Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Mastermyne Group Limited operates as a coal mining contractor. The Company provides a diverse range of support services and products to underground coal mining operations. Mastermyne Group serves customers in Australia.

<ul><li>Mastermyne Group (ASX:MYE) announced a new mining services contract with GM3 at the Tahmoor underground metallurgical coal mine in NSW, adding more than 160 new roles and estimated gross revenue of ~$80m over an initial two-year term (up to ~$240m over six years if both two-year extension options are exercised).</li><li>This builds on Mastermyne's recent 140-role contract win at Dendrobium and its ~220-role contract at GM3’s nearby Appin mine, reinforcing the $432m order book and demonstrating its ability to convert the $1.5b opportunity pipeline.</li><li>The win also illustrates the benefit of its strategic shareholder relationship with M Group, through which it has now secured mining services contracts at three separate GM3 sites.</li></ul>

Mastermyne Group (ASX:MYE) announced a new mining services contract with GM3 at the Tahmoor underground metallurgical coal mine in NSW, adding more than 160 new roles and estimated gross revenue of ~$80m over an initial two-year term (up to ~$240m over six years if both two-year extension options are exercised).This builds on Mastermyne's recent 140-role contract win at Dendrobium and its ~220-role contract at GM3’s nearby Appin mine, reinforcing the $432m order book and demonstrating its ability to convert the $1.5b opportunity pipeline.The win also illustrates the benefit of its strategic shareholder relationship with M Group, through which it has now secured mining services contracts at three separate GM3 sites.

Mastermyne Group Limited - Illawarra hat-trick

D3 Energy Limited operates as an exploration company. The Company specializes in the development and production of natural gas and helium resources. D3 Energy conducts its business in Australia and Africa.

<ul><li>D3 Energy Limited (ASX:D3E) remains a compelling and highly leveraged investment play on natural gas and helium prospectivity in South Africa and Australia.</li><li>The drilling campaign being conducted across ER315 represents a big and bold step out, being some 43km NW of the PR016 - Production Right Application (PRA) area.</li><li>Importantly, initial world class helium concentrations of 5.2% support the geological model of ‘scale on a regional basis’, offsetting the unexpected water issues encountered in the wells.</li></ul>

D3 Energy Limited (ASX:D3E) remains a compelling and highly leveraged investment play on natural gas and helium prospectivity in South Africa and Australia.The drilling campaign being conducted across ER315 represents a big and bold step out, being some 43km NW of the PR016 - Production Right Application (PRA) area.Importantly, initial world class helium concentrations of 5.2% support the geological model of ‘scale on a regional basis’, offsetting the unexpected water issues encountered in the wells.

D3 Energy Limited - The 'big step-out' confirms world class helium grades

Imugene Limited is a health biotechnology development company.  The Company manufactures vaccines for gastric and breast cancer treatments. Imugene operates in Europe and Australia.

<ul><li>Imugene Ltd (ASX:IMU) is a clinical-stage immuno-oncology company that has transitioned from a wide-ranging pipeline into a highly-focused vehicle concentrating on CAR-T.</li><li>It is currently developing its platform azer-cel, an allogeneic ‘off-the-shelf’ CD19 CAR-T cell therapy for blood cancers.</li><li>IMU announced on 5 October 2026 that its BTKi Combination Cohort (Cohort 3) continues to progress with four additional patients evaluated at Day 28, with one Complete Response (CR) in Mantle Cell Lymphoma (MCL) and one Partial Response (PR) in Chronic Lymphocytic Leukemia (CLL).</li></ul>

Imugene Ltd (ASX:IMU) is a clinical-stage immuno-oncology company that has transitioned from a wide-ranging pipeline into a highly-focused vehicle concentrating on CAR-T.It is currently developing its platform azer-cel, an allogeneic ‘off-the-shelf’ CD19 CAR-T cell therapy for blood cancers.IMU announced on 5 October 2026 that its BTKi Combination Cohort (Cohort 3) continues to progress with four additional patients evaluated at Day 28, with one Complete Response (CR) in Mantle Cell Lymphoma (MCL) and one Partial Response (PR) in Chronic Lymphocytic Leukemia (CLL).

Imugene Ltd - BTKi cohort builds with 71% overall response rate

Beetaloo Energy Australia / Equity Bottom-Up

Beetaloo Energy Australia Limited provides oil and natural gas. The Company explores and developments oil and natural gas. Beetaloo Energy Australia serves clients worldwide.

<ul>
<li>Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.</li>
<li>BTL has the largest tenement position in the highly prospective Beetaloo Sub-basin with greater leverage to the production and growth success case.</li>
<li>The announcement of the company’s foray outside of the Beetaloo Basin (ASX Release 2-Oct-2026) into the Taroom Trough (Queensland) was surprising and intriguing in equal measure particularly from an asset perspective.</li>
</ul>


Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.
BTL has the largest tenement position in the highly prospective Beetaloo Sub-basin with greater leverage to the production and growth success case.
The announcement of the company’s foray outside of the Beetaloo Basin (ASX Release 2-Oct-2026) into the Taroom Trough (Queensland) was surprising and intriguing in equal measure particularly from an asset perspective.


Beetaloo Energy Australia - Dipping a Toe into the Taroom Trough Deeps

Island Pharmaceuticals  / Equity Bottom-Up

Island Pharmaceuticals Limited operates as a drug research and repurposing company. The Company focuses on developing preventative or therapeutic drugs for viral infections. Island Pharmaceuticals serves customers worldwide.

<ul><li>Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.</li><li>ILA has announced that GMP manufacture of Galidesivir active pharmaceutical ingredient (API) commenced on 1 October at PI Health Sciences (PIHS).</li><li>The first 5kg GMP API batch should be available by the end of October and is to be used in ILA’s approved emergency-use programme in Uganda during the current Bundibugyo Ebola outbreak.</li></ul>

Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.ILA has announced that GMP manufacture of Galidesivir active pharmaceutical ingredient (API) commenced on 1 October at PI Health Sciences (PIHS).The first 5kg GMP API batch should be available by the end of October and is to be used in ILA’s approved emergency-use programme in Uganda during the current Bundibugyo Ebola outbreak.

Island Pharmaceuticals Ltd - Galidesivir manufacturing commenced for Ebola deployment

RaaS selects and engages with Australian small caps and microcaps that the market has mis-priced and/or misunderstood. We look for companies at the inflection point for a re-rating and if we secure them as an issuer-sponsored client, we highlight the market mismatch through focused, indepth, timely and frequent research and financial models. The RaaS team comprises highly experienced equity analysts, predominantly from the buy-side and all with decades' experience covering the small/microcap end of the market.