IEC 0.00% 0.2¢ intra energy corporation limited

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  1. 442 Posts.
    ALTO CAPITAL
    RESEARCH
    Phone: (08) 9223 9888
    Fax: (08) 9221 0488
    Email: [email protected]
    Website: www.altocapital.com.au
    ACNS Capital Markets Pty Ltd T/A Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Stage One Production Imminent and New Management
    4th May 2011
    Intra Energy Corp Limited (IEC)
    Speculative Buy
    Price:
    12-month Target:
    Enterprise Value:
    40.0?
    70.0?
    $51.6m
    Summary Information:
    Capital Structure:
    Share Price
    $0.40
    Ord Shares
    205.7
    Market Capitalisation
    $82.3
    Cash (May 2011)
    $30.7m
    Enterprise Value
    $51.6m
    Listed Options (25? exercise)
    28.9m
    Unlisted Options
    11.7m
    52 week Low/High
    12.5?
    / 59.0?
    Directors:
    Chairman & CEO
    Graeme Robertson
    Executive Director
    David Mason
    Executive Director
    Jonathan Warrand
    Non-Exec Director
    Clive Hartz
    Major Shareholders:
    Graeme Robertson & assoc.
    22.2%
    RBC Dexia Investor Services
    8.6%
    Clive Hartz & assoc.
    7.3%
    Top 20 Shareholders hold 53.4% of the issued stock
    Ngaka Resource*
    Measured
    139mt
    Indicated
    66mt
    Inferred
    46mt
    Total
    251mt
    *Intra equity share 70%
    Comparison to Peer Group
    Summary:
    Intra Energy Corp Limited (formerly Atomic Resources) is an Australian company, headquartered in Sydney, New South Wales, focused on the exploration and development of major thermal coal assets in Tanzania, and South East Asia.
    Intra holds its Tanzanian coal assets via a 70% interest in Tancoal Energy Limited (Tancoal), the remaining 30% stake in Tancoal is owned by the National Development Corporation (NDC) of Tanzania, the primary Government agency responsible for the development of Tanzania?s natural resources.
    The Mbalawala Coal Project (the groups most advanced project) has a resource of 251mt of medium ash sub bituminous coal. Intra plans to develop the project via three stages: Stage One, where Tanzanian and neighbouring countries will be supplied with coal, Stage Two, supply to the 450MW power station, and Stage Three: export sales to other continents.
    The company has recently entered into agreements for coal exploration and mine development opportunities in Laos and Vietnam, adding a new area for future growth.
    We have maintained our Speculative Buy recommendation on Intra and have increased our 12-month price target to $0.70 per share based on the imminent production from Stage One and the recent change in Management.
    Key Points:
    ? All coal assets in Tanzania are held through Tancoal Energy Limited, with the Tanzanian government holding a 30% stake. This effectively makes ATQ a partner of the Government.
    ? The new management team brings with it extensive experience in the coal industry enabling Intra to make the transition from explorer to producer with confidence.
    ? Stage One development at Mbalawala is advancing as planned, with first coal sales expected in June or July. This is forecast to produce sufficient cashflows to enable the group to continue its Tanzanian development plans without having to raise further equity capital.
    ? Three recent exploration holes at Mbalawala continue to confirm the high calorific value of the raw coal (greater than 6,400 kcal/kg) in the region. The high energy content enables Intra to sell the coal without the need of a washing plant, significantly reducing both operating and capital costs.
    ? Production from Mbalawala is expected to ramp up over the next few years with 2011 production forecast at 150,000tpa, 2013 production of 360,000tpa and potentially 2.0mtpa by 2015 with the addition of the 450MW mine mouth power station.
    ? Intra recently entered into agreements for coal exploration and mine development opportunities in Laos and Vietnam, adding a new area for future growth.
