Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Thor Mining. We currently have 49 research reports from 5 professional analysts.
Altus Strategies* (ALS LN) BUY – Target price 12.2p – Exploration at the Agdz copper/silver license, Morocco | Bluebird Merchant Ventures* (BMV LN) BUY – Target Price 12.8p – Bluebird continues to make rapid progress at | Kochang and Gubong mines in South Korea | Dalradian Resources (DALR LN) – Annual results and Curraghinalt update | Hummingbird Resources (HUM LN) – Yanfolila ramp up update | RedT energy plc (RED LN) – Update on next generation product development and Gen 3 pre-orders | Scotgold Resources* (SGZ LN) – Portuguese asset earn out | Stratex International (STI LN) – Proposed capital re-organisation | Thor Mining (THR LN) – Kapunda copper resource estimate for Central zone | Weatherly International (WTI LN) – Interim results show lower losses
Companies: BMV DALR HUM RED SGZ STI THR WTI ALS
VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. Due 5 March. GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer raising £5m at 70p with market cap of £40.2m, expected 5 Mar 2018 Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due Early March Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
Companies: SAR SOLO DFX THR SFE AVG AEG GWI AGY
Anglo Asian Mining* (AAZ LN) – Refinancing locks in cheaper rates and extends debt maturity | Acacia Mining (ACA LN) – 2017 results show net loss of US$707m | Bluebird Merchant Ventures* (BMV LN) – Second gold, silver mine added to portfolio in South Korea | Savannah Resources (SAV LN) – Further drilling results from Mina do Barroso | Strategic Minerals* (SML LN) – Extension of access to Cobre magnetite stockpile | Thor Mining (THR LN) – Resource estimate for Kapunda Copper Project
Companies: AAZ ACA BMV SAV SML THR
TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Offer raising £30m at 165p with mkt cap of £100m . Due 9 Feb.
Companies: ESCH ENET SCLP THR GOAL SEE LMS EPWN EKT DSG
Thor Mining (THR LN) 3.0p, Mkt Cap £18.0m – Business update | Weatherly International (WTI LN) 1.3p, Mkt Cap £13.5m – Orion loan facilities repayments rescheduled
Companies: Thor Mining Weatherly International
Startup Giants is a UK-based investment vehicle, which will invest in technology start-ups at the concept stage. Raising £752,700 at £1. Market cap £1m. Due 1st November. Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20 million in the year ended 31 August 2015 to £33 million in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world . Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Orogen plc, to be renamed Sosandar plc on Admission. Sosandar is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October .
Companies: IGE CNS MNC CER EZH VLG SML LWRF ANG THR
Beowulf Mining (BEM LN) – Beowulf appoints a Swede as Chairman | Chaarat Gold (CGH LN) – Dekel Golan steps down as CEO of Chaarat Gold | Chatham Rock Phosphate (CRP NZ) – Chatham Rock planning to mine ultra-low cadmium phosphate | Metminco* (MNC LN) – Miraflores Feasibility study and maiden ore reserve | Ortac Resources* (OTC LN) – Additional funding and board restructuring | RedT (RED LN) – Vanadium battery storage update | Strategic Minerals* (SML LN) – Oversubscribed placing raises £1.05m alongside placing of new shares from employee options exercise | Thor Mining (THR LN) – Positive ore-sorting trials at Molyhil | Weatherly International (WTI LN) – Rescheduling of repayments to Orion
Companies: WTI THR SML OTC MNC BEM
appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Offer TBC, expected early Sept 2017 | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. | Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. | Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Companies: ZEG STAR AURA SRES COS THR WJG CNR OPG BKY
Berkeley Energia (BKY LN) – Strategic investment by Oman Sovereign Wealth Fund | Condor Gold (CNR LN) – Completion of 5922m drill programme at La India | Mkango Resources* (MKA LN) – Interim report and progress update | Strategic Minerals* (SML LN) – Drilling underway at Hann’s Camp | Thor Mining (THR LN) – Tungsten mineralisation intersected at Pilot Mountain
Companies: BKY CNR MKA SML THR
LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m | Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap | Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 6 September | Autins Group plc - The acoustic and thermal insulation specialist now looks to join AIM late August
Companies: MSG PEN EOG NASA THR UVEN AOR NAK EDL SRES
Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: FUTR UKOG THR NSCI DX/ MAIS PHD LWLG COS
Thor Mining is an exploration and development company with an advanced tungsten/molybdenum project poised for development; and exciting lithium and tungsten exploration projects. Thor is listed on the Alternative Investment Market (AIM) in London and the Australian Stock Exchange (ASX).
Companies: Thor Mining
Asiamet Resources (ARS LN) – Metallurgical test work on BKM composites | Bluejay Mining* (JAY LN) – BUY Target Price 22p – Significant new ilmenite province | Condor Gold (CNR LN) – Initial drilling results from Mestiza | Greatland Gold (GGP LN) – Airborne geophysics identifies additional targets at the Ernest Giles project.| Kodal Minerals* (KOD LN) – Lithium grades to support future JORC resource as Suay Chin funds Bougouni project and offtake agreement | Highland Gold (HGM LN) – Acquisition of exploration licenses adjacent to MNV | Metals Exploration (MTL LN) – Annual results | Metminco* (MNC LN) – A$0.75m received to advance the Miraflores Feasibility Study | Shanta Gold (SHG LN) – BUY – $10m loan secured by the NLGM Power Plant | Thor Mining (THR LN) – Tungsten resource upgrade at Pilot Mountain
Companies: ARS JAY CNR GGP KOD HGM MTL MNC SHG THR
Amur Minerals* (AMC LN) – Preparatory works for the 2017 field season are in full swing | Atalaya Mining (ATYM LN) – High Court adjudication of the Astor case | Golden Star Resources (GSC CN) C$0.96, Mkt Cap C$352.1m – Wassa high grade drilling intersections | Metal Tiger (MTR LN) 2.425 pence, Mkt Cap £18.9m – MOD Resources intersects new copper zone below T3 | Ortac Resources* (OTC LN) 0.0295p, mkt cap £2.4m – Topping up its investment in CASA Mining | Thor Mining (THR LN) 1.075 pence, Mkt Cap £3.9m – Drilling at Pilot Mountain intersects scheelite mineralisation
Companies: AMC ATYM MTR THR OTC
Research Tree provides access to ongoing research coverage, media content and regulatory news on Thor Mining. We currently have 49 research reports from 5 professional analysts.
|19Mar18 07:00||RNS||Half-yearly Report|
|19Mar18 07:00||RNS||COPPER RESOURCE - KAPUNDA PROJECT, SOUTH AUSTRALIA|
|16Mar18 11:05||RNS||Second Price Monitoring Extn|
|16Mar18 11:00||RNS||Price Monitoring Extension|
|16Mar18 09:25||RNS||Pilot Mountain Project and Business Update|
|16Mar18 07:26||RNS||Appendix 3B|
|15Mar18 07:00||RNS||Exercise of warrants|
This book is split into two parts. The first part is thematic and focuses on the UK North Sea, where we discuss the potential for smaller companies to benefit from making acquisitions of producing assets. This is based on a screen of potentially available assets, and their likelihood of being available for sale. In the second part, we include profiles of the oil and gas companies in our coverage, and take the opportunity to update several of our models and recommendations. We intend this to be the first in a series of periodic publications focusing on themes within the oil and gas sector.
Companies: JOG IOG RRE SQZ FPM PMO ENQ PMG AMER BLVN GENL GEEC HDY HTG HUR IOG LAM RKH
As the quarter ends and Easter approaches, the results marathon is set to pause. As highlighted previously, the vast majority of results have been as anticipated, with some notable exceptions. The state of the UK economy is improving according to the Chancellor. The MPC meeting on Thursday is likely to leave interest rates unchanged but an increase in May seems likely, even though inflation is set to fall over the next 12 months. We have continued to see significant M&A activity. In Share News & Views, we comment on Braemar Shipping*, Burford, CLS, ECSC*, FDM*, GetBusy* and XLMedia.
Companies: APC BMS CRPR EUSP FDM GETB PCF SNX SPRP TCN W7L
Strap yourself in, we’re going on a ride! Chariot’s long awaited RD-1 well on the JP1 prospect is drilling ahead. This is one of the largest prospects to be drilled globally this year and the first offshore Morocco for four years. A result is expected in around a month and, whatever the outcome, it will be volatile, so this is not one for the faint-hearted. Within our 39p/sh 3P NAV, which sets our price target, we carry JP-1 at a risked valuation of 12p/sh. So, in the event of a duster, our 3P NAV could fall 30%. A success, on the other hand, could be even more material; JP-1 is the only Moroccan prospect included in our current 3P NAV and a discovery would materially de-risk another dozen leads/prospects. There is much to play for then. Risks on frontier exploration are always high, but with a 1 in 4 CoS and the well being drilled by Eni, the best carbonate explorer in the world currently, these seem tolerable. Moreover, a second material and fully funded well in Q4 2018 in Namibia should help keep investors involved whatever the outcome.
Companies: Chariot Oil & Gas
Shell updated its strategy for the Downstream division. The key messages were: - $6-7bn annual organic free cash flow outlook for Downstream by 2020 and $9-12bn by 2025, at $60 per barrel (real terms 2016) and mid-cycle Downstream market conditions. - Marketing plans to generate more than $2.5bn additional earnings a year by 2025. - Chemicals earnings expected to reach $3.5-4.0bn a year by 2025. - Refining and Trading to focus on integration and resilience, with around 25% lower indicative integrated break-even margins expected by 2020 compared to 2011-13. - Strategy to ensure resilience and capture opportunities through the energy transition.
Companies: Royal Dutch Shell
Australian spodumene developer Altura Mining (AJM-ASX) announced that it was in discussions to be possibly taken over by its major Chinese shareholder. Assuming £1=AS1.75, the current 44 Australian cent Altura Mining share price implies a Mina do Barroso valuation of £67.5m, nearly 25% higher than our previous Altura Mining read through. Altura is a little further advanced than Savannah, with its Pilgangoora spodumene mine in Western Australia just coming on stream.
Macros: Commodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & MiningCommodities - Metals & Mining
For shareholders, the latest update is encouraging as the focus is also on its redistribution policy after all the efforts it has made and its exploration successes. Buy-backs will also be done when cash exceeds the leverage target of 20-25%. The group also highlighted its focus on upstream with more than 80% of its capex going to the division in the next four years. Sensitivity to oil prices is still increasing for the group.
Commercial momentum remains positive in Ceres at the interim. The team has delivered against many of its key targets over the past six months, including securing its fifth partner with a major European manufacturer. Excellent strides have also been made with customer milestones, particularly with Nissan’s EV range extender programme and Cummins, in the development of its larger format SteelCell®. Increasing repeat business has seen sales double to £3.1m and Ceres remains on track to deliver growth of 47% to £6m at FY. Cash of £13.2m results from a £4.1m FC outflow, including increased investment (£0.4m) in manufacturing capacity to meet demand. In this regard, the statement notes that the Board is aiming to secure additional funding by 2018 end. Elsewhere, engagement with potential new partners is very active and management continues to develop its leading technology to address new opportunities in its target sectors. We anticipate significant further headway in H2 and look to positive news flow to support this.
Companies: Ceres Power
Avesoro Resources offers exposure to a substantial gold mining and exploration business in West Africa. The company has recently completed the restructuring of its business with the acquisition of the Youga gold mine and process plant and the Balogo gold mine, both in Burkina Faso. These assets were acquired from Avesoro’s parent company, Avesoro Holdings (formerly MNG Gold), in exchange for cash and shares. Avesoro now has three operating gold mines, Youga, Balogo and the New Liberty gold mine in Liberia. Combined production from the three operations is forecast to exceed 200,000 ounces of gold per year on average for the next four years. We restarted coverage on 14 March 2018 with a price target of 320p, and now update our note to incorporate the FY 2017 results.Gold in West Africa
Companies: Avesoro Resources
In the March 2018 edition of the Hardman Monthly Newsletter, Nigel Hawkins addresses the attractions of quoted infrastructure funds that maintain a low profile.
Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL MCL MUR NSF OBT OXB PPH NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL
Avesoro Resources offers exposure to a substantial gold mining and exploration business in West Africa. The company has recently completed the restructuring of its business with the acquisition of the Youga gold mine and process plant and the Balogo gold mine, both in Burkina Faso. These assets were acquired from Avesoro’s parent company, Avesoro Holdings (formerly MNG Gold), in exchange for cash and shares. Avesoro now has three operating gold mines, Youga, Balogo and the New Liberty gold mine in Liberia. Combined production from the three operations is forecast to exceed 200,000 ounces of gold per year on average for the next four years. We restart coverage with a price target of 320p.
Companies: Avesoro Resources
SDX Energy has reported FY17 results, which reflect the positive impact of the late January 2017 acquisition of Circle Oil’s Egyptian and Moroccan business, strong netbacks and Egyptian receivable recovery. Netback, defined as sales net of operating expense and government royalties, stood at $28.9m and compares with our estimated $26.4m. Cash at year-end 2017 stood at $25.8m and has since grown to $30.6m as at 28 February 2018 after a further $6m in backdated receivables was recovered. We recently published a detailed update on our view of Moroccan gas sales and group valuation, which stands at a core NAV 58.3p/share and RENAV of 65.6p/share.
Companies: Sdx Energy
Chariot is raising up to £15m at 13p/sh via a Placing and Open Offer to ensure it can fund the drilling of a well on its Namibian Central blocks. This not only accelerates the timeframe for this well but also gives management a stronger negotiating stance in future farm-out discussions. It also means that investors now get two shots at the prize this year, with the JP-1 prospect in Morocco drilling in Q1 and Prospect S in Namibia in H2. Combined we estimate that these prospects have a risked NPV of 35p/sh, providing investors near-term exposure to material and potentially transformational drilling in two deep water exploration hot spots.
Companies: Chariot Oil & Gas
Mongolia-focused Petro Matad is preparing a four-well exploration drilling programme on its acreage, all of which it operates with a 100% interest. The campaign will be managed by a new leadership team, which has picked the well locations following a review of the Company’s operations and the acquisition of additional 2D and 3D seismic data. Although it is not without risk, hopes are high for this potentially exciting programme and we believe the shares risk / reward profile is skewed in investors favour at the current price.
Companies: Petro Matad
Premier Oil’s (PMO’s) FY17 results highlighted progress made by the Sea Lion project operator in securing vendor/debt financing, a key hurdle ahead of the final investment decision (FID). Premier’s proposed financing structure proposes a combination of vendor finance ($375m), senior debt ($750m) and equity ($375m) to fund the $1.5bn gross capex bill ahead of first oil. We had previously heavily risked Sea Lion Phase 1, given perceived uncertainty over Premier’s commitment to the project. We believe deleveraging of Premier’s balance sheet, the materiality of Sea Lion in the context of Premier’s development portfolio and progress made with regard to project finance significantly increase our confidence in the project reaching FID. We risk Sea Lion Phase 1 at a 40% chance of success (up from 20%), increasing our valuation of Rockhopper (RKH) from 44.2p/share to 62.9p/share (+42%).
Companies: Rockhopper Exploration
Driven by recovering prices and effective cost control, Antofagasta reported impressive 2017 results, which not only helped reduce net debt (towards pre-Zaldivar levels), but also supported a 177% higher full-year dividend. With near-term copper prices expected to remain resilient, attributable to an optimistic EV market sentiment, even the impact of higher costs (in Chile) is likely to be mitigated.