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.​ 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. For earlier-stage companies, this typically assumes a terminal share number that is far in excess to the current number of shares on issue.

• Our research relies solely on information that is sourced from the public domain. Refer to the Disclosure section of each report for further information. 

​

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.

​

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 Clients as defined in section 761G of the Corporations Act 2001 (Cth). By signing up to receive our research you confirm that you meet this definition.