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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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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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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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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November 17, 2019

TNG Limited (ASX: TNG) – Permitting and Offtake – Cashed Up – Subjected to German Bank – KfW IPEX-Bank Due Diligence & Approved

Our risked, after tax and funded (using a conceptual funding model with a diluted share structure of 2.9 B shares) technical valuation of TNG has reduced to A$0.369/share from our previous valuation of A$0.601/share as presented in our December 2018 Flash Note....
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November 11, 2019

Bardoc Gold Limited (ASX:BDC) – Gold – Kalgoorlie – Successful Consolidation- Cashed Up –

Since the October 2018 merger with Excelsior Gold, Bardoc Gold Limited has continued to make major progress - Having just raised A$15.2 million through a placement and oversubscribed SPP at A$0.10/share, the Company is well cashed up to fund ongoing activities....
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November 11, 2019

Theta Gold Mines Limited (ASX:TGM) – Gold – South Africa – Advanced Brownfield Project – High Grades with Significant Resource & Reserve Upside

We have an indicative valuation range of A$0.17 to A$0.51/share, with a preferred midpoint of A$0.34/share, equivalent to an EV of A$30.58/oz of gold in Resources...
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April 15, 2019

Leigh Creek Energy (ASX: LCK) – Commercial Quantities of Quality Gas Being Produced – Low Cost – Large Resource

We have a base case risked valuation range of A$0.32 to A$0.62/share (with our preferred figure at the upper end), based on Reserve multiples of other juniors with significant gas interests...
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