External broker reports(aggregated public sources), Argonaut

Argonaut

External broker reports(aggregated public sources)

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Intervention by the Australian Government is likely to prevent increased Chinese influence on NTU.</li><li>The Browns Range project hosts uniquely enriched heavy rare earth element minerals.</li><li>Maintaining western control of the asset has become a strategic imperative.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Intervention by the Australian Government is likely to prevent increased Chinese influence on NTU.The Browns Range project hosts uniquely enriched heavy rare earth element minerals.Maintaining western control of the asset has become a strategic imperative.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Northern Minerals (NTU) - Strategic Imperative

<ul><li>We provide an update for Northern Minerals and its strategically important Browns Range heavy rare earth element development project.</li><li>Recent MRE infill drilling results highlight the quality of Wolverine xenotime deposit. An updated DFS is scheduled for later this year.</li><li>Independent Technical Expert SRK Consulting is currently reviewing the DFS draft and associated reports.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We provide an update for Northern Minerals and its strategically important Browns Range heavy rare earth element development project.Recent MRE infill drilling results highlight the quality of Wolverine xenotime deposit. An updated DFS is scheduled for later this year.Independent Technical Expert SRK Consulting is currently reviewing the DFS draft and associated reports.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>China recently escalated restrictions on the export of rare earths. Not just to the US as the two global players go toe-to-toe on tariffs; but to all countries.</li>
<li>China’s latest round of restrictions target critical materials used in defense, electronics, and EVs.</li>
<li>Apart from China, the world's largest refining - not just the largest miner - who else refines rare earth elements, specifically heavy rare earths?</li>
</ul>


China recently escalated restrictions on the export of rare earths. Not just to the US as the two global players go toe-to-toe on tariffs; but to all countries.
China’s latest round of restrictions target critical materials used in defense, electronics, and EVs.
Apart from China, the world's largest refining - not just the largest miner - who else refines rare earth elements, specifically heavy rare earths?


Know Your Rare Earth Elements As China Restricts Exports

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a> IE considers MACH Metals Australia’s A$0.47 offer fair and reasonable as it is towards the upper end of the A$0.346 to A$0.484 valuation range. </li>
<li>The key conditions are shareholder and FIRB approvals. FIRB approval should be forthcoming as Salim is the largest shareholder and the cordial Indonesia-Australia relations.</li>
<li>An attractive offer, medium retail ownership and no independent substantial shareholder ensures a done deal. At the last close and for the 30 October payment, the gross/annualised spread is 3.3%/15.9%. </li>
</ul>


The Rex Minerals (RXM AU) IE considers MACH Metals Australia’s A$0.47 offer fair and reasonable as it is towards the upper end of the A$0.346 to A$0.484 valuation range. 
The key conditions are shareholder and FIRB approvals. FIRB approval should be forthcoming as Salim is the largest shareholder and the cordial Indonesia-Australia relations.
An attractive offer, medium retail ownership and no independent substantial shareholder ensures a done deal. At the last close and for the 30 October payment, the gross/annualised spread is 3.3%/15.9%. 


Rex Minerals (RXM AU): Scheme Vote on 10 October

<ul>
<li>A new tool highlights which TSE companies have disclosed a policy/consideration; sometimes referred to as the "name and shame" list. In practice, more "name" than "shame". </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> is trading rich to its NAV. And the simple ratio (JCNC/<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>) is the highest level outside the 2008 GFC. </li>
<li>This is a rubbish Offer for <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>. Given how shareholders voted at last year's AGM, expect this Scheme to be voted down. Avoid.</li>
</ul>


A new tool highlights which TSE companies have disclosed a policy/consideration; sometimes referred to as the "name and shame" list. In practice, more "name" than "shame". 

Jardine Cycle &amp; Carriage (JCNC SP) is trading rich to its NAV. And the simple ratio (JCNC/Astra International (ASII IJ)) is the highest level outside the 2008 GFC. 
This is a rubbish Offer for Asia Cement China (743 HK). Given how shareholders voted at last year's AGM, expect this Scheme to be voted down. Avoid.


Last Week in Event SPACE: Jardine Cycle & Carriage, "Name & Shame", Asia Cement, Northern Minerals

Australia

Northern Minerals Limited is a mineral exploration company. The Company is primarily focused on Uranium and Rare Earth exploration and development in Western Australia and the Northern Territory.

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Northern Minerals (NTU AU)

Northern Minerals (NTU) - Strategic Imperative

Intervention by the Australian Government is likely to prevent increased Chinese influence on NTU. The Browns Range project hosts uniquely enriched...

Argonaut

Northern Minerals (NTU) - Status Report

We provide an update for Northern Minerals and its strategically important Browns Range heavy rare earth element development project.

Argonaut

Know Your Rare Earth Elements As China Restricts Exports

As the world largest non-PRC rare-earth refiner, don't bet against Lynas as a strategic long-term supplier of critical materials in modern energy,...

David Blennerhassett

Rex Minerals (RXM AU): Scheme Vote on 10 October

An attractive offer, medium retail ownership and no independent substantial shareholder ensures a done deal. At last close and for the 30 October...

Arun George

Last Week in Event SPACE: Jardine Cycle & Carriage, "Name & Shame", Asia Cement, Northern Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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