Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Kaiser Reef Limited provides mining services. The Company develops and explores precious material properties such as gold. Kaiser Reef serves customers in Australia.

<ul>
<li>Kaiser Reef Ltd (ASX:KAU) is undergoing a transformation as it acquires the Henty Gold mine from Catalyst Minerals (ASX:CYL) which should drive a step change in the production profile of the company from &lt;12kozpa to 37kozpa (proforma) with scope to increase to 50kozpa+ in the medium term.</li>
<li>Post the funding package completed alongside the acquisition, KAU has $27.2m in cash which can support the incremental investments into its mining operations to achieve the stated production targets.</li>
<li>Post the Henty Gold acquisition, Kaiser Reef Ltd (ASX:KAU) has the potential to become a 50kozpa+ producer over the medium term with 30kozpa+ from the Henty mine and 20kozpa+ from the A1 Gold mine.</li>
</ul>


Kaiser Reef Ltd (ASX:KAU) is undergoing a transformation as it acquires the Henty Gold mine from Catalyst Minerals (ASX:CYL) which should drive a step change in the production profile of the company from &lt;12kozpa to 37kozpa (proforma) with scope to increase to 50kozpa+ in the medium term.
Post the funding package completed alongside the acquisition, KAU has $27.2m in cash which can support the incremental investments into its mining operations to achieve the stated production targets.
Post the Henty Gold acquisition, Kaiser Reef Ltd (ASX:KAU) has the potential to become a 50kozpa+ producer over the medium term with 30kozpa+ from the Henty mine and 20kozpa+ from the A1 Gold mine.


Kaiser Reef Ltd  - Becoming a Bigger East Coast Gold Producer

Legacy Minerals Holdings ltd / Equity Bottom-Up

Legacy Minerals Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on exploring for high grade gold and base metal deposits in the NSW Lachlan Fold Belt.

<ul>
<li>Legacy Minerals Holdings Ltd (ASX:LGM) is a prospect generator and exploration company with a portfolio of projects across NSW.</li>
<li>Overall, LGM has nine projects whereby four are under joint venture with other major and junior explorers which provide additional funding to increase the level of concurrent exploration activity across its projects.</li>
<li>Like 2024, 2025 is set to be another productive year for LGM with multiple, funded, high-impact drill programmes aiming to make a significant discovery in addition to progressing development options at Drake.</li>
</ul>


Legacy Minerals Holdings Ltd (ASX:LGM) is a prospect generator and exploration company with a portfolio of projects across NSW.
Overall, LGM has nine projects whereby four are under joint venture with other major and junior explorers which provide additional funding to increase the level of concurrent exploration activity across its projects.
Like 2024, 2025 is set to be another productive year for LGM with multiple, funded, high-impact drill programmes aiming to make a significant discovery in addition to progressing development options at Drake.


Legacy Minerals Holdings Ltd  - Multiple Plays on NSW Exploration Success

GTI Resources Ltd. explores for uranium and gold in Australia.

<ul><li>GTI Energy Ltd (ASX:GTR) is focused on the development of three uranium projects located across Wyoming and Utah, USA.</li><li>Lo Herma (Wyoming) is the current flagship project for the company.</li><li>The company’s Wyoming projects are amenable to in-situ recovery (ISR) with GTR progressing a scoping study at the Lo Herma project which is evaluating the economic feasibility of a potential ISR mining operation.</li></ul>

GTI Energy Ltd (ASX:GTR) is focused on the development of three uranium projects located across Wyoming and Utah, USA.Lo Herma (Wyoming) is the current flagship project for the company.The company’s Wyoming projects are amenable to in-situ recovery (ISR) with GTR progressing a scoping study at the Lo Herma project which is evaluating the economic feasibility of a potential ISR mining operation.

Gti Resources Ltd - Scoping uranium pounds in the USA

Fenix Resources Ltd operates as a resource exploration company. The Company explores for iron ore, vanadium, and manganese. Fenix Resources develops its projects in Australia.

<ul><li>Fenix Resources (ASX:FEX) is a junior iron ore producer based in the Midwest region of Western Australia (WA).</li><li>FEX has been producing iron ore from the Iron Ridge project since 2020 with a total of 5.7Mt produced to date.</li><li>Going forward, FEX is planning to expand its production rate from ~1.3Mtpa to 4.0Mtpa by the end of CY25 through the ramp-up of production at the recently restarted Shine Mine and the currently under construction mine at Beebyn-W11.</li></ul>

Fenix Resources (ASX:FEX) is a junior iron ore producer based in the Midwest region of Western Australia (WA).FEX has been producing iron ore from the Iron Ridge project since 2020 with a total of 5.7Mt produced to date.Going forward, FEX is planning to expand its production rate from ~1.3Mtpa to 4.0Mtpa by the end of CY25 through the ramp-up of production at the recently restarted Shine Mine and the currently under construction mine at Beebyn-W11.

Fenix Resources Ltd - Building blocks made of WA iron

Global Traffic Network / Equity Bottom-Up

GTN Limited is a supplier of traffic information reports to radio stations in Australia, United Kingdom, Canada, and Brazil. The Company receives commercial advertising spots adjacent to traffic, news, and information reports from its network of affiliates and these spots are bundled together and sold to advertisers on a national, regional, or specific market basis.

<ul><li>GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.</li><li>With material capital management flagged for later this calendar year, we think a capital return is the most likely option given a lack of franking credits for a special dividend.</li><li>We look at a range of capital return amounts, including our base case for a $0.25/share capital return (or $49m in total) as this would result in a debt/EBITDA ratio around the peer average of 1.0x FY25f and fit within the current $35m banking facility.</li></ul>

GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.With material capital management flagged for later this calendar year, we think a capital return is the most likely option given a lack of franking credits for a special dividend.We look at a range of capital return amounts, including our base case for a $0.25/share capital return (or $49m in total) as this would result in a debt/EBITDA ratio around the peer average of 1.0x FY25f and fit within the current $35m banking facility.

GTN Ltd - A 'what if' on capital management

RaaS selects and engages with Australian small caps and microcaps that the market has mis-priced and/or misunderstood. Our goal is to deliver a market re-rating for our clients through focused, indepth and timely research and financial models. The RaaS team comprises highly experienced equity analysts who have all been rated analysts at investment banks including Credit Suisse, BNP Paribas, Royal Bank of Canada, ICBC Standard Bank.

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Director, RaaS Research Group
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Kaiser Reef Ltd - Becoming a Bigger East Coast Gold Producer

In addition, KAU is exploring opportunities to toll treat ore at Maldon to increase productivity at the mill and generate incremental profitability.

Research as a Service (RaaS)

Legacy Minerals Holdings Ltd - Multiple Plays on NSW Exploration Success

Legacy Minerals Holdings Ltd (ASX:LGM) is a prospect generator and exploration company with a portfolio of projects across NSW

Research as a Service (RaaS)

Gti Resources Ltd - Scoping uranium pounds in the USA

GTI Energy Ltd (ASX:GTR) is focused on the development of three uranium projects located across Wyoming and Utah, USA. Lo Herma (Wyoming) is the...

Research as a Service (RaaS)

Fenix Resources Ltd - Building blocks made of WA iron

Fenix Resources (ASX:FEX) is a junior iron ore producer based in the Midwest region of Western Australia (WA). FEX has been producing iron ore...

Research as a Service (RaaS)

GTN Ltd - A 'what if' on capital management

GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed...

Research as a Service (RaaS)