Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul>
<li>Uranium Price has fallen 12% since early February</li>
<li>
Maintain SELL on YCA, 1-year Target Price £1.98-2.02 ps NPV4% assuming $24/lb U3O8
</li>
<li>Maintain BUY recommendation <a href="https://www.smartkarma.com/entities/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM AU)</a></li>
<li>Feasibility Study due Q319, not yet contain newly discovered mineralisation</li>
<li>Drilling moving to the nearby Kunche deposit, targeting similar depth extensions</li>
<li><a href="https://www.smartkarma.com/entities/41" target="_blank" data-smartkarma-citation="entities:41:1">Fortescue Metals (FMG AU)</a> approve Iron Bridge Magnetite Project </li>
<li>Est. proposed nameplate only allows~70Mtpa of fines to achieve blend &gt;60% Fe
</li>
<li>Will the increased magnetite production cost, be worth the decrease in discount?</li>
<li>Est. 2019 global seaborne iron ore production 50Mt less than 2018, stronger for longer</li>
<li>
<a href="https://www.smartkarma.com/entities/41" target="_blank" data-smartkarma-citation="entities:41:1">Fortescue Metals (FMG AU)</a>, <a href="https://www.smartkarma.com/entities/27844" target="_blank" data-smartkarma-citation="entities:27844:1">Yellow Cake PLC (YCA LN)</a>, <a href="https://www.smartkarma.com/entities/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM AU)</a>, <a href="https://www.smartkarma.com/entities/4111" target="_blank" data-smartkarma-citation="entities:4111:1">Peel Mining Ltd (PEX AU)</a>, <a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/19111" target="_blank" data-smartkarma-citation="entities:19111:1">Alkane Resources (ALK AU)</a>, <a href="https://www.smartkarma.com/entities/10577" target="_blank" data-smartkarma-citation="entities:10577:1">Focus Minerals (FML AU)</a>, <a href="https://www.smartkarma.com/entities/15733" target="_blank" data-smartkarma-citation="entities:15733:1">White Cliff Minerals (WCN AU)</a>, <a href="https://www.smartkarma.com/entities/11085" target="_blank" data-smartkarma-citation="entities:11085:1">Pacifico Minerals (PMY AU)</a>, <a href="https://www.smartkarma.com/entities/12256" target="_blank" data-smartkarma-citation="entities:12256:1">Cardinal Resources (CDV AU)</a>, <a href="https://www.smartkarma.com/entities/5035" target="_blank" data-smartkarma-citation="entities:5035:1">Blackham Resources (BLK AU)</a>, <a href="https://www.smartkarma.com/entities/19133" target="_blank" data-smartkarma-citation="entities:19133:1">Ausgold Ltd (AUC AU)</a>, <a href="https://www.smartkarma.com/entities/12256" target="_blank" data-smartkarma-citation="entities:12256:1">Cardinal Resources (CDV AU)</a>, <a href="https://www.smartkarma.com/entities/7038" target="_blank" data-smartkarma-citation="entities:7038:1">Alliance Resources (AGS AU)</a>, <a href="https://www.smartkarma.com/entities/23533" target="_blank" data-smartkarma-citation="entities:23533:1">Griffin Mining (GFM LN)</a>, <a href="https://www.smartkarma.com/entities/17495" target="_blank" data-smartkarma-citation="entities:17495:1">Emerald Resources Nl (EMR AU)</a>, <a href="https://www.smartkarma.com/entities/17495" target="_blank" data-smartkarma-citation="entities:17495:1">Emerald Resources Nl (EMR AU)</a>, <a href="https://www.smartkarma.com/entities/2971" target="_blank" data-smartkarma-citation="entities:2971:1">Hawkstone Mining (HWK AU)</a>, <a href="https://www.smartkarma.com/entities/20488" target="_blank" data-smartkarma-citation="entities:20488:1">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/14597" target="_blank" data-smartkarma-citation="entities:14597:1">Lake Resources Nl (LKE AU)</a>, <a href="https://www.smartkarma.com/entities/1923" target="_blank" data-smartkarma-citation="entities:1923:1">Jameson Resources (JAL AU)</a>, <a href="https://www.smartkarma.com/entities/9553" target="_blank" data-smartkarma-citation="entities:9553:1">Atrum Coal Nl (ATU AU)</a>, <a href="https://www.smartkarma.com/entities/15059" target="_blank" data-smartkarma-citation="entities:15059:1">Talga Resources (TLG AU)</a>, <a href="https://www.smartkarma.com/entities/15638" target="_blank" data-smartkarma-citation="entities:15638:1">Nexus Minerals (NXM AU)</a>, <a href="https://www.smartkarma.com/entities/1365" target="_blank" data-smartkarma-citation="entities:1365:1">Chesser Resources (CHZ AU)</a>, <a href="https://www.smartkarma.com/entities/2237" target="_blank" data-smartkarma-citation="entities:2237:1">Spectrum Rare Earths (SPX AU)</a>, <a href="https://www.smartkarma.com/entities/6192" target="_blank" data-smartkarma-citation="entities:6192:1">De Grey Mining (DEG AU)</a>, <a href="https://www.smartkarma.com/entities/12054" target="_blank" data-smartkarma-citation="entities:12054:1">Strandline Resources (STA AU)</a>, <a href="https://www.smartkarma.com/entities/15927" target="_blank" data-smartkarma-citation="entities:15927:1">Canyon Resources (CAY AU)</a>, Thor Mining, <a href="https://www.smartkarma.com/entities/23072" target="_blank" data-smartkarma-citation="entities:23072:1">Manila Mining (MA PM)</a>
</li>
</ul>