    ? Intra has entered into agreements to acquire good quality, shallow thermal coal leases in the Songwe-Kiwira Coalfield
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 2 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Mbalawala is Intra?s most advanced project
    251 million tonne JORC resource at Mbalawala
    Three stage development strategy
    Potential to be producing 5.0mtpa by 2018
    High calorific content at over 6,200 in raw coal
    Maiden reserve of 40mt expected to significantly increase over time
    Summary of the Mbalawala Coal Project
    The Mbalawala Thermal Coal Project is located in the Ngaka Coalfields and is Intra Energy?s most advanced project, located in the resource-rich Ruvumu District of South West Tanzania, 40km east of Lake Nyasa, approx. 650km from the deep water port of Mtwara and 1,100km from Dar Es Salaam, the capital of Tanzania.
    Mbalawala, has a resource of 251mt of thermal coal, and a Proven Reserve of 40mt.
    Intra has a three-stage strategy for the development of the Mbalawala project.
    Stage One consists of small scale production, initially at 150,000 tonnes per annum in 2011 and ramping up to 360,000tpa by 2013 to satisfy local domestic demand, and neighbouring countries. Stage 1 production is expected to replace coal currently imported from South Africa and Malawi.
    Stage Two involves Tancoal supplying 1.5mtpa of coal to a proposed 450MW mine mouth power station expected to commence operations in 2014. Stage 2 was the subject of the recent BFS which confirmed the project was commercially viable.
    Stage Three consists of exporting up to 5.0mtpa of thermal coal through the ports of either Mtwara or Nacala or a combination of the two. Stage 3 is at a very early stage with no studies completed to date. First export sales are not expected before 2016.
    Potential Production Profile
    2011
    2012
    2013
    2014
    2015
    2016
    2017
    2018
    Stage One Mining
    0.15mt
    0.27mt
    0.35mt
    0.40mt
    0.50mt
    0.50mt
    0.50mt
    0.50mt
    Power Plant Supply
    0.60mt
    1.50mt
    1.50mt
    1.50mt
    1.50mt
    Export Market
    0.60mt
    1.60mt
    3.00mt
    Total
    0.15mt
    0.27mt
    0.35mt
    1.00mt
    2.00mt
    2.60mt
    3.60mt
    5.00mt
    Resource
    The resource at Mbalawala is based upon 27 boreholes completed by the CDC in 1955, and 29 diamond drillholes completed by Tancoal between 2008 and 2010.
    Resource Category
    Measured
    Indicated
    Inferred
    Total Tonnes (mt) 139 66 46 251
    Inherent Moisture (%)
    2.9
    2.8
    2.6
    2.8
    Ash (%)
    18.9
    19.0
    23.8
    19.9
    Volatile Matter (%)
    52.0
    51.4
    46.3
    50.8
    Fixed Carbon (%)
    26.3
    26.9
    27.3
    26.6
    Calorific Value (kcal/kg)
    6,326
    6,350
    5,937
    6,257
    Total Sulphur
    1.4
    1.3
    0.8
    1.3
    Specific Gravity
    1.5
    1.5
    1.6
    1.5
    The coal quality components above are reported on an Air Dried Basis (ad). The major positives to be taken from the above resource breakdown is the very high calorific value and relatively low ash content in the raw coal, particularly as the calorific content in the raw coal at Mbalawala is comparable to that of many washed coals.
    Reserves
    As part of the Mbalawala BFS an initial 40 million tonne open pitable mining reserve was defined from a proportion of the 139mt measured resource. The BFS indicated that there is significant potential to increase the current reserve component in both open pit and underground mining areas, by continuing mine development planning.
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 3 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Stage One to supply Domestic and Regional industrial markets
    First sales expected during June/July
    US$13m capex required
    Stage One operating profit of US$11m per annum by 2013 forecast
    Stage One (Local coal supply)
    Stage One will initially focus on the domestic and regional East African industrial market (cement and gypsum industries) where current users either import expensive coal or use high cost, inefficient alternatives.
