Equity Research Coverage Reports

Theta Gold Mines Limited (ASX:TGM) - Gold - South Africa - Advanced Brownfield Project - High Grades with Significant Resource & Reserve Upside
Monday, November 11, 2019
We have an indicative valuation range of A$0.17 to A$0.51/share, with a preferred midpoint of A$0.34/share, equivalent to an EV of A$30.58/oz of gold in Resources
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Leigh Creek Energy (ASX: LCK) - Commercial Quantities of Quality Gas Being Produced - Low Cost - Large Resource
Monday, April 15, 2019
We have a base case risked valuation range of A$0.32 to A$0.62/share (with our preferred figure at the upper end), based on Reserve multiples of other juniors with significant gas interests
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Walkabout Resources Ltd (ASX: WKT) - Positive Definitive Feasibility Study - Southern Tanzania, Namibia - Valuation Upgrade
Tuesday, March 19, 2019
We updated our valuation for Walkabout, using a geared, after tax NPV10 technical valuation for Lindi risked at 67.5% for Ore Reserve confidence and project stage. This results in a Company technical valuation of A$238 million. Using a diluted share base of 371.4 million shares from our conceptual 70:30 debt:equity funding model results in a current base case value of $0.64/ share.
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SelfWealth Limited (ASX:SWF) - Industrials - SMSF ETF/ Retail Broking/ Model Portfolios
Sunday, January 13, 2019
SelfWealth is undoubtedly a high risk, high return investment proposition. We believe the Company’s core IP provides a compelling and unique value proposition. We expect the solution and the ETF - an ETF powered by SMSFs for SMSFs - will resonate strongly with the target market. However, notwithstanding these positives, there is substantial uncertainty regarding the degree of commercial traction of both the ETF and the core model portfolio software solution.
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Allegiance Coal (ASX:AHQ) - DFS Due Early 2019 - Partnered with ITOCHU - Valuation Update
Thursday, December 13, 2018
We have updated our valuation for Telkwa, with the total risked company value increasing from A$125.2 million to A$207 million. This results in a risked, base case diluted per share valuation of A$0.396/share, up from A$0.326/share. However, given that our current valuation is financed and post tax, and also has Itochu as a JV partner, the previous and current valuations cannot be directly compared.
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