20th Aug 2019 - Research Report on Gulf Manganese Corporation Ltd (ASX: GMC)

Gulf Manganese Corporation is targeting low and medium carbon ferromanganese production using high quality manganese ore from West Timor, Indonesia. The research report includes a high level review of the manganese ore and ferromanganese markets.

3rd Jun 2019 - Research Report on Xanadu Mines Ltd (ASX: XAM)

The research report on Xanadu Mines Ltd includes comprehensive benchmarking of large copper projects such as porphyry copper-gold and porphyry copper-molybdenum deposits:

  • copper equivalent tonnage vs grade
  • capital intensity and initial mine life
  • operating costs

30th July 2018 - Research Report on Nzuri Copper Ltd (ASX: NZC)

The report includes comprehensive benchmarking as follows:

  • enterprise value / mineral resource multiple
  • capex and market cap/capex ratio
  • mineral resource cobalt grade vs tonnage
  • mineral resource copper grade vs tonnage
  • ore reserve cobalt grade vs tonnage
  • capital intensity
  • position on cost curve

17th Dec 2018 - Research Report on Lake Resources NL

The report includes some comparative analysis against a number of ASX and TSX listed peers developing brine projects in South America: AGY.ASX, AAL.TVX, LAC.TSX, LPI.ASX, NLC.TVX, LSC.TVX, ML.TVX, WML.TVX and an update of the recent merger and acquisition transactions.

10th Dec 2018 - Research Report on Prospect Resources Ltd (ASX: PSC)

The report includes comprehensive benchmarking as follows:

  • peer transaction valuation
  • market capitalisation
  • mineral resource lithium grade vs tonnage
  • ore reserve lithium grade vs tonnage
  • capital intensity and mine life
  • position on hard rock lithium cost curve

    25th Jun 2018 - Research Report on Ardea Resources Ltd (ASX: ARL)

    The report includes a number of comparative analysis charts:

    • enterprise value/mineral resource multiple
    • enterprise value/ore reserve and EV/mill feed multiples
    • mineral resource nickel grade vs tonnage
    • nickel ore feed and ore reserves: grade vs tonnage
    • cobalt ore feed and ore reserves: grade vs tonnage
    • capital intensity of HPAL projects over time
    • ramp up of HPAL operations over time

    5th Apr 2018 - Research Report on Prospect Resources Ltd (ASX: PSC)

    The report includes an update on transactions in the hard rock lithium sector:

    • market capitalisation
    • mineral resource lithium grade vs tonnage
    • ore reserve lithium grade vs tonnage
    • capital intensity and mine life

    1st Feb 2018 - Research Report on Myanmar Metals Ltd (ASX: MYL)

    The report builds a scoping study with all the assumptions such as: resource to reserve conversion ratio, throughput, operating costs justified by benchmarking.

    • enterprise value/mineral resource Zn Eq. metal content multiple + grade
    • resource grade vs metal content (300+ projects)
    • operating mines: mineral resource grade vs tonnage
    • project: mineral resource grade vs tonnage
    • Bawdwin assumed mining inventory vs operating mines ore reserves
    • Bawdwin assumed mining inventory vs operating project ore reserves
    • capital intensity and mine life

    19th Oct 2017 - Research Report on Real Energy Corp. Ltd (ASX: RLE)

    The report includes a peer comparison with STX.ASX, CTP.ASX, COI.ASX, BUL.ASX, GLL.ASX on the basis of market capitalisation, cash, enterprise value, EV/2C, 2C, 3C, 2P and 3P.

    3rd Mar 2017 - Research Report on Resource Capital Gold Ltd (TSX-V: RCG)

    The report includes some benchmarking as follows:

    • enterprise value/mineral resource 
    • gold vs tonnage on North American advanced gold projects and mines
    • North American primary silver mines and projects: grade vs metal content