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

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).

<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

Viridis Mining and Minerals Lt / Equity Bottom-Up

Viridis Mining and Minerals Limited operates as a mineral exploration company. The Company focused on a portfolio of coal assets located in Indonesia.

<ul><li>VMM has achieved first production of mixed rare earth carbonate (MREC) from a bulk sample from 36 diamond cores across the Northern Concessions.</li><li>Met testing by ANSTO has returned strong TREO (60%) and MREO recoveries (Pr: 77%, Nd: 76%, Dy: 67% &amp; Tb: 71%) using standard Amsul leaching.</li><li>Our diluted base case NAV increases by 33% from A$1.96/sh to A$2.61/sh with the new recoveries. </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.

VMM has achieved first production of mixed rare earth carbonate (MREC) from a bulk sample from 36 diamond cores across the Northern Concessions.Met testing by ANSTO has returned strong TREO (60%) and MREO recoveries (Pr: 77%, Nd: 76%, Dy: 67% &amp; Tb: 71%) using standard Amsul leaching.Our diluted base case NAV increases by 33% from A$1.96/sh to A$2.61/sh with the new recoveries. 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.

Viridis Mining and Minerals Ltd - Maiden Sample of MREC Produced

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

<ul><li>DSE’s 1H24 result was in-line with OMLe at revenue ($18.9m vs $19.2m) but slightly below at EBITDA (~flat vs $1.1mE) on higher technology spend ($1.5m vs $0.8m) and some other minor items.</li><li>FCF was in-line at $0.8m. Ultimately, we continue to believe DSE is striking the correct balance of growth (1H24 rev +34% YoY) and profit (1H positive at both NPAT / FCF lines) and expect this dynamic to persist given a large, underserved addressable market and structural industry tailwinds in place.</li><li>Following the release, we maintain a BUY recommendation, PT falls -$0.06 to $3.78/sh</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.

DSE’s 1H24 result was in-line with OMLe at revenue ($18.9m vs $19.2m) but slightly below at EBITDA (~flat vs $1.1mE) on higher technology spend ($1.5m vs $0.8m) and some other minor items.FCF was in-line at $0.8m. Ultimately, we continue to believe DSE is striking the correct balance of growth (1H24 rev +34% YoY) and profit (1H positive at both NPAT / FCF lines) and expect this dynamic to persist given a large, underserved addressable market and structural industry tailwinds in place.Following the release, we maintain a BUY recommendation, PT falls -$0.06 to $3.78/shContent 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.

Dropsuite Limited - 1H24:The Balancing Act

4DMedical Ltd develops software. The Company designs application for medical field. 4DMedical serves customers in the United States and Australia.

<ul><li>4DX delivered FY24 revenue up 5x to $3.8m (OMLe $3.9m), GP of $3.5m (OMLe $3.6m) and an EBITDA loss of -$30.5m (OMLe -$27.9m).</li><li>The formalisation of the Philips reseller agreement continues to take longer than expected but is progressing positively and remains a key catalyst (OMLe US revenue driver from 2H25E).</li><li>FY24 was a seminal year for 4DX with a run of material commercialisation milestones (CMS reimbursement, Philips, VA) establishing a pathway for rapid revenue generation (OMLe FY26E+). </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.

4DX delivered FY24 revenue up 5x to $3.8m (OMLe $3.9m), GP of $3.5m (OMLe $3.6m) and an EBITDA loss of -$30.5m (OMLe -$27.9m).The formalisation of the Philips reseller agreement continues to take longer than expected but is progressing positively and remains a key catalyst (OMLe US revenue driver from 2H25E).FY24 was a seminal year for 4DX with a run of material commercialisation milestones (CMS reimbursement, Philips, VA) establishing a pathway for rapid revenue generation (OMLe FY26E+). 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.

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

<ul><li>FY24 EBITDA of $113m and NPAT of $28m was in-line with previous disclosures.</li><li>Management plans to accelerate its growth plans and will update FY25 guidance in September.</li><li>Current guidance is set at 175koz at an AISC of A$2,300/oz with a growth spend of A$100m.</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.

FY24 EBITDA of $113m and NPAT of $28m was in-line with previous disclosures.Management plans to accelerate its growth plans and will update FY25 guidance in September.Current guidance is set at 175koz at an AISC of A$2,300/oz with a growth spend of A$100m.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.

Genesis Minerals Limited - Awaiting FY25 Guidance