Hannam & Partners Equity Research - Target price 30-Jun-23 $8.00

This equity research deserves it's own thread. Thanks to @mt88

https://hannamandpartners.us14.list-manage.com/track/click?u=110d0aa5f5d9bf9478796664e&id=2b3503574f&e=2e68b55afa

"We initiate coverage of Hot Chili Ltd (“Hot Chili” or “HCH”) with a price target
of A$8/sh, implying 403% upside from the current share price. HCH is
developing the Costa Fuego Cu-Au-Mo-Ag project in Chile. The Project has
transformed significantly in recent years following the addition of the Cortadera
deposit to the existing Productora footprint, on which a pre-feasibility study
(“PFS”) was completed in 2016. We believe HCH’s deeply discounted valuation
belies its exposure to a high-quality, sizeable project, the likes of which will be
critical, in our view, in filling a looming global copper supply deficit over the
coming decade. With a new blockbluster Resource and TSX-V cross-listing, an
updated PFS due in Q3’22 will merge several deposits for the first time and
leverage HCH’s significant permitting and site design work already completed.
Combined with its relatively low altitude and existing infrastructure
advantages, we expect this to offer a fast-track to production and act as a
significant catalyst for the stock."