Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul>
<li>Pure iron ore plays outperforming diversified producers, for now...</li>
<li>America wakes up to REE embargo threat, LYC critical for future supply plans</li>
<li>Nickel supply (primary and secondary) in structural deficit, fifth year in a row</li>
<li>LME Nickel stocks declining rapidly</li>
<li>Graphite Sector a SELL (both explorers and producers)</li>
<li>Reiterate BUY on <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>
</li>
<li>Current Offer on <a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">Azumah Resources (AZM AU)</a> likely to fail</li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">Bhp Billiton (BHP AU)</a>, <a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a>, <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a>, <a href="https://www.smartkarma.com/entities/syrah-resources-ltd" target="_blank" data-smartkarma-citation="entities:1978:1" rel="noopener">Syrah Resources (SYR AU)</a>, <a href="https://www.smartkarma.com/entities/walkabout-resources-ltd" target="_blank" data-smartkarma-citation="entities:16753:1" rel="noopener">Walkabout Resources (WKT AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/pensana-metals-ltd" target="_blank" data-smartkarma-citation="entities:2106:1" rel="noopener">Pensana Metals (PM8 AU)</a>, <a href="https://www.smartkarma.com/entities/peel-mining-ltd" target="_blank" data-smartkarma-citation="entities:4111:1" rel="noopener">Peel Mining Ltd (PEX AU)</a>, <a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">Azumah Resources (AZM AU)</a>, <a href="https://www.smartkarma.com/entities/st-george-mining-ltd" target="_blank" data-smartkarma-citation="entities:18642:1" rel="noopener">St George Mining (SGQ AU)</a>, <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, <a href="https://www.smartkarma.com/entities/chesser-resources-ltd" target="_blank" data-smartkarma-citation="entities:1365:1" rel="noopener">Chesser Resources (CHZ AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/stavely-minerals-ltd" target="_blank" data-smartkarma-citation="entities:20213:1" rel="noopener">Stavely Minerals (SVY AU)</a>, <a href="https://www.smartkarma.com/entities/classic-minerals-ltd" target="_blank" data-smartkarma-citation="entities:18945:1" rel="noopener">Classic Minerals (CLZ AU)</a>, <a href="https://www.smartkarma.com/entities/frontier-resources-ltd" target="_blank" data-smartkarma-citation="entities:3173:1" rel="noopener">Frontier Resources (FNT AU)</a>, <a href="https://www.smartkarma.com/entities/venus-metals-corp-ltd" target="_blank" data-smartkarma-citation="entities:10142:1" rel="noopener">Venus Metals Corp (VMC AU)</a>, <a href="https://www.smartkarma.com/entities/poseidon-nickel-ltd" target="_blank" data-smartkarma-citation="entities:12760:1" rel="noopener">Poseidon Nickel (POS AU)</a>, <a href="https://www.smartkarma.com/entities/alkane-resources-ltd" target="_blank" data-smartkarma-citation="entities:19111:1" rel="noopener">Alkane Resources (ALK AU)</a>, <a href="https://www.smartkarma.com/entities/rox-resources-ltd" target="_blank" data-smartkarma-citation="entities:18355:1" rel="noopener">Rox Resources (RXL AU)</a>, <a href="https://www.smartkarma.com/entities/bellevue-gold-ltd" target="_blank" data-smartkarma-citation="entities:2297:1" rel="noopener">Bellevue Gold (BGL AU)</a>, <a href="https://www.smartkarma.com/entities/calidus-resources-ltd" target="_blank" data-smartkarma-citation="entities:16023:1" rel="noopener">Calidus Resources (CAI AU)</a>, <a href="https://www.smartkarma.com/entities/bowen-coking-coal-ltd" target="_blank" data-smartkarma-citation="entities:17492:1" rel="noopener">Bowen Coking Coal (BCB AU)</a>, <a href="https://www.smartkarma.com/entities/hot-chili-ltd" target="_blank" data-smartkarma-citation="entities:11138:1" rel="noopener">Hot Chili Ltd (HCH AU)</a>, <a href="https://www.smartkarma.com/entities/ora-banda-mining-ltd" target="_blank" data-smartkarma-citation="entities:2970:1" rel="noopener">Ora Banda Mining (OBM AU)</a>, <a href="https://www.smartkarma.com/entities/blackstone-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28181:1" rel="noopener">Blackstone Minerals Ltd (BSX AU)</a>, <a href="https://www.smartkarma.com/entities/spectrum-metals-ltd" target="_blank" data-smartkarma-citation="entities:2237:1" rel="noopener">Spectrum Metals (SPX AU)</a>, <a href="https://www.smartkarma.com/entities/alt-resources-ltd" target="_blank" data-smartkarma-citation="entities:28297:1" rel="noopener">ALT Resources Ltd (ARS AU)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources Nl (MCR AU)</a>, <a href="https://www.smartkarma.com/entities/great-western-exploration-limited" target="_blank" data-smartkarma-citation="entities:19901:1" rel="noopener">Great Western Exploration (GTE AU)</a>, <a href="https://www.smartkarma.com/entities/exore-resources-ltd" target="_blank" data-smartkarma-citation="entities:16357:1" rel="noopener">Exore Resources (ERX AU)</a>, <a href="https://www.smartkarma.com/entities/cora-gold-ltd" target="_blank" data-smartkarma-citation="entities:27988:1" rel="noopener">Cora Gold Ltd (CORA LN)</a>, <a href="https://www.smartkarma.com/entities/zyl-ltd" target="_blank" data-smartkarma-citation="entities:2971:1" rel="noopener">Hawkstone Mining (HWK AU)</a>, <a href="https://www.smartkarma.com/entities/bardoc-gold-ltd" target="_blank" data-smartkarma-citation="entities:4833:1" rel="noopener">Bardoc Gold (BDC AU)</a>, <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, <a href="https://www.smartkarma.com/entities/hammer-metals-ltd" target="_blank" data-smartkarma-citation="entities:15503:1" rel="noopener">Hammer Metals (HMX AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/atrum-coal-nl" target="_blank" data-smartkarma-citation="entities:9553:1" rel="noopener">Atrum Coal Nl (ATU AU)</a>, <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> <a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener"></a>
</li>
</ul>


