GMM general mining corporation limited

Initiated coverage 82c Buy Valuation

  1. PD1
    2,440 Posts.
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    A further 'Buy' rating put out by Hartleys today.
    82c Valuation
    82c Price Target

    Initiate with Buy

    GMM is well placed to take advantage of rising spodumene prices. Its relationship with offtake customers mean it is well placed to also develop new projects (our preliminary valuation for 50% James Bay is $40-60m). We estimate that GMM trades on life-of-mine EV/EBITDA of 6.1x, but using US$750/t it is only on 4.4x. Additionally, the potential development of James Bay in Quebec could add significant value to GMM, and increase its market share in global spodumene supply. We are initiating with a Buy.
 
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Currently unlisted public company.

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