Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>Critical Minerals Outside of China Will Command A Strategic Premium</li>
<li>As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies</li>
<li>We highlight eight companies as a basket of such miners which should benefit from these trends</li>
</ul>


Critical Minerals Outside of China Will Command A Strategic Premium
As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
We highlight eight companies as a basket of such miners which should benefit from these trends


A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 2

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Equity Bottom-Up

<ul><li>RaaS Research has published a report on Metals X (ASX:MLX) as part of its sponsorship of the Sydney Mining Club.</li><li>Metals X Ltd (ASX:MLX) is a leading tin producer whose core asset is its 50% ownership of the Renison tin mine in Tasmania, Australia.</li><li>The Renison mine currently produces ~10ktpa of tin in concentrate making it a meaningful supplier in global markets producing ~3.5% of global mine supply.</li></ul>

RaaS Research has published a report on Metals X (ASX:MLX) as part of its sponsorship of the Sydney Mining Club.Metals X Ltd (ASX:MLX) is a leading tin producer whose core asset is its 50% ownership of the Renison tin mine in Tasmania, Australia.The Renison mine currently produces ~10ktpa of tin in concentrate making it a meaningful supplier in global markets producing ~3.5% of global mine supply.

Metals X Ltd - A major Australian and global tin miner

<ul><li>Metals X Ltd (ASX:MLX) is a leading tin producer whose core asset is its 50% ownership of the Renison tin mine in Tasmania, Australia.</li><li>The Renison mine currently produces ~10ktpa of tin in concentrate making it a meaningful supplier in global markets producing ~3.5% of global mine supply.</li><li>The mine is expected to produce ~10.2ktpa of tin for the next 10 years whilst ongoing exploration continues to demonstrate upside potential through the identification of further ore bodies. </li></ul>

Metals X Ltd (ASX:MLX) is a leading tin producer whose core asset is its 50% ownership of the Renison tin mine in Tasmania, Australia.The Renison mine currently produces ~10ktpa of tin in concentrate making it a meaningful supplier in global markets producing ~3.5% of global mine supply.The mine is expected to produce ~10.2ktpa of tin for the next 10 years whilst ongoing exploration continues to demonstrate upside potential through the identification of further ore bodies. 

Metals X Limited: A Major Australian and Global Tin Miner

Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Accelerating Tomorrow’s Independent Research

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<ul class="">
<li><a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a> continued strong BUY</li>
<li>Mineral Resource increased 2% to 6.61Moz</li>
<li>2019 attributable production guided at 50–60koz Au</li>
<li>AISC est. between A$1,050 to $1,150/oz, is realistic</li>
<li> Using $1,300/oz attributable 2019 EBIT will be between US$7.5-15m
</li>
<li>2020 attributable EBIT of 150k/oz conservative $A54m</li>
<li>
Price/EBIT ratio now 10.9 to 16.8 (previous est. 8 to 9.1)</li>
<li>Expand AIM &amp; ASX coverage to 397 companies from next week</li>
<li>
<a href="https://www.smartkarma.com/entities/6698" target="_blank" data-smartkarma-citation="entities:6698:1">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/5124" target="_blank" data-smartkarma-citation="entities:5124:1">Azumah Resources (AZM AU)</a>, <a href="https://www.smartkarma.com/entities/11276" target="_blank" data-smartkarma-citation="entities:11276:1">Millennium Minerals (MOY AU)</a>, <a href="https://www.smartkarma.com/entities/9713" target="_blank" data-smartkarma-citation="entities:9713:1">Metals X Ltd (MLX AU)</a>, <a href="https://www.smartkarma.com/entities/6192" target="_blank" data-smartkarma-citation="entities:6192:1">De Grey Mining (DEG AU)</a> , <a href="https://www.smartkarma.com/entities/1960" target="_blank" data-smartkarma-citation="entities:1960:1">Resolute Mining (RSG AU)</a>, <a href="https://www.smartkarma.com/entities/8946" target="_blank" data-smartkarma-citation="entities:8946">Andromeda Metals (ADN AU)</a>  
</li>
</ul>


Gold Road Resources (GOR AU) continued strong BUY
Mineral Resource increased 2% to 6.61Moz
2019 attributable production guided at 50–60koz Au
AISC est. between A$1,050 to $1,150/oz, is realistic
 Using $1,300/oz attributable 2019 EBIT will be between US$7.5-15m

2020 attributable EBIT of 150k/oz conservative $A54m

Price/EBIT ratio now 10.9 to 16.8 (previous est. 8 to 9.1)
Expand AIM &amp; ASX coverage to 397 companies from next week