    Intra forecast initial production of 150,000tpa for 2011 and ramping up to 360,000tpa by 2013 to satisfy the local domestic demand as well as neighbouring countries. We believe that production from Stage One could reach 500,000tpa by 2015 as more industries switch to using coal as a reliable alternative from their current inefficient and expensive energy sources.
    Stage One is progressing with the mine design completed, delivery of mining equipment to site occurring and the official mine opening scheduled to held on the 19th May 2011. First shipments of coal from the mine are forecast to commence in June/July this year (dependent on approval of Environmental Impact Assessment).
    An initial mining area has been outlined containing 1.5mt of coal, with the major coal seam (Seam 3) averaging 4m in thickness. The coal will be hauled from the mine to mobile crushing plant before being hauled 45km to the Lituhi loadout port facility where it will be loaded onto barges for the 120km journey to the Itungi receival port facility.
    Intra estimates capital expenditure of US$13m will be required to bring Stage One into production (see figure below)
    In house estimates of the various costs associated with this mining stage indicated production costs of around US$42.00/t of saleable coal (including transport costs) to the Itungi receival port facility:
    In-situ
    Saleable
    US$4.00/t
    Mining costs
    US$24.00/t
    US$3.75/t
    CHP costs
    US$4.00/t
    US$0.75/t
    Administration costs
    US$4.00/t
    Transportation cost
    US$10.00/t
    5.0
    Strip Ratio
    Based on the above assumptions, it is estimated that the Stage 1 development of the Ngaka Thermal Coal project should be able to produce an annual operating profit in the vicinity of US$11.5 million at 350,000tpa (see table below).
    Revenue
    350,000t @ $75.00/t
    $26.3m
    Mining
    2.10mt @ $4.00/t
    -$8.4m
    CHP
    0.35mt @ $3.75/t
    -$1.3m
    Administration
    2.10mt @ $0.75/t
    -$1.6m
    Transportation
    0.35mt @ $10.00/t
    -$3.5m
    Operating Profit
    $11.5m
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 4 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Stage Two to supply proposed power station
    BFS last year concluded project was commercially viable
    Initial estimates produce an operating cost of US$40 per tonne
    Power Station not yet approved
    Potential for export sales depending on outcome from Stage One and Two
    Stage Three is highly uncertain at this stage
    Stage Two (1.5mtpa feed for Power Station)
    Stage Two is still in the initial planning stage (despite a BFS being completed into the financial viability of a 1.5mtpa mine to supply the proposed 450MW Mbalawala Power Station for a period of 25 years).
    The results of the BFS concluded that the project was commercially viable and generated an Internal Rate of Return (IRR) of greater than 25% based on the following findings: 1) Proven Reserves of 40mt, 2) Mine Development Schedule of 30 months, 3) Capital Expenditure requirement of US$98m over three years, 4) Life of Mine (LOM) operating cost of US$34.75/t coal, and 5) average sale price of US$60-70/t of coal.
    We have used the limited data released from the BFS, and our own cost estimates to investigate the potential profitability of the Stage 2 development below.
    In house estimates and information gleamed from the BFS of the various costs associated with the 1.5mtpa mining operation indicated production costs of around US$33.80/t of saleable coal at the mine mouth power station is achievable based on the following costs and assumptions:
    In-situ
    Saleable
    US$2.75/t
    Mining costs
    US$25.30/t
    US$2.50/t
    CHP costs
    US$2.50/t
    US$0.55/t
    Administration costs
    US$5.00/t
    Handling cost
    US$1.00/t
    8.2
    Strip Ratio
    Based on the above assumptions, it is estimated that the Stage 2 development of the Ngaka Thermal Coal project should be able to produce an annual operating profit in the vicinity of US$46 million based on the development of the proposed 450MW Mbalawala Power Station (see table below).
