DYOR. Not advice. Do not treat as a formal estimate / valuation....

DYOR. Not advice.

Do not treat as a formal estimate / valuation. Intent is to provide a general indication of potential only, assuming the company achieves the milestones set out in their production plans and graphite market sentiment remains positive. You are encouraged to do you own research.

Note - estimates below only take into account known dilution. Additional dilution from future CRs not factored in.

Battery Minerals are ticking boxes so here’s a summary of short and medium to long-term price targets.

Short Term (nominally up to 12 months)

• 26c (Morgan’s Research), 29c (Hartley’s Research)
• Key catalysts

• • Mining license (expected February – waiting for new Minister to be installed in February. BAT have already met with new Minister)
  • 5th binding offtake expected with Japanese ( should take BAT to 100% of Stage 1 production being covered by Binding Offtake Agreements )
  • Ramp-up/production commencing in Q4 2018

Mining license could rapidly push share price towards 26c ( thanks @beans ).

Morgan’s Research https://www.batteryminerals.com/wp-content/uploads/2016/01/17-January-2018_Morgans-Research.pdf

Hartley’s Research https://www.batteryminerals.com/wp-content/uploads/2016/01/Hartleys-Research-Report-7-Dec-2017.pdf

My analysis based on extrapolation of Morgan’s figures. Explained here https://hotcopper.com.au/threads/mo....3968226/page-4?post_id=30449275#.Wme5AmLZWaN



My analysis based on peer comparison with Syrah. Comparison based on SYR share price for 17 Jan @ $4.59). See also this post for an earlier explanation https://hotcopper.com.au/threads/bat-valuations.3579543/page-11?post_id=29364491#.Wme6KGLZWaM



Medium Term (2019 to 2020)

• 43c (my estimate based on peer comparison with Syrah for Stage 1 Production). See above.
• 44c (my estimate based on extrapolation/analysis of Morgan’s Research analysis ). See above.

Long-term (2021+)

• 80c (my estimate based on peer comparison with Syrah for Stage 2 Production @ Montepuez). See above charts.
• 80c/84c/$1 (my estimates based on extrapolation/analysis of Morgan’s Research analysis). See above charts.
• Takes into account ramp-up of Stage 2 Production at Montepuez as well as additional upside from Balama (which BAT are aggressively drilling to define resource for supporting production studies)