External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>A softer start to the year than we expected with weaker performances at Tritton (paste pipe blockage) and Cracow (COVID absenteeism) detracting away from a strong performance at Jaguar.</li><li>Despite this slower start, management have retained FY23 guidance – we see the Company meeting the lower end of this production target as ore source optionality (and grade) improves at Tritton (i.e. Budgerygar and Avoca Tank) coupling with productivity enhancements (manning levels / grade) at Cracow.</li><li>Today’s performance (-18%) further adds to valuation appeal (0.4x P/NAV) – but we don’t expect this discount to unwind until the Company delivers in line with expectations.</li></ul><p><em>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.</em></p>

A softer start to the year than we expected with weaker performances at Tritton (paste pipe blockage) and Cracow (COVID absenteeism) detracting away from a strong performance at Jaguar.Despite this slower start, management have retained FY23 guidance – we see the Company meeting the lower end of this production target as ore source optionality (and grade) improves at Tritton (i.e. Budgerygar and Avoca Tank) coupling with productivity enhancements (manning levels / grade) at Cracow.Today’s performance (-18%) further adds to valuation appeal (0.4x P/NAV) – but we don’t expect this discount to unwind until the Company delivers in line with expectations.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.

Aeris Resources Limited - Slow Start at Tritton / Cracow