Equity Research Coverage Reports

Lithium Power International Ltd (ASX:LPI) - Major Resource Upgrade & De-Risking of Project - Progress to Feasibility Study
Sunday, August 13, 2017
We have revised our valuation upward, based on the ultimate 50% ownership of Maricunga, to a range of A$1.33 to $2.44/share, with a mid-point of A$1.88/share - our preferred valuation and price target is at the lower end of this range given the comparison with transaction valuations. In our view the key value drivers will be successful pilot plant lithium carbonate production and the completion of a robust PFS.
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Mustang Resources Ltd (ASX: MUS) - Activities Update and Site Visit
Sunday, August 6, 2017
We have updated our valuation for Mustang, with this resulting in a slightly lower base case 12-month price target of $85 million, or $0.16/share, a 225% premium to the current price. 80% of this is based on a risked DCF valuation for a hypothetical operation.
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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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