External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. 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>SFX has refreshed its DecQ-24 production and shipment guidance for the Thunderbird mine.</li><li>Both are pleasingly above our previous estimates, with targeted ilmenite and zircon concentrate sales of 160kt – 180kt (OMLe: 122kt) and 25kt – 40kt (OMLe: 26kt).</li><li>We forecast DecQ-24 revenues of A$51mn, a 41% increase from our previous estimates of A$36mn (100% basis). Cost and productivity optimisation measures continue to be assessed. </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.

SFX has refreshed its DecQ-24 production and shipment guidance for the Thunderbird mine.Both are pleasingly above our previous estimates, with targeted ilmenite and zircon concentrate sales of 160kt – 180kt (OMLe: 122kt) and 25kt – 40kt (OMLe: 26kt).We forecast DecQ-24 revenues of A$51mn, a 41% increase from our previous estimates of A$36mn (100% basis). Cost and productivity optimisation measures continue to be assessed. 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.

Sheffield Resources - Thunderbird Production and Sales Update

<ul>
<li>SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11% HM), and started production in Oct-23.</li>
<li>Thunderbird is a long-life asset with targeted exposure to zircon. But it is facing ramp- up difficulties and may need a recapitalisation and debt restructure.</li>
<li>While JV partner, Yansteel, has provided short-term funding to KMS, this support cannot be relied upon for SFX, putting its participation in the project at risk. </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.


SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11% HM), and started production in Oct-23.
Thunderbird is a long-life asset with targeted exposure to zircon. But it is facing ramp- up difficulties and may need a recapitalisation and debt restructure.
While JV partner, Yansteel, has provided short-term funding to KMS, this support cannot be relied upon for SFX, putting its participation in the project at risk. 

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.

Sheffield Resources - New Producer with Oversize(D) Challenges

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a> has entered a SID with a <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a>/<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).</li>
<li>The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.</li>
<li>There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. </li>
</ul>



Essential Metals (ESS AU) has entered a SID with a Tianqi Lithium (002466 CH)/IGO Ltd (IGO AU) JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).
The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.
There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. 


Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

Australia

Sheffield Resources Limited is a mineral exploration company with a bulk minerals focus. The Company's Projects are geared towards the steel industry feed cycle (iron ore and tungsten) and the emerging fillers-ceramics-pigments cycle (talc, zircon, titanium).

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Sheffield Resources (SFX AU)

Sheffield Resources - Thunderbird Production and Sales Update

SFX has refreshed its DecQ-24 production and shipment guidance for the Thunderbird mine. Both are pleasingly above our previous estimates

Ord Minnett

Sheffield Resources - New Producer with Oversize(D) Challenges

SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11%...

Ord Minnett

Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

FIRB approval is a risk. The offer is far from a knockout bid which raises the possibility of a competing bid. At the last close and for a May end...

Arun George

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