buy recommendations up to $0.34

SPI have just released their initial JORC for Contact / Contact North. DJ Carmichael have a price target of $0.24 and ZULU Capital have just released research with a $0.34 target. Both research reports are independent non-paid.

This stock needs serious looking at.

Spitfire Resources Limited (SPI.AX)
Resource definition to trigger rerating; BUY
We initiate coverage on Spitfire (ASX: SPI) with a BUY recommendation and a price target of
AS$0.34 /share based on DCF, considering full-fledged production only in FY2015 and factoring in
future dilutions. Spitfire is poised to make the transition from an exploration company to a producer
as it plans to commence development in the next 12-18 months. We expect a significant re-rating
of the stock once the company releases its maiden JORC estimate at the end of Q1-2012 for South
Woodie Woodie project. The company has guided resource definition of nearly 10-15Mt (million
tons) at 15-25% Mn in the Contact and North Contact Deposits at South Woodie Woodie which we
believe is plausible and would aid the re-rating of the stock.