Equity Research Coverage Reports

Blue Star Helium Limited (ASX: BNL) - Highly Prospective Geology - Strong Competitive Position - Colorado, USA
Thursday, June 18, 2020
We cannot value Prospective Resources and there are no easily comparable pure play helium companies that can be used as valuation comparisons. We have constructed a Indicative Financial Model of what a project would look like based on reserves the same size as the announced Prospective Resource. At an ex-field selling price of US$200/Mscf for A Grade helium, that Indicative Project would be worth between US$18 million and US$176 million
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Pharma and Biotech Stocks on the Move - A Review of the Small Cap Stocks in the Sector on the ASX -- June 2020
Thursday, June 18, 2020
The coronavirus pandemic has seen unprecedented measures put in place, the ramifications of which has stretched far and wide. Pharma and biotech has been not been immune to the impacts of coronavirus. One of the key disruptions has been delays to clinical trials with access to participants restricted and hospital resources prioritised for coronavirus patients
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Dampier Gold Limited (ASX: DAU) - Kalgoorlie Area Gold - Leveraged to Exploration Success
Saturday, May 30, 2020
A 2017 Definitive Feasibility Study (“DFS”) released by Vango highlighted the potential of K2 to throw out ~A$23 million of free cash (on a 100%, pre-tax basis) using a gold price of A$1,579/ ounce, with treatment through an ore sales agreement with the Plutonic Mine. All of the company’s projects are located in Western Australia, a mining powerhouse with well developed and tested legislation
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Jindalee Resources Limited (ASX: JRL) - Large Scale US Based Lithium Project + Gold/ Nickel Exploration
Saturday, May 30, 2020
Any valuation is contingent on the outcome of value adding activity. From a review of comparable ASX listed lithium project developers, the median market capitalization per tonne of lithium carbonate equivalent resource is around A$80/t LCE, and if Jindalee can convert all its current 1.6 Mt LCE resource into a competitive project, with similar capex and opex metrics to comparable companies, then it should trade at over A$3/sh.
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Liontown Resources Limited (ASX: LTR) - Kathleen Valley Resource Upgrade Doubles an Already World Class Lithium Resource
Saturday, May 30, 2020
The success of the lithium strategy, and the concomitant results from Kathleen Valley has seen Liontown’s market capitalisation increase ~14-fold from ~A$14 million in early 2017 to A$194 million
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