In The News: Birimian Limited & IMARC



Initiation Report out on Birimian Limited+ (BGS : AU : A$0.23 | US$40m)

Jim Taylor has a new initiation piece out: Birimian Limited — High-quality African Lithium Development, 18 October 2018. Birimian’s 100%-owned Goulamina Lithium Project in south-west Mali is already one of the world’s ten largest hard-rock lithium deposits and has further upside after a recent PFS demonstrated the potential for it to become a globally significant, long-life, high-return spodumene concentrate producer. Birimian is now establishing offtake agreements and completing a DFS; these are expected to allow a final investment decision to be made in 2Q19.

Initiating coverage with a BUY rating and a target price of A$0.55, indicating over 100% upside to the current price. We base our target price (TP) on a risked SotP NAV assuming a lithium concentrate price of US$666/t and a TP/NAV multiple equivalent to 0.2x. Having demonstrated attractive returns in the PFS, we believe that securing offtake arrangements, completing the DFS and finalising debt finance for the project could significantly de-risk its development and act as catalysts for a rerating of the company.

We’ll be at IMARC with Chrysos Corporation and NextOre


Just a reminder that RFC Ambrian, along with Chrysos Corporation and NextOre, will be participating in the International Mining and Resources Conference (IMARC). This is being held at the Melbourne Convention and Exhibition Centre from 29 October to 1 November. The IMARC is Australia’s largest mining event, bringing together over 6,000 decision makers, mining leaders, policy makers, investors, commodity buyers, technical experts, innovators and educators from over 90 countries for four days of learning, deal-making and unparalleled networking. Our stand at the exhibition will be B42

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