IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.afr.com/street-talk/ramelius-spartan-nut-out-4b-low-premium-merger-advisers-bunker-down-20250313-p5ljfs" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> and <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources /Australi (SPR AU)</a> are in advanced talks about a low-premium merger through a scheme of arrangement. </li>
<li>A merger will result in synergies due to more significant gold production and lower costs. By adding ore to Mount Magnet, Spartan could fix Ramelius’ near-term production gap. </li>
<li>My analysis suggests an exchange ratio of around 0.82x (0.82x RMS share per SPR share). This implies an SPR price of A$1.80, a 12.8% premium to the last close.</li>
</ul>


The AFR reports that Ramelius Resources (RMS AU) and Spartan Resources /Australi (SPR AU) are in advanced talks about a low-premium merger through a scheme of arrangement. 
A merger will result in synergies due to more significant gold production and lower costs. By adding ore to Mount Magnet, Spartan could fix Ramelius’ near-term production gap. 
My analysis suggests an exchange ratio of around 0.82x (0.82x RMS share per SPR share). This implies an SPR price of A$1.80, a 12.8% premium to the last close.


Spartan Resources (SPR AU): A Rumoured Merger with Ramelius Resources (RMS AU)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>There will be seven ADDs and no DELs for the March 2025 rebal event.</li>
<li>We expect a one-way flow of US$320mn for March 2025, which translates to a turnover of 5.2%.</li>
</ul>


The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
There will be seven ADDs and no DELs for the March 2025 rebal event.
We expect a one-way flow of US$320mn for March 2025, which translates to a turnover of 5.2%.


Quiddity MV Jr Gold Miners Mar25 Rebalance Flows: 7 ADDs No DELETEs And $640mm Round Trip Flows

<ul>
<li>The <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> IE considers <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>’s offer fair and reasonable. The offer is 0.119 NST shares per DEG share.</li>
<li>The key condition is DEG shareholder approval. Due to the lack of a competing bid, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, which holds a potentially blocking stake, should support it.</li>
<li>The offer is attractive compared to historical trading ranges. At the last close and for a 5 May payment, the gross/annualised spread is 2.4%/18.2%.</li>
</ul>


The De Grey Mining (DEG AU) IE considers Northern Star Resources (NST AU)’s offer fair and reasonable. The offer is 0.119 NST shares per DEG share.
The key condition is DEG shareholder approval. Due to the lack of a competing bid, Gold Road Resources (GOR AU), which holds a potentially blocking stake, should support it.
The offer is attractive compared to historical trading ranges. At the last close and for a 5 May payment, the gross/annualised spread is 2.4%/18.2%.


De Grey Mining (DEG AU): Scheme Vote on 16 April

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks</li>
<li>We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.</li>
<li>The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight</li>
</ul>


We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks
We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.
The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight


Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. </li>
<li>This index is reviewed semi-annually in March/September. During these reviews, names can be added or deleted from the index. We like it because a lot of money tracks it.</li>
<li>Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
This index is reviewed semi-annually in March/September. During these reviews, names can be added or deleted from the index. We like it because a lot of money tracks it.
Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025.


[Quiddity Index Feb25] MV Junior Gold Miners Index Mar25 Rebal: One Big Delete, 8.8% One Way.

Australia

Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.

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Evolution Mining (EVN AU)

Spartan Resources (SPR AU): A Rumoured Merger with Ramelius Resources (RMS AU)

My analysis suggests an exchange ratio of around 0.82x (0.82x RMS share per SPR share). This implies an SPR price of A$1.80, a 12.8% premium to the...

Arun George

Quiddity MV Jr Gold Miners Mar25 Rebalance Flows: 7 ADDs No DELETEs And $640mm Round Trip Flows

The MVIS Junior Gold Miner Index rebal was announced Friday. A couple of surprises and the DELETE missed because a drop in float. $320mm a side and...

Travis Lundy

De Grey Mining (DEG AU): Scheme Vote on 16 April

The offer is attractive compared to historical trading ranges. At the last close and for a 5 May payment, the gross/annualised spread is 2.4%/18.2%.

Arun George

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

[Quiddity Index Feb25] MV Junior Gold Miners Index Mar25 Rebal: One Big Delete, 8.8% One Way.

The MV Junior Gold Miners Index is an odd duck. It deletes names when they get too big. For that, it can be interesting, so the Quiddity team...

Travis Lundy

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