    Revenue
    1.5mt @ $65.00/t
    $97.5m
    Mining
    13.8mt @ $2.75/t
    -$37.9m
    CHP
    1.5mt @ $2.50/t
    -$3.7m
    Administration
    13.8mt @ $0.55/t
    -$7.6m
    Handling
    1.5mt @ $1.00/t
    -$1.5m
    Operating Profit
    $46.8m
    It must also be noted that all of the above scenarios are dependent on the successful construction of the proposed 450MW Mbalawala Power Station, which to our knowledge is not yet even at the detailed planning stage. An alternative to the 450MW power station maybe a progressive power park development near Mbeya built in 100MW stages (up to a potential 1,000MW).
    Stage Three (5mtpa for export market)
    Due to the large resource base at Ngaka of 250 million tonnes (with potential of +400mt), and the likelihood that the current proven reserves of 40 million tonnes will increase significantly, Intra are in the very early stages of investigating the potential of producing coal for the exporting market (most likely to India), through the ports of Mtwara or Nacala.
    Stage Three will depend on the success of Stage One and Two, with major planning for Stage Three to be completed depending on the demand generated by the Stage Two Development.
    Rough cost estimates indicate the total costs to mine, transport and load the ore for export of around US$68.00/t of saleable product, based on the following costs and assumptions:
    In-situ
    Saleable
    US$2.25/t
    Mining costs
    US$25.90/t
    US$0.30/t
    Administration costs
    US$3.50/t
    Handling cost
    US$1.00/t
    8.2
    Strip Ratio
    Transport to Port
    US$30.00/t
    Port Costs
    US$7.50/t
    Production from Stage Three is highly uncertain at this stage and if given the go ahead is not expected to commence until 2016 at the earliest.
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 5 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Potential for shallow thermal coal
    Discovered by the CDC in the 1950?s, with further work carries out in the 1980?s by British Mining Consultants
    Previous mining study indicates very low strip ratio
    Due Diligence drilling to commence within weeks
    Entered into agreements for coal projects in Laos and Vietnam
    Cheap entry into prospective region
    New Resource Projects
    Songwe-Kiwira, Tanzania
    Intra has entered into agreements to acquire coal leases in the Songwe-Kiwira Coalfield, located to the south of the Mbeya industrial region and north of Lake Nyasa in southwest Tanzania. Good quality, shallow thermal coal resources from previous mining studies are understood to exist in the leases.
    The agreement covers a total of four contiguous leases; a granted Mining Licence, and three Prospecting Licences.
    Shallow coal resources were identified in the Songwe-Kiwira region through previous exploration, initially by the CDC (Colonial Development Corp) in 1957, and later by British Mining Consultants Limited in 1988.
    Coal resources (non-JORC) were calculated within an open pit mining study carried out by BMCL at varying ash content cut-offs. They report a resource of 46.5mt at an overburden to coal ratio of 0.9:1 (bcm:t) noting potential extensions at depth, to the north and south.
    Intra has made a non-refundable payment of US$500,000 to secure the four leases, and if the due diligence process proves the expected resources in the area, a further payment of US$9.5m in cash and shares has been agreed for a 70% ownership of a joint venture vehicle.
    Legal and technical due diligence has commenced, with drilling to commence by mid-May 2011.
    Vietnam and Laos
    Intra entered into agreements with Indochina China Pty Ltd for coal exploration and mine development in Laos on 12 April 2011 and Vietnam on 21 April 2011.
    Indochina is a privately held Australian company, which for several years has been researching and identifying early stage coal opportunities in ASEAN countries through regional evaluations and reconnaissance. The directors of Indochina include highly respected resource geologists having extensive years of successful coal exploration experience in South East Asia, particularly in early stage identification of opportunities.
    Indochina has compiled a significant database on regional ASEAN coal occurrences, completed initial field work in some of the more interesting targets, and prioritised exploration opportunities. Two areas in Vietnam and two areas in Laos have been identified. Intra will make applications for Prospecting and Exploration Licences of the areas.
