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A Globally Significant Mineral Resource in an Ideal Location

Massive Mineral Resource: on 21st Feb 2023, Aston Minerals Ltd released a maiden mineral resource estimate for the Boomerang deposit: 1,044 Mt at 0.27% Ni, 0.011% Co (0.30% Ni equivalent) containing 2.82 Mt of nickel and 115,000 t of cobalt.Ideal Location: The Edleston project (which includes the Boomerang deposit) is located 60 km by road south of Timmins, or 245 km north of Sudbury, Ontario, a region with a strong mining history (gold, nickel, zinc, lead, etc.), and a Canadian province favoura...

Adding a High Value Development Asset to the Portfolio

Prairie Lithium: The acquisition significantly increases the size of Arizona Lithium’s lithium resource (from 0.3 Mt LCE to 4.4 Mt LCE) and diversifies the type of resource (brine added to sedimentary hosted) and geographical location (Canada added to USA). Post close the combined entity will have a resource in Arizona, a resource in Saskatchewan and a prospective resource in New Mexico. The acquisition also brings with it a North American based technical management team, which includes geolog...

Two High Quality Assets with Falun Mine Acquisition

Further to our initiation report published in July 2022 and a visit to site, we include an update on developments at Falun as well a potential development scenario for the Sala project with the following key assumptions: ϕ an increased mineral resource to 22 Mt (from the 9.7 Mt maiden resource) with same grades: 3.20% Zn, 47.3 g/t Ag and 0.50% Pb. κ a mining inventory of 13.9 Mt (corresponding to a mineral resource to mining inventory conversion of 63% or about 3 times the high grade portion o...

Iron Ore to Match the Green Economy Agenda

Massive Mineral Resource: the Razorback iron ore magnetite project combines a globally significant mineral resource with enviable characteristics: 3 billion tonnes with a Davis Tube Recovery (DTR) of 15.8%, a very low strip ratio of 0.13 (with no pre-strip) and low deleterious elements (silica, alumina and phosphorus). With the addition of Ironback Hill and Muster Dam, the mineral resource amounts to 5.7 billion tonnes.Competitive Advantages: the results of our benchmarking indicate that the Raz...

Compelling Financial and Environmental Characteristics

Definitive Feasibility Study (DFS): On 17th October 2022, MNB released the results of a DFS for the Cabinda phosphate project (85% MNB) in Angola. NPVs of US$203m (base case price) and US$399m (spot price) versus a low capex of US$49 million highlight the quality of the project economics. Short Timeline to Production: First production is expected in Q4 2023, with fabrication of key major equipment from FEECO now completed. Ideal Location: The World Bank recognises Angola...

On Track to Deliver Innovative Commercial LIB Solutions

Technology: from a prospective graphite miner, Magnis has evolved into a technology company about to deliver innovative commercial Lithium-Ion battery (LIB) solutions to the electric vehicle and energy storage industries. Investments and Partnerships: MNS has now strategic assets, investments and technology partnerships in vital components of the global Lithium-Ion Battery value-chain. Magnis’ technology partner, Charge CCCV (C4V) is a cutting-edge LIB technology company based i...

Pioneer Dome following the development path of Finniss

Tier-2 Pioneer Dome Mineral Resource: On 29th September 2020, ESS released a mineral resource estimate (MRE) of 11.2 Mt @ 1.21% Li2O. Both the resource tonnage and the contained lithia (Li2O) increased by 33%. More importantly 5.4 Mt or 51% of the contained lithia is classified as an Indicated mineral resource hence supporting the economic evaluation of the project through a scoping study. We assumed 7.5 Mt of mining inventory. Great Location and Access: The project is located 10k...

New Producer to Benefit from Surging Lithium Prices

Update: thanks to surging lithium products’ prices and the construction of the 2,000 tpa lithium carbonate production operation, AGY share price has reached our valuation of $0.60 dated 14th March 2022. In parallel, AGY is now part of the ASX300 index (from 19th Sep 2022). 2,000 tpa operation: as at 1st Sep 2022, the project development works are 95% complete, with first product targeted in October. The development works continue to be on budget but experienced so...

