SO4 has awarded a total of $107m in EPC and EPCM contracts for the completion of the Lake Way SOP project. The contracts have been awarded with the approval of SO4’s debt partner, Taurus. This a positive sign that the finalisation of the funding package must be imminent. SO4 has completed 85% of the detailedRead more
The award of $107m project work at the Lake Way SOP project gives the order book a welcome boost. Further work needs to be won to hit our FY21 revenue target, but we view this as achievable, and potentially beatable, given potential exposure to a number of large projects if they are progressed and convertedRead more
While the dispute with DCG is today’s headline, we are more focused on the outlook. We assume the economic slowdown will impact near-term decisions, particularly in the commercial sector, and therefore the longer-term outlook for SXE given its involvement at the back end of projects. Lower forecasts see our valuation drop to $0.65 (prior $0.75),Read more
DXB’s CCR2 receptor blocker DMX-200 has been selected to take part in a WHO endorsed and externally funded global pandemic phase 4 study targeting Acute Respiratory Distress Syndrome (ARDS) caused by COVID-19. The study covers 200 global sites and involves up to 7,000 patients in an adaptive that if successful, could lead to the almostRead more
MAH has won a three year extension and expansion of its contract at the Byerwen coking coal mine in QLD, adding $700m to the order book. Guidance has been reiterated for FY20 (revenue of $1.3-1.4b and EBIT(A) of $85-95m), while FY21 work in hand has grown by $0.1b to $1.2b before any civil and shortRead more
De Grey Mining looks to have added a fourth large scale gold zone to its Hemi discovery, part of the Mallina Project in Western Australia. Aircore drilling has uncovered further intrusive related mineralisation to the south of the Brolga Zone over a prospective area of ~1km x 200m. Intercepts from the first line of holesRead more
Tietto Minerals (TIE) released further drill results for its Abujar Gold Project in Côte d’Ivoire. High grade intercepts from the Abujar‐Pischon‐Golikro deposit (APG) included 6m @ 4.6g/t Au from 229m, including 1m @ 24.4 g/t Au and 6m @ 2.7g/t Au from 83m. TIE should continue to generate ongoing positive newsflow throughout 2020 and 2021.Read more
Exore Resources (ERX) has received an offer by Perseus Mining (PRU) to acquire all outstanding shares in the Company via a scheme of arrangement. The offer is one PRU share for every 12.79 ERX shares, which represents a 69% premium to ERX’s last closing price of $0.062/sh and values the Company’s equity at $64m orRead more
We have upgraded forecasts as our prior assumptions initiated at the time PRN withdrew guidance have subsequently proved overly conservative. The reality since then caused us to identify contract miners as likely outperformers and we expect 2H20 results to confirm this view was warranted. BUY maintained on a revised valuation of $1.95 (prior $1.60). ToRead more
There is good reason to think the talk of property construction stimulus has foundations. If so, it will help offset otherwise tough conditions for property developers who are facing strong headwinds in 4Q20 that will extend into 1H21. We reduce near-term forecasts and adjust our valuation to $1.20 (prior $1.28). However, positive sentiment and recentRead more
