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

<ul><li>1Q25 result was broadly in line with our expectations for production (~36koz) with cash (A$160m) ahead on deferred transaction costs (vs. OMLe).</li><li>GMD’s growth program (+50% by FY28) continues apace with the restart of the Laverton mill (OMLe: 9koz DecQ) and development of the Hub OP (3.4 g/t reserve).</li><li>We believe investors will continue to favour the name as sentiment towards longer term gold prices improve and growth is rewarded. </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.

1Q25 result was broadly in line with our expectations for production (~36koz) with cash (A$160m) ahead on deferred transaction costs (vs. OMLe).GMD’s growth program (+50% by FY28) continues apace with the restart of the Laverton mill (OMLe: 9koz DecQ) and development of the Hub OP (3.4 g/t reserve).We believe investors will continue to favour the name as sentiment towards longer term gold prices improve and growth is rewarded. 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 - Good Day to Be a Gold Stock

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>
<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> entered a binding scheme with <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> at 0.119 NST shares per DEG share, implying A$2.08, a 37.1% premium to the undisturbed price. </li>
<li>The scheme is conditional on DEG shareholder approval. <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>, the largest shareholder, potentially holds a blocking stake and has not provided an irrevocable. </li>
<li>The offer is susceptible to a competing offer as it is all-scrip and unremarkable vs peer multiples. <a href="https://www.smartkarma.com/entities/barrick-gold-corp" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Gold (GOLD US)</a> and <a href="https://www.smartkarma.com/entities/agnico-eagle-mines-ltd-8b0f0329-d882-44b2-8bfc-7fe3a15f96b4" target="_blank" data-smartkarma-citation="entities:38576:1" rel="noopener">Agnico Eagle Mines (AEM US)</a> are potential suitors.</li>
</ul>



De Grey Mining (DEG AU) entered a binding scheme with Northern Star Resources (NST AU) at 0.119 NST shares per DEG share, implying A$2.08, a 37.1% premium to the undisturbed price. 
The scheme is conditional on DEG shareholder approval. Gold Road Resources (GOR AU), the largest shareholder, potentially holds a blocking stake and has not provided an irrevocable. 
The offer is susceptible to a competing offer as it is all-scrip and unremarkable vs peer multiples. Barrick Gold (GOLD US) and Agnico Eagle Mines (AEM US) are potential suitors.


De Grey Mining (DEG AU): Northern Star (NST AU)’s All-Scrip Offer Could Draw Out Competing Suitors

<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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Aug 16th (reported today) which has an aggregated short interest worth USD24.2bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pro Medicus, Seek, Goodman, Endeavour, BHP, Fortescue, Flight Centre.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 16th (reported today) which has an aggregated short interest worth USD24.2bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pro Medicus, Seek, Goodman, Endeavour, BHP, Fortescue, Flight Centre.


ASX Short Interest Weekly (Aug 16th): Pro Medicus, Seek, Goodman, Endeavour, BHP, Fortescue

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul>
<li>Fortescue Metals Group experienced a significant block trade worth $1.1 billion, leading to a 6% discount in their stock price</li>
<li>Potential sellers include Hunan Iron and Steel Group, Vallon Holdings, and Capital Group, with speculation on the reasons behind the sale</li>
<li>The geopolitical situation in Niger, with ongoing conflicts involving French, US, and Russian forces against Islamist militants, is a topic of interest and discussion among the group</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Fortescue Metals Group experienced a significant block trade worth $1.1 billion, leading to a 6% discount in their stock price
Potential sellers include Hunan Iron and Steel Group, Vallon Holdings, and Capital Group, with speculation on the reasons behind the sale
The geopolitical situation in Niger, with ongoing conflicts involving French, US, and Russian forces against Islamist militants, is a topic of interest and discussion among the group

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Australia

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

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Genesis Minerals (GMD AU)

Genesis Minerals Limited - Good Day to Be a Gold Stock

1Q25 result was broadly in line with our expectations for production (~36koz) with cash (A$160m) ahead on deferred transaction costs (vs. OMLe).

Ord Minnett

De Grey Mining (DEG AU): Northern Star (NST AU)’s All-Scrip Offer Could Draw Out Competing Suitors

The offer is susceptible to a competing offer as it is all-scrip and unremarkable vs peer resource/reserve multiples. Barrick Gold and Agnico Eagle...

Arun George

Genesis Minerals Limited - Awaiting FY25 Guidance

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...

Ord Minnett

ASX Short Interest Weekly (Aug 16th): Pro Medicus, Seek, Goodman, Endeavour, BHP, Fortescue

We analyzed ASX short interest report for the past week and highlight short interest changes in Pro Medicus, Seek, Goodman, Endeavour, BHP,...

Ke Yan, CFA, FRM

Who’s Dumping FMG Stock?

Discussion on uranium geopolitics and potential site visits, analyst interests in gold, oil, and gas, Fortescue block trade, speculation on sellers...

Money of Mine

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