Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul>
<li>Initiate on <a href="https://www.smartkarma.com/entities/20374" target="_blank" data-smartkarma-citation="entities:20374:1">Lynas Corp Ltd (LYC AU)</a> as a BUY</li>
<li>Six Chinese SOEs control ~78% of global primary REE supply</li>
<li>Est. China processes &gt;90% of global REE concentrate</li>
<li>LYC is the only LREE producer outside China of any note</li>
<li>Current focus on environmental problems and future capex secondary concerns</li>
<li>Potential mine expansion at Mt Weld</li>
<li>MOU regarding strategic processing in the US</li>
<li>Future margin expansion following recent REE price rises (~33% in a week)</li>
<li><a href="https://www.smartkarma.com/entities/2106" target="_blank" data-smartkarma-citation="entities:2106:1">Pensana Metals (PM8 AU)</a> as a Speculative BUY</li>
<li>
<a href="https://www.smartkarma.com/entities/4111" target="_blank" data-smartkarma-citation="entities:4111:1">Peel Mining Ltd (PEX AU)</a> focus on Mallee Bull a possible distraction</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/27844" target="_blank" data-smartkarma-citation="entities:27844:1">Yellow Cake PLC (YCA LN)</a>, Black Cat Syndicate (ASX: BC8), <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/2971" target="_blank" data-smartkarma-citation="entities:2971:1">Hawkstone Mining (HWK 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/14062" target="_blank" data-smartkarma-citation="entities:14062:1">Troy Resources (TRY AU)</a>, <a href="https://www.smartkarma.com/entities/15518" target="_blank" data-smartkarma-citation="entities:15518:1">Australian Vanadium (AVL AU)</a>, <a href="https://www.smartkarma.com/entities/15374" target="_blank" data-smartkarma-citation="entities:15374:1">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/19897" target="_blank" data-smartkarma-citation="entities:19897:1">Vango Mining (VAN AU)</a>, Carawine Resources (ASX: CWX)</li>
</ul>


Initiate on Lynas Corp Ltd (LYC AU) as a BUY
Six Chinese SOEs control ~78% of global primary REE supply
Est. China processes &gt;90% of global REE concentrate
LYC is the only LREE producer outside China of any note
Current focus on environmental problems and future capex secondary concerns
Potential mine expansion at Mt Weld
MOU regarding strategic processing in the US
Future margin expansion following recent REE price rises (~33% in a week)
Pensana Metals (PM8 AU) as a Speculative BUY

Peel Mining Ltd (PEX AU) focus on Mallee Bull a possible distraction

Gold Road Resources (GOR AU), Yellow Cake PLC (YCA LN), Black Cat Syndicate (ASX: BC8), Liontown Resources (LTR AU), Hawkstone Mining (HWK AU), Tietto Minerals Ltd (TIE AU), Troy Resources (TRY AU), Australian Vanadium (AVL AU), Predictive Discovery (PDI AU), Vango Mining (VAN AU), Carawine Resources (ASX: CWX)


New J Hutton – Exploration Report (Weeks Ending 31/05/19)

<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)

Australia

Tietto Minerals Limited provides metal exploration and mining services. The Company focuses on development and exploration of gold projects. Tietto Minerals serves customers in West Africa.

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Tietto Minerals Ltd (TIE AU)

New J Hutton – Exploration Report (Weeks Ending 31/05/19)

Initiate on Lynas Corp Ltd (LYC AU) as a BUY Six Chinese SOEs control ~78% of global primary REE supply Est. China processes >90% of global REE...

Gaius King

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

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52-week Range

Market Cap (USDm)

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