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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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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March 19, 2019

Walkabout Resources Ltd (ASX: WKT) – Positive Definitive Feasibility Study – Southern Tanzania, Namibia – Valuation Upgrade

We updated our valuation for Walkabout, using a geared, after tax NPV10 technical valuation for Lindi risked at 67.5% for Ore Reserve confidence and project stage. This results in a Company technical valuation of A$238 million. Using a diluted share base of 371.4 million shares from our conceptual 70:30 debt:equity funding model results in a current base case value of $0.64/ share....
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January 13, 2019

SelfWealth Limited (ASX:SWF) – Industrials – SMSF ETF/ Retail Broking/ Model Portfolios

SelfWealth is undoubtedly a high risk, high return investment proposition. We believe the Company’s core IP provides a compelling and unique value proposition. We expect the solution and the ETF - an ETF powered by SMSFs for SMSFs - will resonate strongly with the target market. However, notwithstanding these positives, there is substantial uncertainty regarding the degree of commercial traction of both the ETF and the core model portfolio software solution....
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December 13, 2018

Allegiance Coal (ASX:AHQ) – DFS Due Early 2019 – Partnered with ITOCHU – Valuation Update

We have updated our valuation for Telkwa, with the total risked company value increasing from A$125.2 million to A$207 million. This results in a risked, base case diluted per share valuation of A$0.396/share, up from A$0.326/share. However, given that our current valuation is financed and post tax, and also has Itochu as a JV partner, the previous and current valuations cannot be directly compared....
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December 11, 2018

Raiz Invest Limited (ASX: RZI) – Micro Invest Platform for Millennial’s – Savings Tool for Users

The company has the exclusive and irrevocable right and licence for use and development of the Acorns (rebranded “Raiz”) micro-investment platform in Australia, NZ and certain countries in South East Asia. The company is currently in the early stages of the growth phase and as such an investment in the company is considered at the higher end of the risk scale....
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November 12, 2018

Melbana Energy Limited (ASX:MAY) – Oil & Gas – High Quality, Under-Explored Projects – Aust/ Cuba

We have completed a sum of the parts NAV valuation for Melbana, with a risked value of A$113 million, or A$0.059/share as shown below. The per share valuations are based on the current share structure, with no allowance for any future capital raising....
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