Uranium Price has fallen 12% since early February

Maintain SELL on YCA, 1-year Target Price £1.98-2.02 ps NPV4% assuming $24/lb U3O8

Maintain BUY recommendation Azumah Resources (AZM AU)
Feasibility Study due Q319, not yet contain newly discovered mineralisation
Drilling moving to the nearby Kunche deposit, targeting similar depth extensions
Fortescue Metals (FMG AU) approve Iron Bridge Magnetite Project 
Est. proposed nameplate only allows~70Mtpa of fines to achieve blend &gt;60% Fe

Will the increased magnetite production cost, be worth the decrease in discount?
Est. 2019 global seaborne iron ore production 50Mt less than 2018, stronger for longer

Fortescue Metals (FMG AU), Yellow Cake PLC (YCA LN), Azumah Resources (AZM AU), Peel Mining Ltd (PEX AU), Gold Road Resources (GOR AU), Alkane Resources (ALK AU), Focus Minerals (FML AU), White Cliff Minerals (WCN AU), Pacifico Minerals (PMY AU), Cardinal Resources (CDV AU), Blackham Resources (BLK AU), Ausgold Ltd (AUC AU), Cardinal Resources (CDV AU), Alliance Resources (AGS AU), Griffin Mining (GFM LN), Emerald Resources Nl (EMR AU), Emerald Resources Nl (EMR AU), Hawkstone Mining (HWK AU), Liontown Resources (LTR AU), Lake Resources Nl (LKE AU), Jameson Resources (JAL AU), Atrum Coal Nl (ATU AU), Talga Resources (TLG AU), Nexus Minerals (NXM AU), Chesser Resources (CHZ AU), Spectrum Rare Earths (SPX AU), De Grey Mining (DEG AU), Strandline Resources (STA AU), Canyon Resources (CAY AU), Thor Mining, Manila Mining (MA PM)



New J Hutton – Exploration Report (Weeks Ending 04/05/19)

