news over the next 12 months.
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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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