Ionic Rare Earths Ltd (ASX:IXR) is a magnet (REOs) recycling (Belfast, UK) and REE mining explorer (Uganda) plus a Brazilian REE Refining JV, excluded from our NPV, with Viridis Mining and Metals Limited (VMM). ACF visited IonicTech’s magnet recycling demo plant in July 2024. Since our last IXR Flash Note, we raise our valuation by 16% to A$ 0.109 vs A$ 0.094 previously and put Makuutu in a maintenance period. IXR has a unique position in the REE recycling ecosystem. IonicTech’s patented technology is backed by UK govt (grants £1.72m in 2023 + £2m over 2 yrs) and its Northern Ireland partners (Titanic Quarter and Belfast Harbour) – this suggests a derisked solid growth strategy with high margin potential. The demo plant is strategically located with access to well-developed surrounding infrastructure…..Read More on IXR IonicTech Magnet Recycling Update Note

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. IXR is currently ahead of its most recently published schedule. Catalysts since ACF’s IXR Update note published on 06 Feb 2024 include IXR’s A$5.5m placement (funds will be used to support Makuutu and advance Ionic Technologies’ Belfast magnet recycling plant) and a 50:50 JV with Viridis Mining and Minerals Ltd. (ASX:VMM) for a refinery and magnet recycling facility in Brazil (potential high-grade IAC deposit). IXR’s flagship Makuutu REE project contains 71% magnet and HREs and contributes to de-risking of global supply chains. IXR’s Belfast demo plant contributes to a circular economy and a vertically integrated model….READ MORE ON IXR FLASH NOTE AUD5.5m PLACEMENT

Our 12m gold price target is $2,400/t oz. up 9% or $200 from our previous $2,200 12m price target, achieved with days to spare! Our hypothesis is that Central Banks will continue to buy above recent averages as they did in 2023, that ETFs anticipating lower interest rates and a weaker USD will move back to gold and that other market participants are anticipating these activities, taking positions and driving the price upwards. In turn mine supply should rise but with a lag effect. We also propose that gold supply is leaking from the formal market into the informal market and its return faces extended lags, thereby tightening the market. We propose a leakage mechanism below…READ MORE ON GOLD – 12m PRICE TARGET

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation. IXR appears significantly undervalued on an intrinsic and EV/M+I basis compared to its peers. REEs are used in permanent magnets – key components of clean energy applications. IXR’s flagship Makuutu Rare Earths project contributes to de-risking global supply chains and has ionic adsorption clay-hosted geology – similar to that found in Southern China, main global supplier of Heavy Rare Earths.….READ MORE ON IONIC RARE EARTHS INITIATION

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). Rare earth elements primary use is in the production of permanent magnets – key components of clean energy applications (wind turbines and electric vehicles). IXR’s flagship Makuutu Rare Earths project is significant given its ionic adsorption clayhosted geology – similar to that found in projects in Southern China, main global supplier of Heavy Rare Earths. IXR currently holds 60% interest in the….READ MORE ON IONIC RARE EARTHS

Rare Earth Elements (REEs) are key to the new clean energy economy. REEs are a set of 17 elements with unique physical and chemical properties used across a range of industrial and technological applications. The largest use of REEs is the production of permanent magnets – a critical component of clean energy applications (e.g., electric vehicles and wind turbines). We expect strong demand gr% in 22-32E for magnet rare earths, including neodymium, praseodymium and dysprosium. China dominates REE mining supply, producing ~57% of the world’s REE output. Chinese REE market dominance is a global strategic concern because REEs are essential materials for….READ MORE ON RARE EARTH ELEMENTS

We expect the gold price to increase in 2023 driven by rising recession expectations coupled with prospects of a weak dollar and higher inflation. Geopolitical tensions have led to risk-off sentiment supporting gold demand (safe-haven asset). In contrast, higher rates are negative for gold. Peak central bank rates expected in mid-2023 (US 4.9%, UK 4.5%, EU 3.75%), could be a key trigger for gold prices. We expect central bank interest rates to….READ MORE ON GOLD (Au) MARKET

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. ACF is releasing a valuation increase for PPTA based on milestones achieved since our initiation note. ACF identifies PPTA as a US national strategic asset (Sb) and best-in-class gold asset. On Dec 19, 2022 PPTA received a critical minerals award from the DoD of up to $24.8m for environmental/engineering studies to complete FEIS, RoD/permits and advance year 1 construction readiness. PPTA is an ESG leader amongst junior miners (long run lower WACC). PPTA holds a unique antimony (Sb) reserve in the US and is positioned to be….READ MORE ON PERPETUA RESOURCES

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/ESG leader amongst junior miners (long run lower WACC). PPTA holds the only economic antimony (Sb) reserve…READ MORE ON PERPETUA RESOURCES

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. We expect 3Q22E evidence steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. Since our initiation, on Oct 28, 2022, the USFS chose PPTA’s Stibnite Gold Project as the Preferred Alternative on the SDEIS. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) – PPTA has completed its summer 2022 water quality improvement project at Stibnite. PPTA holdsthe only economic Sb reserve in the US and is positioned to be…READ MORE ON PERPETUA RESOURCES

