Equity Research Coverage Reports

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
Download Report
White Cliff Minerals Limited (ASX: WCN) - High Grade Gold - Kyrgyz Republic
Tuesday, May 9, 2017
We have completed a valuation for White Cliff, with this resulting in a base case Company valuation of $32 million, or $0.017/share, a 180% premium to the current price.
Download Report
Liontown Resources Limited (ASX: LTR) - Quality Lithium Portfolio - Tanzania & Australia
Tuesday, April 25, 2017
Liontown Resources (“Liontown” or “the Company”) is an Australian and Tanzanian focussed explorer, with target commodities including pegmatite hosted lithium and orogenic gold in Proterozoic and Archaean terranes. Recent activities have been focussed on the lithium projects, with very encouraging results from all four projects – these range from grassroots at the Mohanga Project in Tanzania to advanced, such as Bynoe, located just 40km from Darwin
Download Report
Sheffield Resources Limited (ASX: SFX) - Near Development Heavy Mineral Sands - BFS Complete - WA
Tuesday, April 25, 2017
We have completed a valuation for Sheffield, with this resulting in a Company valuation of $452 million, or $2.50/share, based on the current undiluted capital structure. Over 90% of the value is ascribed to the pre-tax, unfunded valuation of Thunderbird, and any funding scenario will most likely dilute the current capital structure or company equity in the Project, thus decreasing the per share valuation.
Download Report
99 Wuxian Limited (ASX: NNW) - Tapping Into The China M-Commerce Market
Tuesday, April 25, 2017
99 Wuxian Limited (ASX: NNW) operates a mobile marketplace in China and a third party loyalty redemption platform and employee incentive redemption platform. The company has 64.3m registered users and a Gross Transactional Value (GTV) of in excess of RMB14b in 2016. Through its relationships with business partners, which includes the top 10 banks in China, the company has grown its registered user base 243.8%
Download Report