Our Research

Equity Research Coverage

IIR provides analyst coverage on companies providing fundamental analysis complete with a valuation, and commentary on all market sensitive announcements over the term of coverage, which is generally twelve (12) months not that dis-similar to a Broker style coverage Our research does not provide a recommendation (eg Buy, Sell & Hold) (without any corporate activity inherent bias).

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January 3, 2013

US Masters Residential Property Fund (ASX: URF) – Update Note – US Residential Property – www.usmastersresidential.com.au

As at 31 December 2012, the Fund had purchased 332 properties since inception for a total of $143.6M and received conditional acceptances on 110 properties. Since our Initiating Coverage report released in October 2012, the Fund has purchased an additional 100 properties at a cost of $49.2M....
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January 3, 2013

Thundelarra Exploration Limited (ASX: THX) – Update Note – Base Metals/ Uranium – www.thundelarra.com

The company has decided to focus its attention on the gold and copper prospects, with uranium interests being maintained in preparation for an expected sector recovery. The company has announced that its focus for 2013 will be on the Curara Well and Allamber Projects....
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January 3, 2013

Excelsior Gold Limited (EXG) – Initiation of Coverage – Gold Explorer – Kalgoorlie – www.excelsiorgold.com.au

Excelsior Gold Limited (EXG) is an ASX-listed gold exploration company seeking to develop its flagship Kalgoorlie North Gold Project, located approximately 45 kms north of Kalgoorliein Western Australia...
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January 3, 2013

Minbos Resources Limited (ASX: MNB) – Update Note – Search For Strategic Partner Continues -Phosphate – West Africa – www.minbos.com

Search for strategic partner continues. The company is now entering into negotiations regarding the investment to assist with the funding and development of the companies phosphate assets in Angola and the Democratic Republic of Congo (DRC)....
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January 2, 2013

Thundelarra Exploration Limited (ASX: THX) – Initiating Coverage – Base Metals/ Uranium – www.thundelarra.com

The company has developed a multi-commodity portfolio, which includes interests in base and precious metals and uranium. Our valuation of THX ranges from $0.076 to $0.155 per share. We view the new strategy of the company to focus on a select few projects and rationalisation of the portfolio as a positive step for the company....
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January 2, 2013

Toro Energy Limited (ASX: TOE) – Update Note – Uranium Project Developer/ Explorer – www.toroenergy.com.au

Wiluna Uranium Project Approval Delay: After receiving the long awaited environmental approval from the WA government at the Wiluna Uranium Project, the company has experienced a setback with the Federal Government delaying its final decision on the approval of the Project to 31 March 2013....
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January 2, 2013

Potash West NL (ASX: PWN) – Update Note – Potash/ Phosphate – Western Australia – www.potashwest.com.au

On 11 January 2013, the company announced the completion of the Scoping Study that confirms the technical and financial viability of the Dandaragan Trough Project. The study recommends a feed rate of 2.4Mtpa which relates to a mine life of 25 years. The company is now progressing towards a Definitive Feasibility Study (DFS)....
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January 1, 2013

Aguia Resources Limited (ASX: AGR) – Initiating Coverage – Phosphate – Brazil – www.aguiaresources.com.au

Aguia Resources Limited (AGR) is a junior exploration company leveraged to the fertiliser market. The company has interests in three phosphate rock and one potash project all located in Brazil. The company is seeking to become a producer in the near-term to take advantage of the significant fertiliser needs of Brazil, which are currently largely imported....
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January 1, 2013

Latin Resources Limited (LRS) – Initiation of Coverage – Heavy Minerals – Peru

Latin Resources Limited (LRS) is an ASX-listed mineral exploration company with a focus on developing operations in Peru, South America. The company is currently progressing three of the seven projects it has an interest in. The most advanced of the projects is the Guadalupito Iron & Mineral Sands Project located on the northern coast of Peru....
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