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 11, 2018

King Island Scheelite Limited (ASX: KIS) – High Grade Tungsten Project – Off take and Financing to be undertaken by March 2019 – Close to Established Infrastructure – Tasmania

We have completed a high level Project valuation for Dolphin, with a pre-tax, unfunded and unrisked NPV8 of ~A$121 million, with upside for any extension of operations, including underground. The Project is reasonably robust, and is most sensitive, as expected, to changes in revenue inputs, including metal prices. The base case valuation has been calculated using an AUD:USD exchange rate of 0.72....
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October 22, 2018

Technology Metals Australia Limited (ASX:TMT) – World Class Vanadium – Now Commenced a Definitive Feasibility Study

We have also completed an indicative risked, after tax valuation for the Company with a share price target range of A$1.13 to A$1.84 based on share structures diluted for a number of conceptual funding scenarios - given the range of possible funding paths this needs to be treated with caution and used as a guide only....
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October 5, 2018

Race Oncology Limited (ASX: RAC) – Bisantrene Produced for Named Patient Program – Drug Available in Europe, UK and South Korea for the Treatment of AML

Our base case valuation for RAC has been reduced from $0.44 in our last report released in September 2017 to $0.40 per share. Our valuation is based on a fully diluted basis. The reduction in the valuation is primarily a result of the increase in the discount rate from 12.4% to 17.4%, driven primarily by an increase to the beta from 1.1 to 1.5. The company now has three key value drivers: (1) NPP Sales, (2) FDA approval of Bisantrene, and (3) RPD designation and PRV....
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October 4, 2018

Broken Hill Prospecting Limited (ASX: BPL) – Low Cost Exploration – Identifying Prospective Targets in the Murray Basin

Price target of A$0.23/share: Our price target is based on the value of the current projects and the risk weighted value of payments due on the development of the TCP. Exploration success on the other projects will result in significant upside to this....
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October 4, 2018

Kasbah Resources Limited (ASX: KAS) – Development Ready Tin -JV with two Large Japanese Companies – Morocco

We have also completed a risked, after tax indicative valuation for the Company with a share price valuation range of A$0.028 to A$0.048 based on share structures diluted for a number of conceptual funding scenarios - given the range of possible funding paths this needs to be treated with caution and used as a guide only. We would also expect this to increase with derisking with material progress with offtake and finance negotiations....
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October 4, 2018

New Energy Solar Limited (ASX: NEW) – Solar and Renewable Energy Assets – US & Australia

Our expectation is that NEW should be able to generate income in the vicinity of at least 6% p.a. when it reaches its target level of gearing, is fully invested and all power plants are operational....
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October 4, 2018

New Energy Solar Limited (ASX: NEW) – Solar and Renewable Energy Assets – US & Australia

Our expectation is that NEW should be able to generate income in the vicinity of at least 6% p.a. when it reaches its target level of gearing, is fully invested and all power plants are operational....
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October 4, 2018

Family Zone Cyber Safety Limited (ASX: FZO) – Internet Parental Control and Cyber Security Product and Service Provider – US/

The Family Zone platform successfully enables parents, or schools, to establish user specific internet access restrictions for any user, any device, and from anywhere....
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October 4, 2018

Codan Limited (ASX: CDA) – Sales Revenue Increase – Target Price Revised to $3.30 from $2.72

We have revised our target price for CDA up to $3.30 from $2.72 per share in our report published in March 2018. The Tracking Solutions division is expected to experience significant growth in FY19, although will remain a small portion of the company’s overall business....
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