    The agreement gives Intra a 100% equity interest in any venture with Indochina; with Indochina to receive a finder‟s fee of US$500,000 should Intra secure an Exploration Licence or a JV with a local company that holds an Exploration Licence. Additionally, a 2% gross royalty would be paid to Indochina on any lignite/coal sold from the venture.
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 6 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Valuation based on Sum of Parts method
    Segments making up the valuation have had discount rates applied based on perceived risks/certainty
    Discounted sum of the parts valuation for ATQ of US$126m
    Valuation should increase as confidence/knowledge in the project increase
    Valuation
    Because Intra is planning develop its coal projects in a staged manner, with some the future stages still at an early planning/scoping level, we have decided to value the company using a sum of its parts basis. We have divided the group up into eight segments for valuation purposes:
    Stage 1 DCF:
    Discounted cash flow using a 12% discount rate for Stage One, with production commencing at 150ktpa for 2011 and ramping up to 350ktpa by 2013, with sales into the domestic market at a price of US$75/t.
    Stage 2 DCF:
    Discounted cash flow using a 12% discount rate for the sale of 1.5mtpa to the 450MW power station commencing at 600kt in 2014 a price of US$65/t.
    Stage 3 DCF:
    Discounted cash flow using a 12% discount rate for the sale of 5.0mtpa into the export market at a price of US$100/t commencing in 2016 at 600kt, and ramping up to 5.0mtpa by 2020.
    Resource Upgrade:
    Based on a resource upgrade from 251mt to 400mt
    Exploration Potential
    Based on converting exploration potential into resources (additional 400mt)
    Exploration:
    Value of ATQ?s other exploration holdings
    Cash:
    Net cash holdings
    Corporate:
    Head Office expenditure (3 years)
    As there are varying levels of uncertainty into the outcomes of the various stages, we have discounted our valuations to take into account this perceived risk. The higher the discount used the less likely the event is to occur (example a discount of 10% implies a fairly high level of certainty, while a discount of 95% implies there is a fairly low level of certainty.
    Item
    Value
    Equity
    Equity
    Discount
    (US$m)
    Share A$1
    DCF Stage 1 ($70/t)
    US$60m
    70.0%
    US$42.0m
    10%
    37.8
    18.2?
    DCF Stage 2 ($65/t)
    US$100m
    70.0%
    US$70.0m
    50%
    35.0
    16.8?
    DCF Stage 3 ($100/t)
    US$300m
    70.0%
    US$210.0m
    95%
    10.5
    5.0?
    Resource Upgrade (400mt)
    US$15m
    70.0%
    US$10.5m
    15%
    8.9
    4.3?
    Exploration Potential (800mt)
    US$20m
    70.0%
    US$14.0m
    60%
    5.6
    2.7?
    Exploration (Laos/Vietnam)
    US$4m
    100%
    US$4.0m
    4.0
    1.9?
    Exploration (Other)
    US$8m
    mixed
    US$4.0m
    4.0
    1.9?
    Cash
    A$30m
    A$30.7m
    30.7
    14.7?
    Corporate
    (A$10m)
    (A$10.0m)
    (10.0)
    (4.8?)
    Total
    US$527m
    126.5
    60.7?*
    1 A$:US$ 1.00
    * based on 208.2m shares
    It must be noted that the valuation above of US$126.5m is based on information known at the time of this report.
    As the project becomes more advanced (Mbalawala Power Station go ahead, JORC resource increase, successful scoping study on stage 3, etc.) the discounts applied to various items will decrease. As an example, with all things being equal, once the Mbalawala Power Plant receives FID (Final Investment Decision) the current discount rate of 50% may decrease to 25%, adding US$18m to the valuation, or once a successful scoping study on the Stage 3 export potential has been completed the discount rate may decrease to 70% from the current 95%, adding an additional US$50m to the valuation.
    The valuation method we have used above is designed to increase in value as confidence and knowledge of the project?s segments increase.
