Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul>
<li><a href="https://www.smartkarma.com/entities/23731" target="_blank" data-smartkarma-citation="entities:23731:1">Vale SA (VALE US)</a> woes continue, facing another dam collapse</li>
<li>Forecast seaborne iron ore market deficit &gt;100Mt CY19</li>
<li>Chinese house prices up 10% y-o-y</li>
<li>Chinese Government readying substantial investment stimulus</li>
<li>Continue to positively trade large IO miners</li>
<li>5-year gold price continues to be flat</li>
<li>Global Zinc inventories declining rapidly</li>
<li>
<a href="https://www.smartkarma.com/entities/23731" target="_blank" data-smartkarma-citation="entities:23731:1">Vale SA (VALE US)</a>, <a href="https://www.smartkarma.com/entities/5424" target="_blank" data-smartkarma-citation="entities:5424:1">Bhp Billiton Ltd (Adr) (BHP US)</a>, <a href="https://www.smartkarma.com/entities/13" target="_blank" data-smartkarma-citation="entities:13:1">Rio Tinto Ltd (RIO AU),</a><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/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/19210" target="_blank" data-smartkarma-citation="entities:19210:1">Breaker Resources Nl (BRB AU)</a>, Pensana Metals (ASX: PM8), Axion (ASX: AZQ), <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/1365" target="_blank" data-smartkarma-citation="entities:1365:1">Chesser Resources (CHZ 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/4650" target="_blank" data-smartkarma-citation="entities:4650:1">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/28006" target="_blank" data-smartkarma-citation="entities:28006:1">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/11138" target="_blank" data-smartkarma-citation="entities:11138:1">Hot Chili Ltd (HCH AU)</a>, <a href="https://www.smartkarma.com/entities/12048" target="_blank" data-smartkarma-citation="entities:12048:1">Newfield Resources (NWF AU)</a>, <a href="https://www.smartkarma.com/entities/7068" target="_blank" data-smartkarma-citation="entities:7068:1">Lucapa Diamond (LOM AU)</a>, <a href="https://www.smartkarma.com/entities/8807" target="_blank" data-smartkarma-citation="entities:8807:1">Theta Gold Mines (TGM AU</a>), <a href="https://www.smartkarma.com/entities/16357" target="_blank" data-smartkarma-citation="entities:16357:1">Emperor Range (ERX AU)</a>  </li>
</ul>


Vale SA (VALE US) woes continue, facing another dam collapse
Forecast seaborne iron ore market deficit &gt;100Mt CY19
Chinese house prices up 10% y-o-y
Chinese Government readying substantial investment stimulus
Continue to positively trade large IO miners
5-year gold price continues to be flat
Global Zinc inventories declining rapidly

Vale SA (VALE US), Bhp Billiton Ltd (Adr) (BHP US), Rio Tinto Ltd (RIO AU),Fortescue Metals (FMG AU), Azumah Resources (AZM AU), Peel Mining Ltd (PEX AU), Breaker Resources Nl (BRB AU), Pensana Metals (ASX: PM8), Axion (ASX: AZQ), Alkane Resources (ALK AU), Chesser Resources (CHZ AU), Hawkstone Mining (HWK AU), Liontown Resources (LTR AU), Genesis Minerals (GMD AU), Tietto Minerals Ltd (TIE AU), Hot Chili Ltd (HCH AU), Newfield Resources (NWF AU), Lucapa Diamond (LOM AU), Theta Gold Mines (TGM AU), Emperor Range (ERX AU)  


New J Hutton – Exploration Report (Weeks Ending 17/05/19)

<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)

Accelerating Tomorrow’s Independent Research

Boost Research

Boost Research Ltd is an appointed representative of Messels Ltd which is authorised and regulated by the FCA of the UK. 

This document is issued by Boost Research Limited solely for its clients. It may not be reproduced, redistributed or passed to any other person in whole or in part for any purpose without written consent of Boost Research. The material in this document is not intended for distribution or use outside the United Kingdom. This material is not directed at you if Boost Research is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.

