Research Reports for Investors

Mike Harrowell - Senior Analyst Our valuation range is A$0.12/sh to A$0.81/sh with a central or base case valuation of A$0.435/sh. These valuations are after allowing for the dilution of…

OD6 Metals is one of a number of Australian companies exploring for clay hosted rare earths deposits in the Ravensthorpe region of Western Australia.

WA Kaolin is ramping up production of its Wickepin Stage 1 and has achieved product specification for K99S product. We expect WA Kaolin will earn EBITDA of A$10M pa from…

PH2 is planning an integrated Hydrogen (H2) business from production through to the supply of fuel-cell powered vehicles. Underpinning this is a large contingent gas resource, partnerships with other corporations…

Podium Minerals Limited (ASX:POD) owns the Parks Reef Platinum Group Metals deposit in Western Australia, with a Resource of 71.9 Mt containing 2.8 Moz of platinum, palladium and gold (3E)…

TMK offers huge leverage to exploration success, if it proves a large gas resource, on the doorstep of the world’s largest gas importer. We value TMK’s E&P assets between A$37M…

We have looked at valuing WA Kaolin a number of ways, including NPV, PER, and peer comparison, and with each measure, we come up with a valuation range of between…

The Hydrogen economy has arrived and many companies are working on economic production, storage and distribution of emissions-free Hydrogen. Methane contained in natural gas is a critical input to the…

Exploration news flow from three significant Amadeus wells (Palm Valley Deep, and two Mereenie wells) and the Range production test/BFS will be delivered by December 2021, with the strong likelihood…

BLU is shaping into a major supplier of gas to the east coast market. The quantum of gas that is contracted and the revenue it could generate dwarf the current…

March 2021: Real Energy Corporation Ltd merged with Pure Hydrogen Corporation Ltd. This is a sensible consolidation of managerial and financial resources to deliver a greatly expanded gas resource of…

Macarthur Minerals is moving forward with its Lake Giles Iron Ore project with the potential to secure rail and port access stepping closer. Other components of its BFS have been…

March 2021: Real Energy Corporation Ltd merged with Pure Hydrogen Corporation Ltd. RLE has not delivered a knock-out at Windorah but the capital invested and knowledge gained advances the project.…

The current rights issue is a watershed moment for the company. If supported by the market, White Rock will have the funds to progress the DFS and EIS of its…

Central Petroleum is just entering a period of sustained positive cash flow as the strategy, started in 2014, delivers, with the connection of the Amadeus Gas Field to the Australian…

Universal Coal is an unusual combination of growth and yield in that it will double coal sales in the next 5 years, funded from internal cash flow, while paying a…

Kalium Lakes management achieved an exceptionally rapid project delivery schedule, including substantial project de-risking through extensive pilot and trail testing. Shareholders should take significant comfort from the arrangement of the…

RLE has delivered positive outcomes in line with its strategy of becoming a significant producer. March 2021: Real Energy Corporation Ltd merged with Pure Hydrogen Corporation Ltd.

*** Information Only - This is NOT an offer to purchase shares *** LVG is seeking a UK main board listing which will also involve raising the capital to develop…

ADX Energy has three potential company-transforming assets, in the appraisal and pre-development phase in Italy, Romania & Tunisia. All appear technically and economically feasible and are third party verified. ADX…

HPR has revenue and cash flow momentum due to a recent acquisition and commodity price recovery, as well as a very large exploration & development option. There is little recognition…

TanzOz Australia is a private company with an exciting graphite project in Tanzania. The company has commissioned Breakaway Research to provide a project overview ahead of a potential listing in…

Galan has been successful in securing a strategic position in the Hombre Muerto salar - a low cost producer with neighbouring lithium heavy weights either in production or developing new…

BCI Minerals has substantial assets in iron ore, salt and sulphate of potash (SOP) along with early stage exploration projects - all supported by cash flow from its Iron Valley…

"Cazaly Resources is a junior explorer which is nimble in identifying and securing exploration opportunities which will deliver shareholder value. The experience of the Board has enabled the Company to…

Silver City Minerals Ltd is fast tracking exploration on the Copper Blow copper gold-cobalt project which exhibits Iron Oxide Copper-Gold style mineralisation that is uncommon in the Broken Hill province.…

"Blue Energy is unique with its large undeveloped resource in a gas market that is short. The investment case hinges in management's ability to execute a transaction and the timing…