Update – Prices continue Skyward: Dividends for All

We initiated coverage of TerraCom Limited (ASX: TER) on 7 March 2022 with a Buy rating and positive outlook for the future. At the time the share price was A$0.42, the company had A$12.4m in Cash and A$202m in estimated debt and our valuation and price target was A$0.87 and A$1.30 respectively. In this report we upgrade our valuation and price target to A$1.87/share. Since initiation, we have seen TER undergo a metamorphosis, with the company delivering or announcing the following: Repayment of ...

Highly Strategic & Prospective Copper-Gold Assets

Demetallica Ltd (ASX: DRM) is a mineral resource company listed on the Australian Securities Exchange, code DRM. Demetallica holds rights to an exploration portfolio comprising 45 licences over six project areas in Queensland (3,721km2) and South Australia (2,766km2), prospective for base metals (copper-lead-zinc), gold, silver and gypsum. The Chimera Polymetal Project including the Jericho copper-gold deposit is Demetallica’s flagship asset group....

Pioneer Dome (ESS) on a Similar Development Path to Finniss (CXO)

Essential Metals Ltd (ASX: ESS) is a mineral exploration and development company, with its main focus being on its flagship project, the 100% owned Pioneer Dome Lithium Project, located in a “lithium corridor” including the Mt Marion mine operated by Mineral Resources Ltd (ASX: MIN), the Bald Hill mine operated by Alita Resources Ltd (SGX: 40F) and the Buldania project developed by Liontown Resources Ltd (ASX: LTR). ESS’s assets portfolio also includes the Golden Ridge ...

First Stepping Stone towards Future Development

Sala Mineral Resource Estimate: On 13th July 2022 and in just over 12 months after the acquisition of the Sala Zinc-Silver-Lead Project, AQI released a significant maiden mineral resource estimate (MRE): 9.7 Mt @ 3.2% Zn, 47 g/t Ag and 0.5% Pb for 311,000 t zinc, 15 million ounces of silver and 44,000 t lead at a cut-off grade of 1.5% Zn equivalent.  History: The Sala mine has a long operating history since the 15th century. Modern exploration techniques are leading AQI to discover new mine...

Update – Bolted from the gate, and clearing hurdles

We initiated coverage of TerraCom Limited (ASX:TER) on 7 March 2022 with a Buy rating and positive outlook for the future. At the time the current share price was A$0.42, with our valuation and price target set at A$0.87 and A$1.30 respectively. At that stage the company had A$12.4m in Cash and A$202m in estimated debt.It has been just over three months and TER has cemented its position as a significant coal company underpinned by strong production and exports, with operations focused in Austral...

Right Plan – Right Team – Right Time for Nifty (update)

Nifty MRE Update: In May 2022, CYM released a significant update of the Nifty mineral resource estimate (MRE): 95.1 Mt @ 1.0% Cu for 940,200 t copper. Nifty is now the sixth largest development project in Australia, ranked by contained copper metal. It has also the highest grade. This report update focuses on the impact of the new MRE on the Sulphide Project. Oxide then Sulphide: The oxide SX-EW project, for which CYM released a Restart Study on 11 March 2022 is the first stepping stone in terms...

Right Plan – Right Team – Right Time for Nifty

Nifty Restart Strategy: Nifty has a chequered past with various owners and a tricky underground mine plan. Cyprium Metals’ strategy to focus on open pit mining for both the oxide ore, then later on the sulphide mineralisation is certainly far less risky. In parallel, the retreatment of the existing heap leach pads adds significant value to the restart project.Oxide then Sulphide: The oxide SX-EW project, for which CYM released a Restart Study on 11 March 2022 is the first s...

Surfing the Lithium Wave

Significantly De-Risked Project: through its industrial-scale pilot plant, AGY has produced 30 tonnes of battery quality lithium carbonate (>99.5% Li2CO3) over two years and sold 25 tonnes to North Asian customers.2,000 tpa operation fully-funded and in construction: as at 1st March 2022, the project development works are 61% complete, with first product targeted from mid-2022. The development works continue to be on budget and on schedule.Producer status: AGY is on track ...