This document is provided for information purposes only and should not be regarded as an offer, solicitation, invitation, inducement or recommendation relating to the subscription, purchase or sale of any security or other financial instrument.  This document does not constitute, and should not be interpreted as, investment advice.  It is accordingly recommended that you should seek independent advice from a suitably qualified professional advisor before taking any decisions in relation to the investments detailed herein. All expressions of opinions and estimates constitute a judgement and, unless otherwise stated, are those of the author and the research department of Boost Research only, and are subject to change without notice. Boost Research is under no obligation to update the information contained herein. Whilst Boost Research has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, Boost Research cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. This document is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty either expressed or implied is made, nor responsibility of any kind is accepted, by Boost Research or any of its respective directors, officers, employees or analysts either as to the accuracy or completeness of any information contained in this document nor should it be relied on as such. No liability whatsoever is accepted by Boost Research or any of its respective directors, officers, employees or analysts for any loss, whether direct or consequential, arising whether directly or indirectly as a result of the recipient acting on the content of this document, including, without limitation, lost profits arising from the use of this document or any of its contents.

This document is provided with the understanding that Boost Research is not acting in a fiduciary capacity and it is not a personal recommendation to you. Investing in securities entails risks. Past performance is not necessarily a guide to future performance. The value of and the income produced by products may fluctuate, so that an investor may get back less than he invested. Investments in the entities and/or the securities or other financial instruments referred to are not suitable for all investors and this document should not be relied upon in substitution for the exercise of independent judgment in relation to any such investment. The stated price of any securities mentioned herein will generally be the closing price at the end of any of the three business days immediately prior to the publication date on this document. This stated price is not a representation that any transaction can be effected at this price.

Boost Research and its respective analysts are remunerated for providing investment research to professional investors, corporations, other research institutions and consultancy houses. Boost Research, or its respective directors, officers, employees and clients may have or take positions in the securities or entities mentioned in this document.  Any of these circumstances could create, or be perceived as creating, conflicts of interest. Boost Research’ analysts are not censored in any way and are free to express their personal opinions. As a result, Boost Research may have issued other documents that are inconsistent with and reach different conclusions from, the information contained in this document. Those documents reflect the different assumptions, views and analytical methods of their authors. No director, officer or employee of Boost Research is on the board of directors of any company referenced herein and no one at any such referenced company is on the board of directors of Boost Research.

Messels is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the provision of investment advice. Residents of the United Kingdom should seek specific professional financial and investment advice from a stockbroker, banker, solicitor, accountant or other independent professional adviser authorised pursuant to the Financial Services and Markets Act 2000. This report is intended only for investors who are 'professional clients' as defined by the FCA, and may not, therefore, be redistributed to other classes of investors.

The content of this report is covered by our Policy of Independence which may be viewed at www.messels.com.

 

Analysts’ Certification

The analysts involved in the production of this document hereby certify that the views expressed in this document accurately reflect their personal views about the securities mentioned herein. The analysts point out that they may buy, sell or already have taken positions in the securities, and related financial instruments, mentioned in this document

<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)

<ul class="">
<li><a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a> continued strong BUY</li>
<li>Mineral Resource increased 2% to 6.61Moz</li>
<li>2019 attributable production guided at 50–60koz Au</li>
<li>AISC est. between A$1,050 to $1,150/oz, is realistic</li>
<li> Using $1,300/oz attributable 2019 EBIT will be between US$7.5-15m
</li>
<li>2020 attributable EBIT of 150k/oz conservative $A54m</li>
<li>
Price/EBIT ratio now 10.9 to 16.8 (previous est. 8 to 9.1)</li>
<li>Expand AIM &amp; ASX coverage to 397 companies from next week</li>
<li>
<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/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM 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/9713" target="_blank" data-smartkarma-citation="entities:9713:1">Metals X Ltd (MLX 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/1960" target="_blank" data-smartkarma-citation="entities:1960:1">Resolute Mining (RSG AU)</a>, <a href="https://www.smartkarma.com/entities/8946" target="_blank" data-smartkarma-citation="entities:8946">Andromeda Metals (ADN AU)</a>  
</li>
</ul>


Gold Road Resources (GOR AU) continued strong BUY
Mineral Resource increased 2% to 6.61Moz
2019 attributable production guided at 50–60koz Au
AISC est. between A$1,050 to $1,150/oz, is realistic
 Using $1,300/oz attributable 2019 EBIT will be between US$7.5-15m