Image Resources has completed a positive feasibility study on its Boonanarring/Atlas mineral sands project north of Perth, WA. The location is close to infrastructure and the extensive detail in the…

Byron Energy (BYE) was ASX listed on May 5, 2013 following a merger with Trojan Equity, to leverage the success of the Board and senior management team in bringing US…

Lepidico is an ASX listed company that owns the L-Max® technology. This technology enables the processing (leaching) of lithium chemicals from lepidolite-micas in contrast to traditional lithium producers which process…

"ConnectedIO manufacture small routers and modems that become physically attached to machines and equipment. The devices allow for the transmission of machine data back to a central operator via a…

TNG is building a major strategic metals business, leveraging off development of its 100%-owned flagship Mount Peake Project. This long-life, low cost Project will produce a suite of high-quality, high-purity…

St George Mining Limited is a mining exploration company focused on creating shareholder value through the discovery of world class deposits. Our flagship asset is the 100% owned East Laverton…

Inca Minerals Limited has acquired the rich zinc (Zn), silver (Ag) and lead (Pb) Riqueza Project and has dropped the Chanape Project (porphyry).

Perth-based African-focused Walkabout Resources (ASX:WKT) is actively exploring for coal and graphite. The flagship Takatokwane thermal coal asset is the largest in Botswana with an Inferred Resource of 6.88 Bt…

Altech Chemicals Limited is aiming to become one of the world's leading producers of 99.99% high purity alumina through the construction and operation of a 4,000tpa HPA manufacturing plant in…

African Energy Resources Ltd. is focused on the development of multiple integrated power projects in Botswana to meet the increasing demand for power in the southern African region including the…

Hexagon Energy Minerals Ltd is an Australian based exploration company focusing on the delivery of exceptional high purity and highly crystalline flake graphite for use in new technologies.

Aurora Minerals Group of companies spans 3 continents with investment in two gold exploration and development companies and molybdenum-tungsten projects. Please note: Aurora Minerals Limited changed its name to Anax…

Matsa is an ASX listed gold and base metal explorer making the transition to gold producer following the exciting acquisition of the Fortitude / Lake Carey gold project.

Whitebark Energy Ltd (formerly Transerv Energy Limited) is an ASX-listed company focused on making strategic investments in conventional and unconventional oil and gas projects- a developing area given demand for…

March 2019: Thundelarra Limited changed its name to Ora Gold Limited (ASX: OAU).

Avalon Minerals Ltd (now Sunstone Minerals Ltd) is a mineral exploration and mining project development company with a portfolio of gold, copper and lithium assets in Scandinavia.

Legend Mining Limited is an Australian exploration company listed on the Australian Securities Exchange (ASX:LEG). Legend's mission is to make value-adding mineral discoveries and utilise all available asset bases to…

Southern Gold is an ASX listed gold explorer operating in Western Australia (Bulong, Cannon Gold Resource, Cowarna) and Cambodia.

Kibaran Resources Limited (ASX: KNL) is an Australian exploration company focused on unlocking the graphite potential of the mineral-rich landscapes of Tanzania, East Africa. Kibaran Resources is now Ecograf Limited…

Phoenix Copper Limited (now PNX Metals Limited) aims to be a sustainable, profitable gold and base metals producer and successful explorer in the Pine Creek region of the Northern Territory.…

Kin Mining NL is a recently successfully listed (October 2013) Australian based resource company (ASX: KIN). Recent acquisitions include the Leonora Gold Project, containing a gold inventory in excess of…

Elysium Resources Limited (ASX:EYM) (now Paterson Resources Limited, ASX: PSL), with its tenements located in the rich mineral provinces of Australia and Indonesia, is focused on its core business of…

Ardiden is an Australian mineral exploration company running lithium and graphite projects in Ontorio, Canada.

Tyranna Resources is the result of the merger of Ironclad Mining and Trafford Resources, combining the exploration assets of Trafford with the potential to raise significant cash from the sale…

Rumble Resources Limited is an Australian-based mineral exploration (gold and base metals) and development company established for the purpose of acquiring a portfolio of highly prospective exploration projects in Australia…

Metallica Minerals Limited is an Australian bauxite, zircon-rutile, nickel-cobalt-scandium and graphite resource development and exploration company.

