IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>The <a href="https://www.smartkarma.com/entities/emmerson-resources-ltd" target="_blank" data-smartkarma-citation="entities:18705:1" rel="noopener">Emmerson Resources (ERM AU)</a> IE considers <a href="https://www.smartkarma.com/entities/pan-african-resources-plc" target="_blank" data-smartkarma-citation="entities:23518:1" rel="noopener">Pan African Resources (PAF LN)</a>’s offer (0.1493 PAN CDI shares per ERM share) fair and reasonable.</li>
<li>Unusually, the IE’s valuation (A$0.087 to A$0.139) is well below the undisturbed price (A$0.33), apparently due to low liquidity and to the DCF valuation not factoring in all the reserves.</li>
<li>The key condition is ERM shareholder approval. The scheme vote is low risk as the substantial shareholders will be supportive (irrevocables or high premium to their price paid).</li>
</ul>


The Emmerson Resources (ERM AU) IE considers Pan African Resources (PAF LN)’s offer (0.1493 PAN CDI shares per ERM share) fair and reasonable.
Unusually, the IE’s valuation (A$0.087 to A$0.139) is well below the undisturbed price (A$0.33), apparently due to low liquidity and to the DCF valuation not factoring in all the reserves.
The key condition is ERM shareholder approval. The scheme vote is low risk as the substantial shareholders will be supportive (irrevocables or high premium to their price paid).


Emmerson Resources (ERM AU): Scheme Vote on 15 June

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Equity Bottom-Up

<ul>
<li>Auric Mining Limited (ASX:AWJ) is a junior gold company aiming to take advantage of higher gold prices to generate cash flow from two key projects.</li>
<li>AWJ has been mining and tolling ore from the Jeffreys Find Project since late 2023 and has generated ~$105m in revenue from the production and sale of 27.6koz of gold.</li>
<li>To date, AWJ has received ~$12.9m in net proceeds from the project with further distributions to be received in 2H25.</li>
</ul>


Auric Mining Limited (ASX:AWJ) is a junior gold company aiming to take advantage of higher gold prices to generate cash flow from two key projects.
AWJ has been mining and tolling ore from the Jeffreys Find Project since late 2023 and has generated ~$105m in revenue from the production and sale of 27.6koz of gold.
To date, AWJ has received ~$12.9m in net proceeds from the project with further distributions to be received in 2H25.


Auric Mining Limited  - Turning Gold into Cash Flow

Australia

Auric Mining Limited provides exploration and mining services. The Company explores and develops gold projects. Auric Mining serves customers worldwide.

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Auric Mining (AWJ AU)

Emmerson Resources (ERM AU): Scheme Vote on 15 June

This is a done deal as the scheme vote is low risk. At the last close and for a 1 July payment, the gross/annualised spread was 1.0%/6.6%.

Arun George

Auric Mining Limited - Turning Gold into Cash Flow

Auric Mining Limited (ASX:AWJ) is a junior gold company aiming to take advantage of higher gold prices to generate cash flow from two key projects.

Research as a Service (RaaS)

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