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) has changed to a renewable, reserve energy, long duration energy storage (LDES) and biofuel
company. Using a highly conservative approach our valuation range is up ~3.0x to EV £150m or ~15x upside on the close price on a fully diluted basis. Kibo has secured reserve power (YE22E revs GBP 1.9-2.1m) and WTE electricity generation in the UK and WTE generation and utility scale LDES opportunities in Southern Africa. Kibo will dispose of its Southern Africa coal feedstock assets and aims to replace them with bioenergy feedstock for its generation assets…READ MORE ON KIBO ENERGY

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) – PPTA has produced sustainability reports since 2014 and has begun a water quality improvement project at Stibnite. PPTA holds the only economic Sb reserve in the US and is positioned to be the only…READ MORE ON PERPETUA RESOURCES

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (>50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver…READ MORE ON SILVER (Ag) MARKET

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highestgrade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz) Antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Since our last CIC PPTA has released 1Q + 2Q highlights….READ MORE ON PERPETUA RESOURCES

Rainbow Rare Earths Ltd (LSE: RBW; OTCPK: RBWRF) is a rare earths (REE) explorer with projects in South Africa and Burundi. The flagship project, Phalaborwa, in South Africa has an inferred resource of 38.3Mt at 0.43% TREO (total rare earths oxides). Phalaborwa is largely permitted and positioned in an established mining town with existing power, rail access and availability of skilled labour. Rainbow owns 90% of the Gakara asset in Burundi, which has produced high-grade TREO concentrate of 52-56%, weighted towards NdPr (Neodymium and Praseodymium), which account for 19.5% of contained TREO and 85% of the value….READ MORE ON RAINBOW RARE EARTHS

Light Science Technologies Holdings Plc (LST: AIM) is an AIM-listed holding company focusing on two divisons – contract electronics manufacturing (CEM) division, and the controlled environment agriculture (CEA) division. UK Circuits and Electronics Solutions Limited (UK Circuits) operates the CEM divison, while Light Science Technologies operates the CEA division. The CEM division designs, procures and manufactures high-quality electronic products, specialising in printed circuit boards (PCBs). The CEA division provides solutions that include analysing growers’ crop requirements to provide low-energy products that monitor the environment and maintain optimal growing conditions to….READ MORE ON LIGHT SCIENCE TECHNOLOGIES

Silver Hammer Mining Corp. (TSXV: HAMR; OTCQB: HAMRF) is a junior resource exploration company focused on exploring and drilling at is Idaho and Nevada silver assets. Nevada is considered one of the best mining jurisdictions globally because of its low political, environmental, and tax risks. HAMR’s portfolio consists of three historically producing high-grade mines – Silver Strand mine in Idaho, Eliza Silver project and Silverton Silver mine in Nevada. HAMR’s fourth project is the….READ MORE ON SILVER HAMMER MINING

Rokmaster Resources Corp (TSXV: RKR, OTCQB: RKMSF) is an exploration stage mining company focused on precious, base and industrial mineral properties in British Columbia, Canada. The company has three projects: 1) option to acquire 100% of Revel Ridge – a flagship project with significant precious and polymetallic mineral deposits; 2) 100% interest in Duncan Zinc Property with 4.3m tons at 3.2% Zn and 3.1% Pb with potential access to medium to high grades of up to 11.4% Zn; and 3) a 55% interest in Big Copper Property. Duncan Zinc and Big are being prepared to be spun out. The preliminary economic assessment (PEA) study of Revel Ridge describes….READ MORE ON ROCKMASTER RESOURCES

Foothills Exploration Inc. (OTCPNK:FTXP) is a development stage oil, gas and renewables company. FTXP has an integrated energy transition strategy, which 1) fuels the needs of today via oil and gas (O&G) operations and; 2) leverages the needs of tomorrow via its planned hydrogen fuelling & EV charging and retail operations. Foothills’ principal hydrocarbon asset is located in the Wind River Basin, Wyoming, and comprises 18,887 acres of highly prospective development acreage (~21m bbl). Foothills’ New Energy Ventures division is investing in the market for hydrogen as a fuel , aiming to create….READ MORE ON FOOTHILLS EXPLORATION

Royal Helium Ltd (TSXV:RHC, OTCQB:RHCCF) is a Canada-based helium exploration company with ~1m acres of helium-rich land under lease or permit in the Saskatchewan region. Helium (He) is used in healthcare, technology, transportation, fibre optics and semiconductors because of its high thermal conductivity and non-reactive properties. Saskatchewan is a known helium producing region, with multiple wells in production and it is a strategic location for continued exploration and development. Saskatchewan has a unique geology and gas trapping structure ….READ MORE ON ROYAL HELIUM

