SAVANNAH RESOURCES (LON:SAV)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £52.9m
CURRENT PRICE – 6.0p#
ANALYST – BARRY GIBB
Year-end Dec
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(1.8)
(2.8)
Adj. pre-tax Profit (£m)
(1.8)
(2.8)
Adj. EPS (p)
(0.46)
(0.53)
DPS (p)
-
-
Net Cash/(Debt) (£m)
0.7
1.2
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.
Mina do Barroso Lithium Project Team Expands
NORTHLAND VIEW
Savannah Resources announces it has added a number of leading Portuguese and international consultancy groups to its existing MdB team. Work on the Project’s Feasibility Study, which has been progressing well under the management of the Primero Group (appointed July 2018 as the primary engineering group/lead manager for the Feasibility Study) along with Savannah's in-house team, will now be supported with inputs from a number of additional consultancies as follows:
- Knight Piésold appointed to lead on Geotechnical and Hydrological Engineering
- Quadrante appointed to consult on the Project's product transport and logistics requirements
- Nagrom continues to provide assay and metallurgical test work services
- ALS continues to provide assay and metallurgical test work services
- VISA Consultores is continuing its work on the Environmental Impact Statement Assessment
- CV&A Consultores, one of Portugal's most respected communications firms, has been appointed
- S317 Consulting appointed to develop a Stakeholder Management strategy
- Noah's Rule appointed as funding adviser
Savannah has now assembled a comprehensive group of consultants which offer a combination of technical capability with relevant sector and country experience necessary for the success of such projects. Under the leadership of Primero, these consultants will work with SAV’s in-house team on the Feasibility and related Studies. Said to be progressing well, management expects to announce key programme milestones ahead of completing the Feasibility Study in 2019. In the meantime, ongoing Project drilling continues to deliver excellent results both in terms of grades and widths, which hold potential to further increase the Project’s Mineral Resource Estimate, enhance the mine’s scheduling flexibility and add to its overall LOM.
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
THOR MINING (LON:THR)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £12.6m
CURRENT PRICE – 1.85p#
ANALYST – BARRY GIBB
Year-end June
2017A
2018A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(1.3)
(1.3)
Adj. pre-tax Profit (£m)
(1.3)
(1.2)
Adj. EPS (p)
(0.4)
(0.2)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(0.1)
1.0
P/E (x)
n.a.
n.a.
Dividend yield (%)
-
-
EV/EBITDA (x)
n.a.
n.a.
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Joint Broker and provides commissioned research coverage to Thor Mining and therefore this information should be viewed as a Marketing Communication.
Bonya Copper Maiden Resource Estimate
NORTHLAND VIEW
- Thor Mining announced that an initial mineral resource estimate for the historic Bonya Copper Mine deposit within the Bonya tenement held jointly (THR: 40%) with Arafura Resources Limited (ARU: 60%) adjacent to the Molyhil mine project in the Northern Territory of Australia has been achieved. This small but moderately high-grade copper resource is satellite to, and amenable for treatment in, the proposed Thor’s Molyhil process plant.
- Highlights include an Inferred Resource estimate of 230,000 tonnes, grading 2.0% Copper (Cu), containing 4,600 tonnes of copper, with trace levels of tungsten (WO₃) and molybdenum (Mo). The deposit outcrops at surface and remains open at depth; it is amenable to open cut extraction for a significant component of the resource.
Molyhil becomes increasingly attractive for prospective project financiers/JV partners. Located approximately 30km east of Thor's core 100%-owned tungsten/molybdenum deposit, the Bonya Copper Mine potentially brings an additional 6 months of profitable mine life to Molyhil. This small but high-grade copper resource is expected to provide valuable supplementary mill feed to the processing plant design, which is amenable to the treatment of such copper ores without modification, potentially allowing the material to flow though the plant with no additional investment required, other than mining and haulage. As such, this the first of what could potentially become a series of satellite tungsten and copper deposits within economic trucking distance of Molyhil. In addition to this work at Bonya, an external review of the vanadium deposits also on the project license is presently underway, for which the Company expects to provide an update shortly; nearby the Bonya copper deposit there are also several outcropping tungsten deposits which, upon completion of drill site access clearance, Thor plans to commence drilling, probably in February 2019.
COMPANY DESCRIPTION
Thor Mining owns 100% of the Molyhil and Pilot Mountain Tungsten Projects plus an interest in the Kapunda Copper Project.