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 7 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    Speculative Buy with a 70? price target
    Currently trading at a significant discount to our valuation
    Recommendation and Price Target
    We have maintained our Speculative Buy recommendation on Intra, and have increased our 12-month price target to $0.70 from $0.60 per share based on the recent change in management, the imminent commencement of Stage One production, and recent capital raisings providing the group with sufficient capital to fund its future development plans.
    Our 12-month price target of $0.70 is above our sum of the parts valuation of $0.61, and is due to our belief that the new management team will deliver on its outlined plans for Intra and the potential of future project acquisitions.
    We expect positive news flow over the coming months with initial coal sales from Stage One, continuing positive results from further drill programs, and the potential of a significant resource upgrade later in the new year.
    Based on our price target of 70? a share, and a valuation of 61? a share, ATQ is trading at a significant discount to fair value, and has the potential to produce substantial capital gains if the group?s plans come to fruition.
    Directors
    Mr. Graeme Robertson
    Chairman and CEO
    Graeme Robertson has spent much of his life in Asia engineering growth in developing nations. He has been responsible for pioneering and managing world-class and global mining, energy and infrastructure operations.
    A graduate of the University of New South Wales, Graeme has been the developer and resident
    Director of PT Adaro Indonesia, the largest open cut coal mine in the Southern Hemisphere with a current market capitalisation of US$5.5 billion and PT Indonesia Bulk Terminal, an international bulk port operation in Indonesia. Graeme has extensive experience in developing successful operations in emerging economies. He is a former Director of Australia?s fourth oldest public company Washington H. Soul Pattinson & Co., and was previously Managing Director (1987 ? 2005) of New Hope Corporation Limited (ASX: NHC).
    Graeme is a Trustee of the Indonesian Humanitarian Foundation (YKI) based in Bali and Deputy
    Chairman of the John Fawcett Foundation, a charitable organisation based in Perth, Australia.
    Mr. David Mason
    Executive Director
    Exploration and Business Development
    Mr David Mason has a broad business, corporate and mining background achieved having worked in the mining industry for 30 years throughout Australia.
    David is a Director of Overseas & General Limited (ASX:OGL), a coal producer in Indonesia. Prior to this, David was Operations Director of Haddington Resources (now Altura Mining, ASX:AJM) a diversified resource company, which acquired the resource investment and mining service companies of Minvest International, a group he co-founded and managed.
    David was formerly General Manager of the Minvest Group, and assisted in the development of the Adaro Indonesia coal mine, the MHU coal mine, a suite of exploration assets and mining service companies.
    Mr. Jonathan Warrand
    Executive Director
    Chief Financial Officer
    Mr Jonathan Warrand is the Managing Director of Intrasia Capital Pty Limited, a proprietary investment firm in Sydney with offices in Singapore and Mauritius.
    Mr Warrand holds a Masters of Business Administration (Executive) from the Australian Graduate School of Management, Graduate Diploma in Applied Finance and Investment, Insolvency Law Certificate (University of Southern Queensland) and a Bachelor of Commerce (University of Wollongong). He is a Chartered Accountant, Fellow of Finsia and is an Associate of the Insolvency Practitioners Association of Australia and has over 23 years of corporate advisory experience across various sectors including soft and hard commodities, financial services and real estate, with experience in equity and debt markets, strategic planning, capital management and corporate advisory.
    Mr Warrand is an Executive Director of Superwoman Group Limited and is a Non-Executive Director of Chancery Managed Investments Limited.
    Mr. Clive Hartz
    Non-Exec Director
    Mr Hartz is Chairman and CEO of a private diverse investment group that he established in 1976. The groups interests span property, exploration, mining and construction and have include the development of retirement villages, offices, showrooms, industrial and residential building, subdivisions and shopping centres. Clive was a key participant in the resurrection of Skywest Airlines in Western Australia. He is currently the President and Chairman of IGC Resources Inc., a Canadian listed resources company.