Pure iron ore plays outperforming diversified producers, for now...
America wakes up to REE embargo threat, LYC critical for future supply plans
Nickel supply (primary and secondary) in structural deficit, fifth year in a row
LME Nickel stocks declining rapidly
Graphite Sector a SELL (both explorers and producers)
Reiterate BUY on Gold Road Resources (GOR AU)

Current Offer on Azumah Resources (AZM AU) likely to fail

Bhp Billiton (BHP AU), Fortescue Metals (FMG AU), Lynas Corp Ltd (LYC AU), Syrah Resources (SYR AU), Walkabout Resources (WKT AU), Gold Road Resources (GOR AU), Pensana Metals (PM8 AU), Peel Mining Ltd (PEX AU), Azumah Resources (AZM AU), St George Mining (SGQ AU), Apollo Consolidated (AOP AU), Chesser Resources (CHZ AU), Musgrave Minerals (MGV AU), Stavely Minerals (SVY AU), Classic Minerals (CLZ AU), Frontier Resources (FNT AU), Venus Metals Corp (VMC AU), Poseidon Nickel (POS AU), Alkane Resources (ALK AU), Rox Resources (RXL AU), Bellevue Gold (BGL AU), Calidus Resources (CAI AU), Bowen Coking Coal (BCB AU), Hot Chili Ltd (HCH AU), Ora Banda Mining (OBM AU), Blackstone Minerals Ltd (BSX AU), Spectrum Metals (SPX AU), ALT Resources Ltd (ARS AU), Mincor Resources Nl (MCR AU), Great Western Exploration (GTE AU), Exore Resources (ERX AU), Cora Gold Ltd (CORA LN), Hawkstone Mining (HWK AU), Bardoc Gold (BDC AU), Apollo Consolidated (AOP AU), Carnaby Resources (CNB AU), Hammer Metals (HMX AU), Tietto Minerals Ltd (TIE AU), Atrum Coal Nl (ATU AU), De Grey Mining (DEG AU) 



New J. Hutton – Exploration Report (Weeks Ending 04/10/19)

United Kingdom

Cora Gold Limited is a new gold exploration company focused on gold regions in Mali and Senegal in West Africa. The Company also develops mines of Sanankoro in the Yanfolila Gold Belt.

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52-week Range	0.00 - 0.00
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New J. Hutton – Exploration Report (Weeks Ending 04/10/19)

Pure iron ore plays outperforming diversified producers, for now... America wakes up to REE embargo threat, LYC critical for future supply...

Gaius King