The Aim-listed junior has made remarkable progress at the ilmenite project in Greenland, added the broker.
Alba was only awarded the licence last August but the company is now aiming to define a maiden JORC resource.
The swift progress, however, and Thule's close location to Bluejay Mining’s (Market Cap £172mln v Alba’s £8.4mln) ilmenite project at Dundas, has been completely overlooked by the market.
Two major newsflow events, the JORC resource at Thule and feasibility study at Dundas, are expected within the coming months and could soon change this perception, the broker adds
On top of this, Alba has added a new gold project in Wales at Clogau, from which premium branded gold could be produced.
The company also has a significant holding in the Horse Hill oil development near Gatwick where extended flow testing is scheduled to get underway in the near year.
Alba has a 5% stake in the Brockham field as well, where production in expected to start in the first quarter of 2018.
First Equity analyst Jason Robertson has a target price of 6p, or more than 15 times the 0.36p in the market currently, and made up of 4.1p for Horse Hill and 1.9p for Thule.