    Alto Capital
    Intra Energy Corp Limited
    May 2011
    Page 8 of 8 ACNS Capital Markets trading as Alto Capital ABN 93 088 503 208 AFSL 279099
    This information must be read in conjunction with the disclaimer at the end of this document
    The author of this report currently owns shares in ALG, ALGO, IEC, CEU, SFZ, SFZO, TAH, and WPI.
    Carey P. Smith
    Research Analyst
    Phone: 08 9223 9838
    Mobile: 0400 216 502
    E-mail: [email protected]
    Investment Managers
    Stockley Davis
    Corporate Manager
    Phone: +618 9223 9835
    [email protected]
    Adam Belton
    Director
    Phone: +618 9223 9818
    [email protected]
    Craig Brown
    Director
    Phone: +618 9223 9828
    [email protected]
    Shane Wee
    Director
    Phone: +618 9223 9868
    [email protected]
    Brendan Fogarty
    Investment Manager
    Phone: +618 9223 9810
    [email protected]
    Peter Hayes
    Investment Manager
    Phone: +618 9223 9836
    [email protected]
    Alan Lawson
    Investment Manager
    Phone: +618 9223 9878
    [email protected]
    Maciej Rosiewicz
    Investment Manager
    Phone: +618 9223 9830
    [email protected]
    Brett Schreuders
    Investment Manager
    Phone: +618 9223 9825
    [email protected]
    Cameron Bolton
    Investment Manager
    Phone: +618 9223 9832
    [email protected]
    Chris McGrath
    Investment Manager
    Phone: +618 9223 9822
    [email protected]
    Ian Leete
    Authorised Representative
    Phone: 0415 707 065
    [email protected]
    Mathew Walker
    Director
    Phone: +618 6460 4960
    [email protected]
    Russell Lynton-Brown
    Authorised Representative
    Phone: +618 6460 4960
    [email protected]
    Nathan Barbarich
    Authorised Representative
    Phone: +618 9223 9848
    [email protected]
    James Robinson
    Authorised Representative
    Phone: +618 6460 4960
    [email protected]
    Carey Smith
    Research Analyst
    Phone: +618 9223 9838
    [email protected]
    Carrie Burns
    Office Manager
    Phone: +618 9223 9888
    [email protected]
    Research Disclaimer/Disclosure
    Important Information
    Disclosure: The author of this publication, Alto Capital, its Directors, Advisers, Associates and Employees from time to time may hold shares in the securities mentioned in this Research document and therefore may benefit from any increase in the price of those securities. Alto Capital and its Advisers may earn brokerage, fees, commissions, other benefits or advantages as result of a transaction arising from any advice mentioned in publications to clients.
    Disclaimer: Alto Capital believes that any information or advice (including any financial product advice) contained in this document is accurate when issued. Alto Capital however, does not warrant its accuracy or reliability. To the extent permitted by law, Alto Capital, its officers, agents and employees exclude all liability whatsoever, in negligence or otherwise, for any loss or damage caused in relation to this publication.
    Warning: Any financial product advice contained in this document is unsolicited general information only. Do not act on this advice without first consulting your Adviser to determine whether the advice is appropriate for your investment objectives, financial situation and particular needs.
    Important Information: No part of this publication should be reproduced, copied, transmitted or distributed without the specific written permission of Alto Capital. To obtain such permission please contact the author of the publication on the email address above. Modification of the publication is a violation of Alto Capital?s proprietary rights.
    Product Disclosure Statements (PDS): If applicable, you should obtain the PDS relating to the relevant product mentioned in this publication. This contains details of the terms, conditions, risks and pricing of the product. You should consider the contents before making any decision about whether to acquire the product.
    Alto Capital has received fees from Intra Energy over the last 12 months for corporate advice and has received commissions from recent capital raisings
 
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No. Vol. Price($)
32 73767956 0.1¢
 

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Price($) Vol. No.
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