Kibaran Resources (ASX:KNL) has received a speculative buy from the Australian broker Taylor Collison, with a $0.76 price target.
Kibaran last traded at $0.46 a share.
The following is an extract from the report:
KEY POINTS
- A total of 37 drill holes (2,215m) completed in program, with assay results including +20% TGC intersections (further results from the Epanko drilling due next week).
- The drilling has successfully doubled the strike length of the resource. Epanko remains open in most directions and is amenable to open-pit mining (low stripping ratio).
- RC drilling recently completed and KNL is AIMing to upgrade resource by early August. This will include a JORC Indicated resource and will be followed by a more detailed scoping study in the weeks thereafter.
- MoU with AIM-listed Richland Resources to consolidate graphite assets to be finalised soon. Exploration Target of between 60-200Mt of graphitic schist, grading between 9-12% TGC at 100% Kibaran-owned Merelani Prospect located 15km east of Richlands’ historical graphite mine.
- Purity test work has confirmed the concentrate can be beneficiated to up to 99.98% TGC. A key finding from the independent German laboratory that conducted the work is that there is no limitation for the use of Kibaran’s graphite flakes and it is suitable for the production of spherical graphite for Li-ion batteries.
- Kibaran Resources (KNL) has in place a binding off-take agreement with a “Major European Graphite Trader” (EGT) for 10ktpa of flake graphite concentrate over a 5 + 5 year period.
We re-iterate our target price of 76c, with further re-rate events in the near-term at both the Epanko Deposit and Merelani tenements.
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News: Kibaran Resources receives Speculative Buy, $0.76 price target
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