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EQUITY RESEARCH

Hastings Technology Metals Ltd (ASX: HAS) - Rare Earths Project - Has Signed Four Offtake MOUs - Negotiating Debt Funding
Key steps now include financing and the completion of permitting. We now expect a period of intense activity for Hastings with, in addition to the project development and financing activities, a drill...
5/14/2018 Read more...
Hexagon Resources Limited (ASX: HXG) - Quality Flake Graphite - Suitable for High Revenue Niche Markets.
We have updated our valuation for Hexagon, taking into account the MinRes earn-in deal. This results in a base case risked after tax Company valuation of A$271 million or A$0.93/share. Dependent...
5/14/2018 Read more...
TNG Limited (ASX:TNG) - Vanadium Titanium Iron Project - Significant Progress Towards a Planned Mid 2018 Final Investment Decision
We have increased our base case, risked target price per share from A$0.41 to A$0.51. This is due to our increase of the risk factor from 60 to 65% given recent activities, and an increase in our...
4/2/2018 Read more...
Kalium Lakes Limited (ASX: KLL) - Scaleable Potash Project - Fully Funded to BFS - Highest Grade of Brine in Australia
Our base case is the 75Ktpa start, expanding to 150Ktpa, giving a Net Present Value at a 10% discount rate of A$1.00/sh, rising to A$1.61/sh if the project is expanded to 300Ktpa. At a share price of...
4/1/2018 Read more...
Tinybeans Group Limited (ASX: TNY) - Social Media Platform - Revenues from advertising from brands that Target the Baby / Child Sector - US Market
IIR has a 12-month price target of A$1.50 per share based on our underlying earnings assumptions and DCF valuation. The Company has a proven product and business model. TNY offers a strong selling...
3/25/2018 Read more...
Stonewall Resources Limited (ASX: SWJ) - Near Development, Fully Permitted Low Cost Gold - South Africa
We have an indicative valuation range of A$0.018 to A$0.058/share, with a preferred midpoint value of A$0.038/share. The current global resources of 28.2Mt @ 4.34g/t are relatively high grade when...
3/18/2018 Read more...

COMPANY PROFILES

Rimfire Pacific Mining NL (ASX: RIM) - Diversified Exploration Portfolio
The results of work to date, including the discovery of Sorpresa, confirm the quality of this under explored tenement package; the Project also contains the right rocks of the right age to support...
5/14/2018 Read more...
Pioneer Resources Limited (ASX: PIO) - High Quality Lithium-Bearing Lepidolite - High Margin, Low Risk, High cash flow opportunity
Lepidico (ASX: LPD) is developing the L-Max® metallurgical process to treat lepidolite and other lithium micas, long considered second cousins to spodumene which forms a basis to the Australian...
5/14/2018 Read more...
Technology Metals Australia Limited (ASX: TMT) - World Class Vanadium Deposit - Metallurgical Test Work to Date Very Positive
With an undiluted enterprise value of ~ A$14 million and at a multiple below that of peers, the Company could be considered undervalued and is well leveraged to success in advancing Gabanintha and...
3/14/2018 Read more...
Riva Resources Limited (ASX: RIR) (To be Renamed Hylea Metals Limited) - Near TermCobalt & Scandium Upside
Riva’s immediate focus will now be on activities, including drilling to work towards an initial Mineral Resource Estimate (“MRE”), with positive drilling results and initial resources being a key...
3/11/2018 Read more...
Roman Kings Limited Initiation - January 2018, RTO Listing March 2018, Gold, WA.
Roman Kings Ltd (“RKG” or “the Company”), is an unlisted public company, in the process of listing on the ASX as Roman Kings Limited (under the planned code “RKG”) through a backdoor listing via...
1/28/2018 Read more...

LISTED MANAGED INVESTMENTS

WAM Global Limited (Expected ASX code: WGB) - Exposure to an Actively Managed, Benchmark Unaware Portfolio of Global Securities
The portfolio will be managed using a combination of the Manager’s proprietary market-driven and research-driven investment approaches, which are used to manage the portfolios of six other LICs,...
5/14/2018 Read more...
LIC Monthly Sector Review - 12-Month LIC Returns Remain Positive Despite Falls in March quarter
This review is based upon data collected by the IIR Research Team of the whole sector including those listed managed entities that do not participate in our research scheme....
5/14/2018 Read more...
Gryphon Capital Income Trust (expected ASX code: GCI) - Specialises in Managing Fixed Income Strategies For Institutional Clients
The objective of the Manager is to provide a monthly income stream with a focus on capital preservation....
5/14/2018 Read more...
Listed Investment Quarterly Review - Our Research Review of the LICs that participate in IIR's LIC Research Scheme based on data collected by our Research Team
Our Research Coverage of LICs continues to grow and we now have the widest coverage of LICs as compared to any other research house. We...
4/2/2018 Read more...
eInvest Income Generator Fund - (Expected ASX code: EIGA) - Mirrors the Strategy Perennial Value Shares for Income trust (PVSFI)
IIR holds the Manager in high regard, with a strong and stable team and investment committee, proven processes and solid performance track-record. Structurally, the Fund will benefit from its listed...
3/21/2018 Read more...

UNLISTED INVESTMENTS

Structured Product - Pareto Private - Hybrid 2020 Units Series 1 - CSL, GOOG, AMZN, NFLX
The Pareto Private is a Deferred Purchase Agreement (DPA) in which the performance is linked to a basket of one Australian and three US stocks (the Reference Basket). The full investment term is two...
5/14/2018 Read more...
Cordish Dixon Private Equity Fund IV -
Will invest in a portfolio of boutique private equity funds in the US - The Trust was oversubscribed, raising $188m through the issue of units at $1.60 per unit. Unlike the other three trusts in the...
5/14/2018 Read more...
Atlantic Pacific Australian Equity Fund - Long-Short, High Conviction Australian Equities Strategy
The Fund was launched in June 2013 and, over its now almost five year track record has generated alpha and superior risk-adjusted although relative returns have varied materially over different time...
5/14/2018 Read more...
Microcap Managers Continue to Outperform ETF’s
Stand out performances from the active managers in the quarter came from microcap vehicles managed by OC Funds Management, Wilson Asset Management and Acorn Capital. With Acorn’s LIC The Acorn...
1/30/2018 Read more...
CBG Australian Equities Fund - ASX 100 Stocks - Benchmark Unaware, Style Neutral Approach To Investing
Prior to 2016 the Manager had a solid track-record of generating alpha. However, 2016 was a poor year for the Fund, materially under-performing the benchmark. ...
5/9/2017 Read more...