SECTOR: MINING; HEALTHCARE
SAVANNAH RESOURCES (SAV.L)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £37.4m
CURRENT PRICE – 5.9p#
ANALYST – DR RYAN LONG
Year-end Dec
2015A
2016A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(1.4)
(3.1)
Adj. pre-tax Profit (£m)
(1.9)
(3.1)
Adj. EPS (p)
(1.14)
(1.27)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(0.1)
1.5
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad and provides commissioned research coverage to Savannah Resources and therefore this information should be viewed as a Marketing Communication.
From yesterday: issue of deferred consideration for Portuguese Projects
NORTHLAND VIEW
- Savannah Resources has settled the first deferred consideration tranche in accordance with the terms of its acquisition of the Portuguese Lithium Project through the issue of 20,000,000 shares at a price of 5.85p per share.
- 1,500,000 shares have been issued following the exercise of options at an exercise price of 3p per share.
- Following the issue of shares the Company will have 659,983,722 shares outstanding.
Savannah Resources acquired the Portuguese Lithium Project portfolio, which includes the Mina do Barroso Project, with the consideration heavily weighted to deferred payments based on the successful achievement of several milestones. This de-risked the acquisition for Savannah ensuring that it paid out the balance of the consideration, only if the project shaped up to be as good as the Company had expected. Now that the first milestone, the establishment of a JORC compliant Inferred Mineral Resource Estimate of 7.5Mt at no less than 1% Li2O, has been achieved the first payment of the differed consideration has been issued.
COMPANY DESCRIPTION
Savannah Resources is an energy metals group with copper-gold projects located in Oman, lithium projects in Portugal, and a operates a mineral sands project in Mozambique that is a JV with Rio Tinto
Keras Resources (KRS.L)
SECTOR – MINING
RATING –CORP*
MARKET CAP – £7.8m
CURRENT PRICE – 0.35p#
ANALYST – DR RYAN D. LONG
Year-end Sep
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(0.8)
(0.9)
Adj. pre-tax Profit (£m)
(1.2)
(1.2)
Adj. EPS (p)
(0.1)
(0.1)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(2.6)
(0.3)
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad to Keras Resources and therefore this information should be viewed as a Marketing Communication.
Calidus Update
NORTHLAND VIEW
- Calidus Resources, a company that Keras holds 458.375 shares in (35.8%), has announced the acquisition of additional ground including the E45/3615 and E45/4236 tennments, for consideration of 1,785,000 Calidus shares. These tenements covers the interpreted Klondyke East structural corridor.
- The Company has also submitted a new Exploration Licence Application (ELA 45/5178) covering c. 60km2 of prospective Klondyke corridor greenstone, granite contact zone and interpreted magnetic 'ring-type' anomaly.
- This ground has had limited or no previous exploration completed and Calidus plans to commence targeting and a field reconnaissance programme immediately.
Calidus Resources has increased its ground holding over what is proving to be a very exciting region for gold exploration. Calidus rapidly established a JORC complaint Mineral Resource Estimate of 712,000oz Au at a grade of 2.11g/t Au, and is now seeking not only to expand this resource from local targets but also prove up a regional gold play. Keras continues to look significantly undervalues as its 458m shares in Calidus are valued at £10.7 million, more than Keras’ market capitalisation.
COMPANY DESCRIPTION
Keras Resources is an exploration company with interests in gold projects, located in Australia, a manganese project and a cobalt-nickel project, located in Togo.
Altona Energy (ANR.L)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £5.8m
CURRENT PRICE – 0.38p#
ANALYST – DR RYAN D. LONG
Year-end Jun
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
0.0
(0.3)
Adj. pre-tax Profit (£m)
0.0
(0.3)
Adj. EPS (p)
0.0
(0.0)
DPS (p)
-
-
Net Cash/(Debt) (£m)
0.3
(0.1)
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad and Broker to Altona Energy and therefore this information should be viewed as a Marketing Communication.
Interim Results
NORTHLAND VIEW
§ LBT in H117 totaled £0.26m up from £0.24m in H116, largely due to an increase in total administrative expenses and loss from operations.
§ Net cash in H117 totaled £0.69m up from £0.06m in H116.
§ The Board is cognisant that it needs to move the project along quickly and find a suitable buyer for the Arckaringa Project, to ensure the best returns are made to shareholders
During the period Altona Energy, has shifted its focus back to conventional coal mining at the Arckaringa Coal Project, located in Australia, rather than advance the underground coal gasification plan it has previously investigated. The Company is currently exploring for less wet/dryer coal seams in the Westfield Tenement to be able to deliver on this strategy change.
COMPANY DESCRIPTION
Altona Energy is seeking to develop the Arckaringa Coal Project, located in South Australia.
Connemara Mining COMPANY (CON.L)