Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Accelerating Tomorrow’s Independent Research

Boost Research

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Equity Bottom-Up

<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)