RR_EQR_2022_12_07_INITIATION.02.pdfHot off the press. Research...

RR_EQR_2022_12_07_INITIATION.02.pdf

Hot off the press. Research from Pac Partners

BUY 12c. That's 166% from today's closing price.

Still reading through it.
- lower capital risk.
- profitable quarry provides downside protection
- expects industry wide supply decline with increasing demand.
- valuation gap narrowed by open cut production starting soon.
- drilling program will add more resource and value.
- in 2025 shows a potential dividend of 2.5c per share
- potential acquisition target due to increasing mine life.
- incremental approach has addressed many risks (de-risked).
- 82% of the mineral resource is only at scoping study and REMAINS OUTSIDE THE BASE CASE VALUATION.

Giddy up!