Here's an article about the research report Venturex’s Sulphur...

Here's an article about the research report
Venturex’s Sulphur Springs project valued at $351 million, or 6.9c-a-share​

23rd February 2018
http://www.resourcesrisingstars.com...rings-project-valued-351-million-or-69c-share​

Resources Rising Stars​

Base metals developer Venturex Resources (ASX: VXR) owns two major zinc-copper assets in the Pilbara region, but has been valued at 6.9c-a-share based on just one of them, the shovel-ready Sulphur Springs Project, by equities research outfit Independent Investment Research (IIR).

In a comprehensive new research note on the 1.6c stock, IIR says Sulphur Springs has been completed to Definitive Feasibility Study stage with the mine approved as an underground operation.

“The Company is close to converting that approval into a lower risk open cut/underground project, benefiting from a high-grade cap,” it says.
A drilling program in the second half of last year was designed to upgrade the resource status of the 800kt inferred high-grade cap which contains some 32kt of copper. Venturex estimates that this adds $133 million in pre-tax NPV to the remaining project NPV of $205 million.

“Venturex management have done an excellent job of de-risking and adding value to the flagship Sulphur Springs project, with more to come,” the IIR report says.

“Further de-risking will close the gap between the current share price and what the company would be worth if Sulphur Springs was in production.”
The report says the Company’s development strategy comes against the backdrop of improving global growth momentum, as signalled by higher commodity prices and the stronger AUD/USD.

“Zinc is in structural shortage following major mine closures, and is expected to perform strongly on any demand strength,” the note says.
“Venturex has 930kt of zinc in resource and, when operating, Sulphur Springs will provide a life of mine exposure of 335kt of zinc and 146kt of copper,” it continues.

The note adds that the company’s Whim Creek sulphide project has been in the “bottom drawer” for the last five years, but is being “re-energised by new exploration which is adding zinc to the Salt Creek target and copper to Mons Cupri.”