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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June 18, 2020

Triangle Energy (Global) Limited – Leverage to Recovering Oil Prices – Low Cost Pathway to Production

Our base case valuation of Triangle Energy is A$0.14/sh per share. 50% of that value is driven by risked exploration upside. Our risk factor is 20%. The valuation ranges in the table below assume long term oil prices of A$55/bbl at the low end to A$95/bbl at the high end. Given historical oil prices, this is not an aggressive price range....
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June 18, 2020

Blue Star Helium Limited (ASX: BNL) – Highly Prospective Geology – Strong Competitive Position – Colorado, USA

We cannot value Prospective Resources and there are no easily comparable pure play helium companies that can be used as valuation comparisons. We have constructed a Indicative Financial Model of what a project would look like based on reserves the same size as the announced Prospective Resource. At an ex-field selling price of US$200/Mscf for A Grade helium, that Indicative Project would be worth between US$18 million and US$176 million...
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June 18, 2020

Pharma and Biotech Stocks on the Move – A Review of the Small Cap Stocks in the Sector on the ASX — June 2020

The coronavirus pandemic has seen unprecedented measures put in place, the ramifications of which has stretched far and wide. Pharma and biotech has been not been immune to the impacts of coronavirus. One of the key disruptions has been delays to clinical trials with access to participants restricted and hospital resources prioritised for coronavirus patients...
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May 30, 2020

Dampier Gold Limited (ASX: DAU) – Kalgoorlie Area Gold – Leveraged to Exploration Success

A 2017 Definitive Feasibility Study (“DFS”) released by Vango highlighted the potential of K2 to throw out ~A$23 million of free cash (on a 100%, pre-tax basis) using a gold price of A$1,579/ ounce, with treatment through an ore sales agreement with the Plutonic Mine. All of the company’s projects are located in Western Australia, a mining powerhouse with well developed and tested legislation...
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May 30, 2020

Jindalee Resources Limited (ASX: JRL) – Large Scale US Based Lithium Project + Gold/ Nickel Exploration

Any valuation is contingent on the outcome of value adding activity. From a review of comparable ASX listed lithium project developers, the median market capitalization per tonne of lithium carbonate equivalent resource is around A$80/t LCE, and if Jindalee can convert all its current 1.6 Mt LCE resource into a competitive project, with similar capex and opex metrics to comparable companies, then it should trade at over A$3/sh....
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May 30, 2020

Liontown Resources Limited (ASX: LTR) – Kathleen Valley Resource Upgrade Doubles an Already World Class Lithium Resource

The success of the lithium strategy, and the concomitant results from Kathleen Valley has seen Liontown’s market capitalisation increase ~14-fold from ~A$14 million in early 2017 to A$194 million...
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February 11, 2020

De.mem Limited (ASX: DEM) – Singaporean-Australian Based – De-Centralised Waste Water Treatment Solutions – Modularised, Membrane Technology

IIR believes DEM is strongly positioned for growth based on its unique and proprietary portfolio of membrane technologies, its specialist engineering skills and its growth strategy, with the practical foundations of the latter now firmly in place. Its technology portfolio of different membrane technologies combined with the Company’s engineering solutions enables the Company to position itself as a ‘one-stop-shop’ water treatment solutions provider in its target markets...
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February 11, 2020

Golden Deeps Limited (ASX: GED) – Vanadium Lead Zinc Project located in Namibia

Through the JV with GMC, Abenab is fully funded through development and operations, and in our view should be low cost by virtue of the style of mineralisation. One key benefit is that the Project should be relatively insulated from the vagaries of vanadium pricing, in addition it is planned to produce lead and zinc which provide a revenue hedge...
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February 11, 2020

MetalsTech Limited (ASX: MTC) – Gold Project in Slovakia – Currently Navigating Approvals on Processing

Assuming that the requisite approvals can be obtained we have a valuation range on peer comparison of A$0.18/sh to A$1.11/sh and funded NPV of A$0.56/sh to A$1.73/sh at current gold prices...
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