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VSA Capital Market Movers - Millennial Lithium, Metal Tiger, Sula Iron and Gold PLC

Published: 08:46 30 Jun 2017 BST

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Metal Tiger (LON:MTR)

Metal Tiger (MTR LN) has announced full year results for 2016. Following the strong performance in mining equities in the period, MTR experienced a significant increase in the valuation of its equity investments with a net gain of £2.2m in 2017 versus £287k in 2016. Administrative expenses which include much of the project related work were up from £887k to £3.2m owing to the significant progression of MTR’s flagship projects in Botswana and Thailand. The overall net loss was £720k in 2017 versus £599k in 2016.

MTR’s balance sheet at December 2016 was in a strong position with £6.2m in cash, which has subsequently been strengthened by a £4.85m investment primarily by Sprott Wealth.

Our target price and recommendation remain under review.

Millennial Lithium (CVE:ML)

Millennial Lithium (ML CN) has announced an option agreement to significantly expand its interest in the Cauchari East Project. The additional 8,742 hectares is contiguous to ML’s existing interest which would bring the total acreage at Cauchari East to 11,742 hectares. The tenements lie to the East of the Lithium Americas/SQM joint venture which is currently being developed. In order to exercise the option ML will be required to pay US$250k via staged payments.

We reiterate our Speculative Buy recommendation.

Sula Iron & Gold (LON:SULA)

Sula Iron & Gold (SULA LN) has released financial results for the 6 months ended March 2017. The loss for the period of £698k was somewhat lower than £924k in the prior period owing to lower administrative expenses. SULA’s cash position at the end of the period was £923k supported by a raise in July 2017 for £0.4k to fully fund the Phase 3, 5,000m, drilling programme which is currently underway.

Phase 3 follows a successful Phase 2 which underlined the potential of Sanama Hill with a 21m intercept at 3.65g/t Au. In addition, scout drilling at TZ4 which also yielded positive gold results demonstrated the potential for further mineralisation outside of the Sanama Hill Exploration Target.

We reiterate out Speculative Buy recommendation and 1.6p target price.

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