SAVANNAH RESOURCES (SAV.L)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £35.8m
CURRENT PRICE – 5.6p#
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.
High Grade Lithium Discovered at Mina do Barroso Lithium Project, Portugal
NORTHLAND VIEW
- Savannah Resources announced results from the reverse circulation drill programme at the Mina do Barroso Lithium Project in Portugal, where there has been a discovery of an area of high-grade lithium mineralisation.
- Drill testing of the Exploration Target to the west and southwest of the main Grandao Deposit has led to the discovery of new high-grade lithium mineralization, which has been named "Grandao Extended".
- Key results include: 90m at 0.96% Li₂O from surface including 31m at 1.06% Li₂O from surface and 34m at 1.37% Li₂O from 50m in 18GRARC65; 31m at 1.42% Li₂O from 47m in 18GRARC63; 18m at 1.52% Li₂O from 24m in 18GRARC50; 25m at 1.27% Li₂O from 34m in 18GRARC53; 11m at 1.71% Li₂O from 45m in 18GRARC46.
- Drilling at Grandao Extended has defined a zone of pegmatite c.300m long and c.200m wide, confirming the excellent potential of the zone.
- Phase 3 of the metallurgical test work programme is expected to complete during Q3 2018 - six out of the eight planned diamond holes to collect metallurgical drill samples at the Grandao and Reservatorio deposits have been completed.
- A press release with illustrative maps and diagrams can be accessed here.
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 – £7.4m
CURRENT PRICE – 0.32p#
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 Reports Exceptional Metallurgical Results at Klondyke
NORTHLAND VIEW
- Calidus Resources ('Calidus') provided an update regarding metallurgical test work results from the Klondyke gold deposit in the Pilbara Goldfield, Western Australia. This deposit forms the nucleus of Calidus' global Warrawoona Gold Belt JORC compliant mineral resource estimate of 712Koz @ 2.12g/t Au.
- Recall that Keras is a significant shareholder of Calidus, holding 35.8% of Calidus’ total issued share capital, or about 458m shares. An additional 265m Performance Shares are to be issued to Keras once the Pre-Feasibility Study at Warrawoona is successfully completed.
- Highlights of the test work results include: Excellent gold recovery characteristics with similar test work response from oxide and fresh ores; >96% cyanide leach recoveries at relatively coarse grind (80% passing 150 microns) and 24-hour leach; High gravity recoverable gold of 63%; Exceptionally low reagent consumption (average sodium cyanide 0.17 kg/t, lime 0.74 kg/t); Ore characteristics well suited to conventional crushing and ball milling.
- A press release with illustrative maps and diagrams can be accessed here.
Russell Lamming, CEO, commented, "In the nine months since listing on the ASX, Calidus has consistently delivered the positive drilling results required to build a mineral resource at the Warrawoona Project with the critical mass to underpin a successful Pre-Feasibility Study. These excellent initial results from the metallurgical test work programme represent the next step in determining the optimum route to production and finalising the study which will trigger the delivery of Keras' additional 265m Performance Shares in Calidus. Once issued, the additional Performance Shares will increase the Company's total shareholding in Calidus to 723m shares, which would have a current value of £16.62million."
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.
ADEPT TELECOM (ADT.L)
SECTOR – TELECOMS
RATING – BUY*
MARKET CAP – £77m
CURRENT PRICE – 325p#
TARGET PRICE – 400p
ANALYST – MIKE JEREMY
Year-end March
2016A
2017A
2018E
2019E
Revenue (£m)
28.9
34.4
44.4
48.1
EBITDA (£m)
6.2
7.8
9.6
10.5
Adj. Pre-tax Profit (£m)
5.5
6.6
7.4
8.2
Adj. EPS (p)
18.1
21.9
22.8
25.1
DPS (p)
6.50
7.75
8.0
8.5
Net Cash/(Debt) (£m)
(5.8)
(15.5)
(22.0)
(20.1)
P/E (x)
14.8
12.2
11.7
10.7
Dividend yield (%)
2.4
2.9
3.0
3.2
EV/EBITDA (x)
12.8
10.1
8.2
7.5
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad and Broker to AdEPT Telecom and therefore this information should be viewed as a Marketing Communication.
Trading Update
NORTHLAND VIEW
- AdEPT announced a trading update for the year ended 31 March 2018 (ahead of its final results which are expected to be announced in early July 2018).