We have completed a valuation for EganStreet, with this resulting in a risked base case Company valuation/price target of A$61 million, or A$0.44/share, on a share base diluted for option conversions and which uses a conceptual funding model for Rothsay. We see considerable upside in this (our unrisked valuation is A$144 million, or A$1.04/share) and would expect this to increase with positive results from ongoing work and de-risking as the Project advances.

We have completed a valuation for Hexagon, with this resulting in a base case risked Company valuation of A$156 million, or A$0.37/share, diluted for a conceptual funding model for McIntosh. The aim is to develop the Project as a long term, reliable supplier of a range of premium graphite products with consistent quality, and differentiate itself from competitors.

We have a base case 6-month price target of A$0.15/share for Calima, based on a land value of C$2,500/acre, and a fully diluted structure including the current fully diluted share base plus 200 million shares issued through upcoming capital raisings of a minimum of A$20 million at $0.10/share to fund the farm-in drilling.

Revenue increased 14.4% on the pcp to $25.9m and the NPAT increased 13.0% to $5.7m. Revenue growth was realised from improved sales volumes.

We have completed a risked DCF valuation for CRP, with the tabular form presented in our report. This is a base case valuation, with significant upside on de-risking, particularly with grant of the Marine Consents. The per share valuation is based on the current share structure diluted for raisings of US$14.14 million as flagged by the Company.