Gold Road Resources (GOR AU), Azumah Resources (AZM AU), Millennium Minerals (MOY AU), Metals X Ltd (MLX AU), De Grey Mining (DEG AU) , Resolute Mining (RSG AU), Andromeda Metals (ADN AU)  



New J. Hutton Exploration Report (Week Ending 15/02/19)

<ul>
<li>Cover 314 companies, soon to be expanded</li>
<li>Recommend Speculative Buy on PEX</li>
<li>Thick VMS intersections e.g. 40m @ 10.2% Zn, 2.83 % Pb</li>
<li>Economic mineralisation at Southern Nights starts at 120m depth</li>
<li>Wagga Tank prospect recorded 9.3m @ 7.32% Zn, 3.38% Pb</li>
<li>
<a href="https://www.smartkarma.com/entities/4111" target="_blank" data-smartkarma-citation="entities:4111:1">Peel Mining Ltd (PEX AU)</a> ; <a href="https://www.smartkarma.com/entities/9713" target="_blank" data-smartkarma-citation="entities:9713:1">Metals X Ltd (MLX AU)</a>; <a href="https://www.smartkarma.com/entities/5968" target="_blank" data-smartkarma-citation="entities:5968:1">Ramelius Resources (RMS AU)</a>; <a href="https://www.smartkarma.com/entities/9553" target="_blank" data-smartkarma-citation="entities:9553:1">Atrum Coal Nl (ATU AU)</a>; <a href="https://www.smartkarma.com/entities/12867" target="_blank" data-smartkarma-citation="entities:12867:1">First Graphite (FGR AU)</a> ; <a href="https://www.smartkarma.com/entities/13914" target="_blank" data-smartkarma-citation="entities:13914:1">Galaxy Resources (GXY AU)</a>; <a href="https://www.smartkarma.com/entities/8189" target="_blank" data-smartkarma-citation="entities:8189:1">Sovereign Metals (SVM AU)</a>; <a href="https://www.smartkarma.com/entities/17908" target="_blank" data-smartkarma-citation="entities:17908:1">Globe Specialty Metals (GSM US)</a>; <a href="https://www.smartkarma.com/entities/15733" target="_blank" data-smartkarma-citation="entities:15733:1">White Cliff Minerals (WCN AU)</a>; <a href="https://www.smartkarma.com/entities/7971" target="_blank" data-smartkarma-citation="entities:7971:1">Carnegie Clean Energy (CCE AU)</a>; <a href="https://www.smartkarma.com/entities/8807" target="_blank" data-smartkarma-citation="entities:8807:1">Theta Gold Mines (TGM AU)</a>  </li>
</ul>


Cover 314 companies, soon to be expanded
Recommend Speculative Buy on PEX
Thick VMS intersections e.g. 40m @ 10.2% Zn, 2.83 % Pb
Economic mineralisation at Southern Nights starts at 120m depth
Wagga Tank prospect recorded 9.3m @ 7.32% Zn, 3.38% Pb

Peel Mining Ltd (PEX AU) ; Metals X Ltd (MLX AU); Ramelius Resources (RMS AU); Atrum Coal Nl (ATU AU); First Graphite (FGR AU) ; Galaxy Resources (GXY AU); Sovereign Metals (SVM AU); Globe Specialty Metals (GSM US); White Cliff Minerals (WCN AU); Carnegie Clean Energy (CCE AU); Theta Gold Mines (TGM AU)  


New J. Hutton Exploration Report (Week Ending 25/01/19)

Australia

Metals X Limited operates as a diversified resource company. The Company mines, develops, and explores copper, nickel, cobalt, and other metals. Metals X serves customers in Australia.

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Metals X Ltd (MLX AU)

A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 2

We look at the next 2 companies in the basket of strategic miners. Average performance of the basket over the last 2 weeks has been +12%

Rikki Malik

Metals X Ltd - A major Australian and global tin miner

RaaS Research has published a report on Metals X (ASX:MLX) as part of its sponsorship of the Sydney Mining Club. Metals X Ltd (ASX:MLX) is a...

Research as a Service (RaaS)

Metals X Limited: A Major Australian and Global Tin Miner

Metals X Ltd (ASX:MLX) is a leading tin producer whose core asset is its 50% ownership of the Renison tin mine in Tasmania, Australia.

Research as a Service (RaaS)

New J. Hutton Exploration Report (Week Ending 15/02/19)

Gold Road Resources (GOR AU) continued strong BUY Mineral Resource increased 2% to 6.61Moz 2019 attributable production guided at 50–60koz Au AISC...

Boost Research

New J. Hutton Exploration Report (Week Ending 25/01/19)

Cover 314 companies, soon to be expanded Recommend Speculative Buy on PEX Thick VMS intersections e.g. 40m @ 10.2% Zn, 2.83 % Pb Economic...

Boost Research

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