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<ul>
<li>Coverage now expanded to 730 mining companies</li>
<li>Retain <a href="https://www.smartkarma.com/entities/4111" target="_blank" data-smartkarma-citation="entities:4111:1">Peel Mining Ltd (PEX AU)</a> as a Speculative Buy</li>
<li>Current drilling infill only</li>
<li>Est. A$4-4.5m cash with capital raising soon</li>
<li>Very solid geological genetic model honing future extensional exploration efforts </li>
<li>Expect maiden Resource computation to commence after next three hole assays released</li>
<li>
<a href="https://www.smartkarma.com/entities/6870" target="_blank" data-smartkarma-citation="entities:6870:1">Aeon Metals Ltd (AML AU)</a>, <a href="https://www.smartkarma.com/entities/27943" target="_blank" data-smartkarma-citation="entities:27943:1">Blackearth Minerals NL (BEM AU)</a>, <a href="https://www.smartkarma.com/entities/4823" target="_blank" data-smartkarma-citation="entities:4823:1">Boss Resources (BOE AU)</a>, <a href="https://www.smartkarma.com/entities/5672" target="_blank" data-smartkarma-citation="entities:5672:1">Centaurus Metals (CTM AU)</a>, <a href="https://www.smartkarma.com/entities/4293" target="_blank" data-smartkarma-citation="entities:4293:1">Catalyst Metals (CYL AU)</a>, <a href="https://www.smartkarma.com/entities/23854" target="_blank" data-smartkarma-citation="entities:23854:1">Amur Minerals (AMC LN)</a>, <a href="https://www.smartkarma.com/entities/24745" target="_blank" data-smartkarma-citation="entities:24745:1">Patagonia Gold (PGD LN)</a>, <a href="https://www.smartkarma.com/entities/9622" target="_blank" data-smartkarma-citation="entities:9622:1">Tyranna Resources (TYX AU)</a>, <a href="https://www.smartkarma.com/entities/1784" target="_blank" data-smartkarma-citation="entities:1784:1">Gladiator Resources (GLA AU)</a>, <a href="https://www.smartkarma.com/entities/12537" target="_blank" data-smartkarma-citation="entities:12537:1">King River Resources (KRR AU)</a>, <a href="https://www.smartkarma.com/entities/19897" target="_blank" data-smartkarma-citation="entities:19897:1">Vango Mining (VAN AU)</a>, <a href="https://www.smartkarma.com/entities/23527" target="_blank" data-smartkarma-citation="entities:23527:1">Hummingbird Resources (HUM LN)</a>, <a href="https://www.smartkarma.com/entities/17861" target="_blank" data-smartkarma-citation="entities:17861:1">Caravel Minerals (CVV AU)</a>, <a href="https://www.smartkarma.com/entities/27876" target="_blank" data-smartkarma-citation="entities:27876:1">Lefroy Exploration Ltd (LEX AU)</a>, <a href="https://www.smartkarma.com/entities/11276" target="_blank" data-smartkarma-citation="entities:11276:1">Millennium Minerals (MOY AU)</a>, <a href="https://www.smartkarma.com/entities/20445" target="_blank" data-smartkarma-citation="entities:20445:1">Northern Minerals (NTU AU)</a>, <a href="https://www.smartkarma.com/entities/5035" target="_blank" data-smartkarma-citation="entities:5035:1">Blackham Resources (BLK AU)</a>, <a href="https://www.smartkarma.com/entities/6148" target="_blank" data-smartkarma-citation="entities:6148:1">Avz Minerals (AVZ AU)</a>, <a href="https://www.smartkarma.com/entities/3572" target="_blank" data-smartkarma-citation="entities:3572:1">Orocobre Ltd (ORE AU)</a>, <a href="https://www.smartkarma.com/entities/23540" target="_blank" data-smartkarma-citation="entities:23540:1">Serabi Gold plc (SRB LN)</a>, <a href="https://www.smartkarma.com/entities/18065" target="_blank" data-smartkarma-citation="entities:18065:1">Paringa Resources (PNL AU)</a>, <a href="https://www.smartkarma.com/entities/16849" target="_blank" data-smartkarma-citation="entities:16849:1">Artemis Resources (ARV AU)</a>, <a href="https://www.smartkarma.com/entities/10093" target="_blank" data-smartkarma-citation="entities:10093">Centrex Metals (CXM AU)</a>, <a href="https://www.smartkarma.com/entities/27987" target="_blank" data-smartkarma-citation="entities:27987">Great Boulder Resources Ltd (GBR AU)</a>, <a href="https://www.smartkarma.com/entities/15163" target="_blank" data-smartkarma-citation="entities:15163">Superior Lake Resources (SUP AU)</a>, <a href="https://www.smartkarma.com/entities/27988" target="_blank" data-smartkarma-citation="entities:27988">Cora Gold Ltd (CORA LN)</a>, <a href="https://www.smartkarma.com/entities/27989" target="_blank" data-smartkarma-citation="entities:27989">European Metals Holdings Ltd (EMH LN)</a>, <a href="https://www.smartkarma.com/entities/27990" target="_blank" data-smartkarma-citation="entities:27990">Savannah Resources PLC (SAV LN)</a> , <a href="https://www.smartkarma.com/entities/27991" target="_blank" data-smartkarma-citation="entities:27991">IronRidge Resources Ltd (IRR LN)</a> 
<div></div>
</li>
</ul>


Coverage now expanded to 730 mining companies
Retain Peel Mining Ltd (PEX AU) as a Speculative Buy
Current drilling infill only
Est. A$4-4.5m cash with capital raising soon
Very solid geological genetic model honing future extensional exploration efforts 
Expect maiden Resource computation to commence after next three hole assays released

Aeon Metals Ltd (AML AU), Blackearth Minerals NL (BEM AU), Boss Resources (BOE AU), Centaurus Metals (CTM AU), Catalyst Metals (CYL AU), Amur Minerals (AMC LN), Patagonia Gold (PGD LN), Tyranna Resources (TYX AU), Gladiator Resources (GLA AU), King River Resources (KRR AU), Vango Mining (VAN AU), Hummingbird Resources (HUM LN), Caravel Minerals (CVV AU), Lefroy Exploration Ltd (LEX AU), Millennium Minerals (MOY AU), Northern Minerals (NTU AU), Blackham Resources (BLK AU), Avz Minerals (AVZ AU), Orocobre Ltd (ORE AU), Serabi Gold plc (SRB LN), Paringa Resources (PNL AU), Artemis Resources (ARV AU), Centrex Metals (CXM AU), Great Boulder Resources Ltd (GBR AU), Superior Lake Resources (SUP AU), Cora Gold Ltd (CORA LN), European Metals Holdings Ltd (EMH LN), Savannah Resources PLC (SAV LN) , IronRidge Resources Ltd (IRR LN) 




