In today’s briefing:
- Amaero International Ltd – Atomiser on schedule for 30 June commissioning
- Ionic Rare Earths (IXR) Flash Note AUD5.5m Placement 16052024
- IXR Update Note – The Circular Economy 06022024
- Ionic Rare Earths (IXR) Flash Note Makuutu Licence Signed 25012024
- Ionic Rare Earths (IXR) Post-Results 1H24 21032024
- Ionic Rare Earths (IXR) Initiation 05122023
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Amaero International Ltd – Atomiser on schedule for 30 June commissioning
- RaaS has published an update report on advanced materials manufacturing group Amaero International (ASX:3DA) following its announcement that the first atomiser has been installed at its Tennessee facility and is expected to be commissioned by 30 June. Key points from our report: • Installation and cold testing of the atomiser has been completed and hot testing of the atomiser has commenced on schedule. • In conjunction with commissioning, Amaero expects to produce two tonnes of titanium alloy (Ti64) powder. Following commissioning and cleaning of the atomiser, the company says it expects to commence parameter optimisation for production of C103 powder. Amaero says it expects to deliver initial samples of C103 powder to its offtake counterparty by mid-August. • The company’s announcement is in line with our forecasts for production timing and powder type. • We have adjusted our cost estimates, in particular employee costs in the near term and for conservatism have increased our estimates for research and development costs, without incorporating income estimates for government grants. • Our base-case DCF valuation is now $1.25/share fully diluted (previously $1.37/share) while a +15/-15% sensitivity analysis to our base-case valuation provides a valuation range of $0.67 to $1.72/share.
Ionic Rare Earths (IXR) Flash Note AUD5.5m Placement 16052024
- Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).
- We have excluded Belfast recycling from our valuation at this stage.
- IXR is currently ahead of its most recently published schedule.
IXR Update Note – The Circular Economy 06022024
- Ionic Rare Earths Ltd (ASX:IXR).
- We have raised our valuation range 26%.
- IXR is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).
Ionic Rare Earths (IXR) Flash Note Makuutu Licence Signed 25012024
- Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).
- We have excluded Belfast recycling from our valuation at this stage.
- Since ACF’s IXR Initiation note published on 05 Dec 2023 IXR’s ownership in the Makuutu project has increased to 94% up 34pp from 60%.
Ionic Rare Earths (IXR) Post-Results 1H24 21032024
- Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).
- We have excluded Belfast recycling from our valuation at this stage.
- IXR is currently ahead of its most recently published schedule.
Ionic Rare Earths (IXR) Initiation 05122023
- Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).
- We have excluded Belfast recycling from our valuation.
- IXR appears significantly undervalued on an intrinsic and EV/M+I basis compared to its peers.