Veritas Securities Limited released an excellent equity research note on RDM yesterday. I imagine Rob will add it to the RDM website in due course (so keep an eye out for it).
Veritas have a speculative buy rating on RDM, with a short term price target of $0.25. Their note is based solely on Maronan and doesn't take into account any exploration success at Lawn Hill and progress with their suite of other exciting projects, etc.
On a discounted cash flow basis, Veritas have assigned a NPV of $454m and an IRR of 32%. The price assumptions used are: Pb US$1.00/lb, Ag US$16.50/oz, Cu US$2.20/lb, Au US$1,250/oz.
They also included an interesting peer comparison (with six other juniors). RDM has the second highest insitu resource value per tonne, yet easily the lowest market cap of the six companies. This highlights how significantly undervalued RDM is with its peers. Veritas believe Maronan alone supports a SP re-rating.
Veritas Securities Limited Equity Research Note
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