Gold Springs Resource Corp. (TSXV: GRC; OTCQB: GRCAF) is a mineral exploration company holding 100% interest in the Gold Springs project on the Nevada-Utah border. This jurisdiction ranks high globally because of its minimal environmental, political and tax risks. It is also considered one of the most extensive gold regions with 5 Moz of Au in annual production. GRC’s project spans 8,000 ha with 33 gold targets including 4 with existing resources of 833 Koz. The remaining 29 targets have significant exploration potential and additional positive drilling data could transform GRC into a multi-million ounces gold project. ….READ MORE ON GOLD SPRINGS RESOURCES

Angkor Resources Corp (TSXV:ANK.V, OTCQB:ANKOF) is a Canadian mineral explorer with oil & gas (O&G) properties in Cambodia (present since 2012). The current portfolio includes two licenses in Andong Meas and Oyadao with multiple prospects for gold, copper, and rare earth elements (REE). Angkor is in the final stages of negotiating an O&G exploration license in Cambodia known as Block VIII in the Kampong-Som sedimentary basin. ANK.V is the only publicity-traded North American company with mineral assets in the mining friendly jurisdiction of Cambodia. Angkor is also targeting ….READ MORE ON ANGKOR RESOURCES

Ionic Rare Earths Ltd (ASX:IXR) is an exploration stage rare earths mining company in Uganda. Rare earth metals primary use is in the production of permanent magnets – key components of clean energy applications (wind turbines and electric vehicles). IXR’s flagship Makuutu Rare Earths project is significant given its clay-hosted geology, which is similar to that found in projects in Southern China, main global supplier of Heavy Rare Earths. Makuutu has a current mineral resource estimate of 315 Mt @ 650 ppm Total Rare Earth Oxide (TREO). The Apr 2021 scoping study indicated ….READ MORE ON IONIC RARE EARTHS

Goldshore Resources Inc. (TSXV:GSHR; OTCQB:GSHRF) is a junior exploration and development miner focused on precious metal deposits in Canada. GSHR acquired Moss Lake Gold Project located in Ontario, from Wesdome Gold Mines for C$52m in May 2021. Wesdome Gold Mines holds a 26% equity position in Goldshore. Historical Moss Lake gold estimates for Measured and Indicated (M+I) resources are 1.47 Moz Inferred of 2.51 Moz. There is significant expansion potential. The Moss Lake Gold project lies within a highly prolific mining jurisdiction, which hosts ….READ MORE ON GOLDSHORE RESOURCES

GoviEx Uranium Inc. (TSXV:GXU; OTCQX:GVXXF) is a Canadian uranium (U3O8) mining exploration and development company with assets in Africa. The company’s portfolio is comprised of three projects: 1) Flagship fully minepermitted Madaouela Project in Niger – production forecast 2025E, on track to take advantage of upcoming uranium supply shortage; 2) mine-permitted Mutanga Project in Zambia – production forecast 2027E; and 3) its multielement (U, Cu, Ag & Au) Falea Project in Mali. GoviEx holds a large U3O8 resource with ….READ MORE ON GOVIEX URANIUM

E2Gold Inc. (TSXV: ETU; OTCQB: ETUGF) is a Canadian gold mining exploration company primarily focused on its flagship property, the Hawkins Gold Project (54,000 ha long) located in North-Central Ontario in the McKinnon Zone (inferred resource of 6.2Mt at 1.65g/t for 328,000 oz Au). The Company recently entered into an agreement with Golden Share Resources (TSXV: GSH) for a 100% interest in the Band-Ore property. Brand-Ore is located in Thunder Bay, Ontario and hosts two historic high-grade….READ MORE ON E2GOLD

Rover Metals Corp (TSXV: ROVR:, OTC: ROVMF) is a Canada-based exploration junior miner exploring for precious metals (i.e. gold). ROVR is advancing its 100% owned Cabin Gold Project located in the Northwest Territories (NWT). The Cabin Gold Project has an historic resource estimate of 85 Koz, at highgrades up to 15.8 g/t Au. The Phase 2 drilling program completed 3Q21A at Cabin Gold, discovered deposits with an average grade of 10 g/t Au and was considered as one of the best holes drilled by a junior miner…READ MORE ON ROVER METALS

Piedmont Lithium Inc. (NASDAQ: PLL; ASX: PLL) is an exploration stage company focused on developing and manufacturing battery quality lithium hydroxide (LiOH) for the fast-growing electric vehicle market. Lithium’s high reactivity (i.e., a lot of energy can be stored in its atomic bonds) translates into high energy density in lithium-ion batteries. The company’s flagship project, Carolina Lithium Project (est. Li2O ~44.2Mt at 1.08%), is in the TinSpodumene Belt of North Carolina, the oldest and most lithium-rich area globally. In addition,….READ PLL CORE INVESTMENT CASE

Eurasia 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 ON EURASIA MINING

Eurasia 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 ON EURASIA MINING

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 ON NEW AND EMERGING EXTRACTIVES INNOVATIONS

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 ON URANIUM MARKET

Rubicon 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 ON RUBBICON MINERALS

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 ON RUBICON MINERALS