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Extractives

pgm miners- eurasia mining

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Change at PGM stock Eurasia

eurasia miningEurasia Mining (EUA.L) is an AiM-quoted Russian Pd dominated PGM miner. In this first post-FSP update valuation we are yet to include the March Rosgeo JV and Rhodium (Rh) production from all but West Kytlim or Iridium (Ir) in EUA projects. Our PGM prices are extremely conservative in this update. We assume Pt 93.5%, Pd 5% and Rh 1.5% production at WK. We assess the Pd auto-catalysis market can support $500 per car vs. $250 per car pre-covid. The largest Pd consumer, China, returned to economic growth in 2Q20. EUA has de-risked its flagship world class Monchetundra asset, the sale of which alone, could be…READ MORE.

 

Does Monchetundra make EUA a £1bn+ play?

eurasia miningEurasia Mining (EUA.L) is an AiM-quoted Russian asset PGM producer. The West Kytlim project is revenue generating with production expected to ramp up in 2020 resulting in EUA becoming a de-risked prospect compared to its peers. However, the key asset is the M&A triggering EUA flagship palladium-driven project, Monchetundra, near to production. Could a Monchetundra sale turn a 100m MCAP AiM company into a £1.5bn exit for investors, equating to an approximate 15x rerating on the current price? There are many risks reflected in our conservative 30% risk adjusted WACC for the Monchetundra flanks project (only), lower and delayed production and Pd/Pt ratio. Risk adjusted WACC for Monchetundra Lo + WN is 12%….READ MORE

 

New and Emerging Extractives Innovations

In our spotlight note for small and mid-caps we set up the natural resources market background and introduce the current and mid-term technological innovations that likely will have the greatest impact on the sector. We believe the new element in this mix is based upon the launch of up to 5 new LEO satellite constellations. We propose data can become a new revenue stream for extractives, accessible to small and mid-caps it is an opportunity to raise funds. Our favoured technologies are AI robotics, spatial data visualisation, wearable tech and IoT (connecting kit, people and vehicles and data to the net via LEOs)…READ MORE

 

Market Mechanism and Drivers U3O8

Uranium’s (U3O8) main use  is as a fuel in the production  of electricity by nuclear power stations. The uranium market is complex, illiquid (thinly traded) and opaque. Directly or indirectly State-controlled producers account for up to 70% of global production and these players do not have to follow economic logic unlike the companies without State subsidy. The majority of consumption (power stations) are geographically and often politically far from the majority of production (mines). Consumption growth requires decades-long investment cycles…READ MORE

 

ACF Rubicon 1Q19 Earnings 13052019

rubicon initiationRubicon Minerals Corp (RMX:TSX) is a high-grade gold explorer in the prolific Canadian Red Lake District. RMX reported 1Q19A results with an updated mineral resource estimate which showed a 110% increase in resources further boosting  confidence in the Phoenix Gold Project. We adjust our full year forecasts and remodelled our NAV expectations based upon the new resource estimates. The balance sheet remains strong…READ MORE

 

 

 

 

ACF Rubicon Initiation Note 16072017

Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should undergo…READ MORE

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Christopher Nicholson

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I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

Mike Wort

Non-Executive Chairman

Mike Wort is a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, he helped organise its global roadshow for a £2.4bn secondary offering. He has managed over 20 IPOs and secondary raisings bringing in well in excess of £600m, He has consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

Mike worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, he led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, he recently retired from Walbrook, the UK’s most successful SME PR/IR agency. In addition, Mike has co-founded a number of life science start-up companies in Europe and the USA.

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I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

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I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

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Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

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Junior Staff Analyst

I am a Junior Research Analyst working as a staffer for the Head of Research. I have particular research interests in the development of the gaming and the green energy sectors and am always determined to master my brief, whatever it is.

Before ACF I worked at Harrisons Business Recovery & Insolvency, and briefly at Capital Partners in London and interned at Royal London Asset Management. I recently completed my MSc in Finance and Investment Management at Middlesex.

Over a period of two years I travelled back and forth to Sierra Leone to carry out charity work including teaching in local schools – I speak English, Krio and Mende. I am passionate about cooking and am an amateur chef.

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Director, Research Distribution

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I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

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Editor

Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages