We cover individual ASX-listed companies operating in the mining, energy, and critical minerals space, particularly early-stage companies that we consider to have under-recognised potential.

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Our Approach 

 

When establishing a price target on a security, we take the following approach:

 

• We develop a hypothetical base case projection which is then adjusted by a risk factor that reflects development stage, execution risk and other factors. As companies progress and meet key milestones (e.g. permits, funding, resource upgrades, offtake, etc.), we revise assumptions and re-adjust risk weightings accordingly.

• Given the nature of junior resources companies, we include estimates of future capital needs to support more realistic valuation modelling. For early-stage companies, this typically assumes a terminal share number that is far in excess to the current number of shares on issue.

• It is typically prepared on an unsponsored basis and relies solely on information that is sourced from the public domain. Refer to the Disclosures section of each report for full information. Where a commercial relationship is formed after an initial publication, this will be disclosed on the hosting page of the associated download link.

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Note that we make every effort to ensure accuracy, but errors or omissions may occur. Research on early-stage resource companies is inherently high-risk and speculative. Analysis may vary greatly depending on individual interpretation and judgement.

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Our research is general advice only, it does not consider your personal objectives, financial situation, or needs, and should not be relied on as personal advice. Access to research is restricted to wholesale investors as defined in section 761G of the Corporations Act 2001 (Cth). By proceeding, you confirm that you meet this definition.