2020 attributable EBIT of 150k/oz conservative $A54m

Price/EBIT ratio now 10.9 to 16.8 (previous est. 8 to 9.1)
Expand AIM &amp; ASX coverage to 397 companies from next week

Gold Road Resources (GOR AU), Azumah Resources (AZM AU), Millennium Minerals (MOY AU), Metals X Ltd (MLX AU), De Grey Mining (DEG AU) , Resolute Mining (RSG AU), Andromeda Metals (ADN AU)  



New J. Hutton Exploration Report (Week Ending 15/02/19)

<ul class="">
<li>
<a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a> Recommend BUY
</li>
<li>Gruyere JV (50/50) 91% complete, on schedule and budget</li>
<li>150koz pa Au attributable production to GOR, first bullion pour Q219</li>
<li>
Forecast EBIT $A74-84m pa, substantial cashflows starting Q419</li>
<li>
Price/EBIT ratio 8 to 9.1, A$44m cash - no debt</li>
<li>Own virtually the entire Yamarna Greenstone Belt (~ 6,500km2) </li>
<li>A$20m 2019 exploration budget - exceptional prospectivity</li>
<li>Corporate takeover target likely by <a href="https://www.smartkarma.com/entities/25109" target="_blank" data-smartkarma-citation="entities:25109:1">Gold Fields Ltd (GFI SJ)</a></li>
<li>
<a href="https://www.smartkarma.com/entities/10152" target="_blank" data-smartkarma-citation="entities:10152:1">Aura Energy Ltd (AEE 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/20488" target="_blank" data-smartkarma-citation="entities:20488:1">Liontown Resources (LTR 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/12743" target="_blank" data-smartkarma-citation="entities:12743:1">Southern Gold (SAU AU)</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/10577" target="_blank" data-smartkarma-citation="entities:10577:1">Focus Minerals (FML 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/7940" target="_blank" data-smartkarma-citation="entities:7940:1">Red 5 Ltd (RED AU)</a>, <a href="https://www.smartkarma.com/entities/14062" target="_blank" data-smartkarma-citation="entities:14062:1">Troy Resources (TRY AU)</a>
</li>
</ul>



Gold Road Resources (GOR AU) Recommend BUY

Gruyere JV (50/50) 91% complete, on schedule and budget
150koz pa Au attributable production to GOR, first bullion pour Q219

Forecast EBIT $A74-84m pa, substantial cashflows starting Q419

Price/EBIT ratio 8 to 9.1, A$44m cash - no debt
Own virtually the entire Yamarna Greenstone Belt (~ 6,500km2) 
A$20m 2019 exploration budget - exceptional prospectivity
Corporate takeover target likely by Gold Fields Ltd (GFI SJ)

Aura Energy Ltd (AEE AU), Catalyst Metals (CYL AU), Liontown Resources (LTR AU), Millennium Minerals (MOY AU), Southern Gold (SAU AU), Azumah Resources (AZM AU), Focus Minerals (FML AU), Oklo Resources (OKU AU), Red 5 Ltd (RED AU), Troy Resources (TRY AU)



New J. Hutton Exploration Report (Week Ending 01/02/19)

Australia

Azumah Resources Limited is a mineral exploration and production company. The Company explores for and produces gold and mineral resource prospects.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Azumah Resources (AZM AU)

New J Hutton – Exploration Report (Weeks Ending 17/05/19)

Vale SA (VALE US) woes continue, facing another dam collapse Forecast seaborne iron ore market deficit >100Mt CY19 Chinese house prices up 10%...

Gaius King

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 (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

New J. Hutton Exploration Report (Week Ending 15/02/19)

Gold Road Resources (GOR AU) continued strong BUY Mineral Resource increased 2% to 6.61Moz 2019 attributable production guided at 50–60koz Au AISC...

Boost Research

New J. Hutton Exploration Report (Week Ending 01/02/19)

Gold Road Resources (GOR AU) Recommend BUY Gruyere JV (50/50) 91% complete, on schedule and budget 150koz pa Au attributable production to GOR,...

Boost Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)