SUNRISE RESOURCES (SRES.L)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £2.8m
CURRENT PRICE – 0.13p#
ANALYST – DR RYAN D. LONG
Year-end Sept
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(0.4)
(0.3)
Adj. pre-tax Profit (£m)
(0.4)
(0.3)
Adj. EPS (p)
(0.04)
(0.02)
DPS (p)
-
-
Net Cash/(Debt) (£m)
0.05
0.12
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 Sunrise Resources and therefore this information should be viewed as a Marketing Communication.
Update On The Junction Copper-Silver-Gold Project, Nevada, USA
NORTHLAND VIEW
- Sunrise Resources announced that VR Resources Ltd (‘VR’) is embarking on further expansion of the claim area of the Junction Copper-Silver-Gold Project (‘Junction Project’) in Nevada, USA, in which Sunrise holds an interest.
- This announcement follows on from the discovery of high-grade copper-silver-gold mineralisation along a 6km trend (announced: 12th December 2017). With the additional claim staking, the project area in which Sunrise holds an interest has increased nearly seven-fold since the project was sold by Sunrise to VR.
- Sunrise holds shares in VR, as well as ongoing interests in the Junction Project. Additional VR shares will be issued to Sunrise if drilling is carried out and again if a resource estimate is made. Furthermore, Sunrise is entitled to a 3% royalty on any future production.
- The ongoing interests held by Sunrise relate to the original 15 mining claims staked by Sunrise, which now comprise the core of VR's extended Western Zone claim block, and also to all claim areas staked within a two mile area surrounding the original mining claims.
- VR stated that its work on the Junction Property demonstrates "…. a robust mineral system which the company will explore aggressively in 2018, including expanded geochemistry, and grid-based ground and airborne geophysics, all towards prioritizing integrated exploration targets for first-pass diamond drilling."
Patrick Cheetham, Executive Chairman, commented: "Junction was our first project disposal following our commitment to focus Sunrise's strategy on our pozzolan and perlite business. It is pleasing to see VR advance this highly prospective project and we continue to explore opportunities to unlock value for our shareholders through further disposals of our portfolio of non-core mineral assets."
COMPANY DESCRIPTION
Sunrise Resources is an exploration company focused on its 100%-owned CS Pozzolan-Perlite Project, located in Nevada