Forte Consolidated Limited (now Great Southern Mining Limited) holds a number of tenements in North Queensland, and is actively exploring Gold and Silver. The name change to Great Southern Mining…

The Company's primary Eyre Peninsula focus in 2015 includes enhancing the Company's graphite and iron ore resources; obtaining a Mining Lease for Lincoln's flagship Kookaburra Gully Graphite project, just 35…

Rox Resources Limited (ASX:RXL) is an Australian listed company with advanced base and precious metals exploration projects in Australia: the Mt Fisher Gold and Fisher East Nickel Projects (WA), the…

Sheffield Resources is a mineral sands (Copper, Nickel, Gold) focused explorer and developer, headquartered in Perth, Western Australia.

Adelaide Resources' (now Andromeda Metals Limited) vision is to be a sustainable gold, lithium and copper minerals exploration company providing shareholders with risk managed discovery, development and mining opportunities.

Anova Metals Limited is a gold company focused on re-commencing mining operations at its 100% owned Big Springs gold project in north eastern Nevada, USA.

Alligator Energy Ltd is focused on the discovery of world class high grade, uranium deposits in the Alligator Rivers Uranium Province (ARUP) in the Northern Territory.

Emerging tungsten developer, Tungsten Mining NL (ASX:TGN) is an Australian based resources company listed on the Australian Securities Exchange. The Company's prime focus is the exploration and development of tungsten…

Horseshoe Metals Limited (ASX: HOR) ("Horseshoe" or "the Company"), through its wholly owned subsidiary, Murchison Copper Mines Pty Ltd, holds a 100% interest in the Horseshoe Lights and Kumarina gold…

King Island Scheelite Limited (now Group 6 Metals Limited, ASX:G6M) is an Australian Securities Exchange listed company focused on the exploration, development and production of tungsten deposits.

Carpentaria Exploration (ASX code: CAP) is an emerging producer of iron ore in eastern Australia. Carpentaria Exploration underwent a name change to Hawsons Iron Limited (ASX:HIO) in August 2021.

Blackham Resources Limited (now Wiluna Mining Corporation Limited, ASX: WMC) has defined a multi-million gold ounce resource base at the Matilda Gold Project in Western Australia.

Emmerson Resources Limited is an ASX listed (ERM) gold resource company that recently (July, 2014) secured a landmark Joint Venture agreement with Evolution Mining (ASX: EVN).

Bligh Resources Limited (now Northern Star Resources Ltd, ASX:NST) is a gold exploration and mining company that delivers returns for its shareholders.

Sirius Resources NL (ASX:SIR) (now IGO Limited, ASX:IGO) is focused on the Nova Nickel project situated in Western Australia.

Peel Mining Ltd is an Australian company focused on exploring and developing precious, base and specialty metals resources in New South Wales and Western Australia, Australia.

Great Western Exploration Ltd (ASX Code: GTE) is an ASX listed company incorporated 2007 based in Western Australia focusing on the discovery of gold in Northern Yilgarn region of Western…

Latin Resources Limited is an Australian-based minerals exploration company focused on creating shareholder wealth through identification and definition of mineral resources in Latin America. The company has a portfolio of…

Empire Resources Limited is an ASX listed and Perth based precious and base metal focused explorer and project developer.

Celamin Holdings NL (ASX:CNL) is now known as PhosCo Limited (ASX:POS). It is an ASX listed company focused on the exploration and development of phosphate projects in North Africa initially…

Acer Energy (now Beach Energy Limited) has a portfolio of producing oil and gas assets and earlier stage opportunities primarily located in the prolific Cooper Basin.

Celsius Resources Limited ("Celsius") is an Australian company (ASX: CLA) that has a clear focus on developing resource (coal and nickel) projects.

Besra Gold Inc, formerly known as Olympus Pacific Minerals Inc, is a gold producer focused on Southeast Asia. With a solid history in Vietnam, where the company has brought two…

The primary focus of Integra Resources Limited (now Silver Lake Resources Limited) is on exploring gold and advancing its high-grade Lamaque South project.

Strike Resources Limited (Strike) is an Australian based, independent oil and gas exploration and production company with a portfolio of assets concentrated in two of the world's leading onshore oil…

Apollo Minerals is a base, precious metals & iron ore explorer. AON aims to enhance shareholder value by advancing projects through discovery, development & mining. AON's exploration strategy targets highly…

Aeon Metals Limited (formerly Aussie Q Resources Limited) is an Australian based mineral exploration company listed on the Australian Stock Exchange. Aeon's tenements are prospective for Copper, Gold, Lead, Zinc,…