The Growing Cash Cow

TER has pulled a significant turnaround story from its acquisition of the Blair Athol complex and its takeover of Universal Coal. The company has transformed from cash strapped and heavily in debt to effectively “printing money” and making significant inroads towards repaying its outstanding debt.In addition to the excellent operational performance of TER and the management team, two key factors have acted in the company’s favour: 1. Exceptional mining performance in its key assets and 2. ...

A Uncomplicated Project Targeting HREO Market Needs

IXR Valuation: As the company continues to de-risk the processing flow chart and build new mining inventory, it will continue to add value to shareholders. By way of published timelines, over the next 12 months, the feasibility study should be completed, the regulatory approvals in place and project funding assuming 60% debt funding should be in place. At that time, our speculative target valuation currently stands at A$700 million or $0.13 per share, assuming some A$80m of new equity raised at ...

West Desert to be ranked among high value polymetallic deposits

Background: American West Metals Ltd (ASX: AW1) listed in December 2021 on the Australian Securities Exchange raising $12 million at $0.20/share. The company portfolio consists of three base metals projects. This short note is solely focused on the flagship West Desert polymetallic project, 100% owned.Strategy: The previous owners delineated a significant mineral resource of 66.6 million tonnes at 1.98% Zn, 0.21% Cu and 24g/t In for 1,320,500 tonne of zinc, 143,200 tonnes of copper and...

Huge Opportunities Exploring a New Greenstone Belt District

Nimy Resources Limited (ASX: NIM) is Western Australian-focused mineral exploration company. NIM’s key asset is the Mons Nickel Project. All licences are 100% held by Nimy Pty Ltd and no third-party royalties are present. The Mons Nickel Project consists of six granted exploration licences covering 202 graticular blocks (~600km2) and six exploration licence applications covering 390 graticular blocks (1,161km2) over a continuous north-south strike of approximately 80km. Once granted, the 12 co...

Defining a New Ni-Cu Sulphide Province

Azure Minerals Ltd (ASX: AZS) is a Western Australian-focused mineral exploration company. AZS is rapidly progressing its greenfield Andover nickel-copper-cobalt discovery (60% Azure – 40% Creasy Group) while also exploring its portfolio of exciting gold projects. The acquisition of the Western Australian nickel, copper and gold portfolio from prominent mining investor and prospector Mr. Mark Creasy and the Creasy Group in July 2020, has been a game-changer for Azure.The key elements...

Globally Significant Nickel Sulphide Resource to meet the Booming Demand of the EV Technology Disruption

Blackstone Minerals Ltd (ASX: BSX) is a mineral exploration and development company, with a 90% interest in the Ta Khoa district scale nickel project in Vietnam. BSX is actively exploring and developing the project which will include the refining of nickel-cobalt concentrate into a NCM precursor to satisfy the demand of its strategic partner Ecopro and potentially other battery manufacturers. BSX pursues a two-fold strategy: Upstream: aiming to deliver a Definitive Feasibility Study (DFS) for re...

Exploring in the Footsteps of Giants

Adavale Resources Ltd (ASX: ADD) is focused on discoveries with some underexplored nickel and uranium assets in world class geological settings. Here is an ppdated company profile on the company and its key assets....

Sprinting from the Blocks

We initiated on Calima Energy (ASX: CE1) in May this year with a Speculative Buy rating and positive outlook for the future. At that time CE1 had just completed its transformative acquisition of Blackspur Oil Corp (BOC). It has been just over 5 months since then and Calima Energy has cemented its position as a solid oil & gas company underpinned by strong production with operations focused in Alberta, Canada.Since our initiation report, the company has delivered the following:Brooks Asset: comme...

Absolutely Outstanding DH Results at RPM

Exceptional Drill Hole Results: On 11th October 2021, NVA announced some outstanding drill hole intercepts at RPM North with excellent grades along huge intervals for hole RPM-005 such as 86m @ 14.1 g/t from 123m or 132m @ 10.1 g/t Au from 89m or 373m @ 3.8g/t Au from 7m depending on how the individual assays are combined. To put these results into perspective, only 33 intervals larger than 100m with grades above 8 g/t Au have been reported over the last 10 years worldwide (source: S&P...