New J. Hutton Exploration Report (Weeks Ending 08/03/19)

<ul>
<li><a href="https://www.smartkarma.com/entities/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM AU)</a> rated a Speculative BUY</li>
<li>
99.5m at 2.2g/t Au complements ‘discovery hole’ (75m above) - 93.1m at 2.3g/t Au</li>
<li>DDHs from current programme targeting down-dip from existing intercepts</li>
<li>Key drill results expected over next few weeks</li>
<li>1Moz Reserve, 2.5Moz Resource</li>
<li>US$1,77M NPV5%, 1.6yr payback.</li>
<li>US$886/oz AISC (all-in sustaining cost)</li>
<li>
<a href="https://www.smartkarma.com/entities/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM AU)</a> , <a href="https://www.smartkarma.com/entities/18705" target="_blank" data-smartkarma-citation="entities:18705:1">Emmerson Resources (ERM AU)</a>, <a href="https://www.smartkarma.com/entities/1270" target="_blank" data-smartkarma-citation="entities:1270:1">Xanadu Mines (XAM AU)</a>, <a href="https://www.smartkarma.com/entities/20216" target="_blank" data-smartkarma-citation="entities:20216:1">Kingston Resources (KSN AU)</a>, <a href="https://www.smartkarma.com/entities/14492" target="_blank" data-smartkarma-citation="entities:14492:1">Oklo Resources (OKU AU)</a>, <a href="https://www.smartkarma.com/entities/5035" target="_blank" data-smartkarma-citation="entities:5035:1">Blackham Resources (BLK AU)</a>, <a href="https://www.smartkarma.com/entities/5749" target="_blank" data-smartkarma-citation="entities:5749:1">Dacian Gold Ltd (DCN AU)</a>, <a href="https://www.smartkarma.com/entities/6192" target="_blank" data-smartkarma-citation="entities:6192:1">De Grey Mining (DEG AU)</a>, <a href="https://www.smartkarma.com/entities/19060" target="_blank" data-smartkarma-citation="entities:19060">Austar Gold (AUL AU)</a>, <a href="https://www.smartkarma.com/entities/27949" target="_blank" data-smartkarma-citation="entities:27949">Strategic Minerals PLC (SML LN)</a>, <a href="https://www.smartkarma.com/entities/27950" target="_blank" data-smartkarma-citation="entities:27950">Asiamet Resources Ltd (ARS LN)</a>, <a href="https://www.smartkarma.com/entities/27951" target="_blank" data-smartkarma-citation="entities:27951">Landore Resources Ltd (LND LN)</a>
</li>
</ul>


Azumah Resources (AZM AU) rated a Speculative BUY

99.5m at 2.2g/t Au complements ‘discovery hole’ (75m above) - 93.1m at 2.3g/t Au
DDHs from current programme targeting down-dip from existing intercepts
Key drill results expected over next few weeks
1Moz Reserve, 2.5Moz Resource
US$1,77M NPV5%, 1.6yr payback.
US$886/oz AISC (all-in sustaining cost)

Azumah Resources (AZM AU) , Emmerson Resources (ERM AU), Xanadu Mines (XAM AU), Kingston Resources (KSN AU), Oklo Resources (OKU AU), Blackham Resources (BLK AU), Dacian Gold Ltd (DCN AU), De Grey Mining (DEG AU), Austar Gold (AUL AU), Strategic Minerals PLC (SML LN), Asiamet Resources Ltd (ARS LN), Landore Resources Ltd (LND LN)



New J. Hutton Exploration Report (Week Ending 22/02/19)

Australia

Wiluna Mining Corporation Limited provides exploration and mining services. The Company explores and develops gold projects. Wiluna Mining serves customers worldwide.

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Wiluna Mining Corp (WMC AU)

New J Hutton – Exploration Report (Weeks Ending 04/05/19)

Uranium Price has fallen 12% since early February Maintain SELL on YCA, 1-year Target Price £1.98-2.02 ps NPV4% assuming $24/lb U3O8 Maintain...

Gaius King

New J. Hutton Exploration Report (Weeks Ending 08/03/19)

Coverage now expanded to 730 mining companies Retain Peel Mining Ltd (PEX AU) as a Speculative Buy Current drilling infill only Est. A$4-4.5m cash...

Boost Research

New J. Hutton Exploration Report (Week Ending 22/02/19)

Azumah Resources (AZM AU) rated a Speculative BUY 99.5m at 2.2g/t Au complements ‘discovery hole’ (75m above) - 93.1m at 2.3g/t Au DDHs...

Boost Research

Price Gauge

52-week Range

Market Cap (USDm)

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