Global Lithium (GL1) – 2QFY25 – Quiet Times

Naval shipbuilding dominates pipeline opportunities for Austal’s Mobile and Henderson shipyards. The award of a large ferry contract will now help underpin commercial work in the Philippines. We see Austal entering a new growth phaseRead more

NST’s 1HFY25 result was solid with most key earnings metrics within 2% of our forecasts. Cash balances had been previously disclosed, hence were in line. NST’s interim dividend of A$0.25/share was 6% higher than weRead more

Manganese prices have recently rebounded, with the 37% price increasing ~20% from US$3.18/dmtu in December to ~US$3.84/dmtu currently. However, the JMS share price has lagged and remains near all time lows. We expect a returnRead more

DEG’s progress with Hemi remains on track with key permitting expected by 4QFY25 which would provide the remaining necessary permitting to commence full-scale construction. DEG remains subject to a Scheme of Arrangement with Northern StarRead more

EVN’s 1HFY25 result was better than we expected, with new records set for a six-monthly period across most key metrics. Underlying Ebitda and underlying earnings were 9% and 12% higher than we had forecast. KeyRead more