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ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers  with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Research Team ACF
  • Research Team ACF
PREMIUM
MAST.L Quantum Data En...
MAST MAST ENERGY

Quantum Data Energy (MAST.L) Rapid Progress 25112025

Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide. MAST.L is targeting 1GW of new generation by 2030. Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares. Our milestones tables in this note help investors understand the rapid pace of progress and strategic change. MAST.L’s transformation starts with the raise and liability structuring 11 Jul 2025. Current NoSh is 83,095,927, see RNS 06 11 ...

MAST.L QUANTUM DATA ENERGY PLC
MAST MAST ENERGY
11/25/25 November 25, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
MAST.L Quantum Data En...
MAST MAST ENERGY

Quantum Data Energy (MAST.L) Accretive Cash Warrants FINAL 18112025

Quantum Data Energy (MAST.L) delivers flexible, modular power solutions to the UK grid and AI datacentres worldwide. QDE is targeting 1GW of new generation by 2030. Our current value range is based only on 150MW and on our expected dilution of 223m shares. QDE’s current portfolio is 48 MW. Current sites-8.1MW in production and 12.5MW in construction) have Current NoSh have moved up to 83,095,927, see RNS 11 Jul 25. Total issued shares as a result of the prepaid warrants would be 145,061,069. The...

MAST.L QUANTUM DATA ENERGY PLC
MAST MAST ENERGY
11/18/25 November 18, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
MAST MAST ENERGY DEV...

MED MAST.L Update Megawatt Momentum 3172025

Mast Energy Developments plc (MAST.L, ESCC Transition) is a flexible power generation plant owner, developer and operator targeting >300 MW of new, grid critical, generation for the UK flexible power market by 2030. Our current value range is based only on the first 150 MW. Since our initiation MAST recently bought exclusive rights to five sub‑5 MW flexible‑generation sites from Green Light Energy (GLE). The transaction cost £50k (£2k per MW) – in a 50% cash and equity at £0.77 p/s deal raising ...

MAST MAST ENERGY DEVELOPMENTS PLC
07/31/25 July 31, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
MAST MAST ENERGY DEV...

MED MAST.L Initiation Lights On Engines Revving 15072025 - Augmentatio...

Mast Energy Developments plc (MAST.L, LSE Standard List) is a flexible power generation plant owner, developer and operator targeting >300 MW of new, grid critical, generation for the UK flexible power market by 2030. We value the first 150 MW. MAST’s refocused cash‑first, modular scale‑up strategy has monetised Pyebridge, is de‑risking Hindlip (£5m Powertree JV) and locking‑in attractively priced high‑visibility Capacity‑Market (CM) cash flows. The UK power grid faces a 10‑12 GW flexibility gap...

MAST MAST ENERGY DEVELOPMENTS PLC
07/16/25 July 16, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
MAST MAST ENERGY DEV...

MED MAST.L Initiation Lights On Engines Revving 15072025

Mast Energy Developments plc (MAST.L, LSE Standard List) is a flexible power generation plant owner, developer and operator targeting >300 MW of new, grid critical, generation for the UK flexible power market by 2030. We value the first 150 MW. MAST’s refocused cash‑first, modular scale‑up strategy has monetised Pyebridge, is de‑risking Hindlip (£5m Powertree JV) and locking‑in attractively priced high‑visibility Capacity‑Market (CM) cash flows. The UK power grid faces a 10‑12 GW flexibility gap...

MAST MAST ENERGY DEVELOPMENTS PLC
07/15/25 July 15, 2025 1 EN
ACF Healthcare
  • ACF Healthcare
COEP COEPTIS THERAPE...

Coeptistx (COEP) Deverra Deal Flash Note 21082023

Coeptis Therapeutics Inc. (NASDAQ: COEP), post Deverra deal is a Phase 1 clinical stage biotech (previously pre-clinical) in the oncology space. COEP’s exclusive license deal with Deverra for DVX201 (two products ’54’ & ‘16’ provides access to Deverra’s no-HLA-matching platform asset onto which COEP’s SNAP-CAR and GEAR platforms could dovetail’ and create a potentially very broad application set of immune technologies. Deverra’s proprietary allogeneic stem cell platform side steps patient donor ...

COEP COEPTIS THERAPEUTICS HOLDINGS INC
08/21/23 August 21, 2023 8 EN
ACF Extractives
  • ACF Extractives
IXR Ionic Rare Eart...

Ionic Rare Earths Ltd (IXR) Core Investment Case UPDATE 15082023

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). Rare earth elements primary use is in the production of permanent magnets – key components of clean energy applications (wind turbines and electric vehicles). IXR’s flagship Makuutu Rare Earths project is significant given its ionic adsorption clayhosted geology - similar to that found in projects in Southern China, main global supplier of Heavy Rare Earths. IXR currently hol...

IXR IONIC RARE EARTHS
08/15/23 August 15, 2023 12 EN
ACF Healthcare
  • ACF Healthcare
COEP COEPTIS THERAPE...

Coeptis Therapeutics Inc. (COEP) YE22 1Q23 & DeSPAC 29062023

Coeptis Therapeutics Inc. (NASDAQ: COEP) is a pre-clinical stage biopharmaceutical Corp focused on fighting cancer via a pipeline of potentially novel products targeting CD38+ related unmet need and solid tumor cancers. The YE22A results show wash through of the SPAC merger and redemptions, which may run around ~90%. The 1Q23A results add additional insights into operational costs in particular. During YE22A raise ‘costs’ are dominated by warrant liabilities and redemptions. The diagnostics plat...

COEP COEPTIS THERAPEUTICS HOLDINGS INC
06/29/23 June 29, 2023 24 EN
ACF Mining
  • ACF Mining
SLR Silver Lake Res...
IMD IMDEX ... (+10)

ESG Sustainability Report 2023 Metals & Mining ASX - 13062023.pdf

ACF Equity Research’s ESG / Sustainability Report for ASX small and mid-cap miners is designed to help investors make fast simple initial filtering decisions. For firms it helps them identify investor messaging opportunities and support their ESG / Sustainability investor strategy. Stock price and index performance data shows that companies with ESG metrics outperform the major indices.

SLR SILVER LAKE RESOURCES
IMD IMDEX
PRU PERSEUS MINING
HAS HASTINGS TECHNOLOGY METALS
PDI PREDICTIVE DISCOVERY
BGL BELLEVUE GOLD
VUL VULCAN ENERGY RESOURCES
FEAM 5E ADVANCED MATERIALS INC
QPM QUEENSLAND PACIFIC METALS LTD
RDRUY NEOMETALS LTD
06/13/23 June 13, 2023 50 EN
ACF Energy
  • ACF Energy
KIBO KIBO ENERGY

Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19...

Kibo Energy Plc (dual listed KIBO:AIM, JSE:KBO) a renewable, reserve energy, LDES and biofuel corp., last week announced a repriced warrant offer that should unblock arious decision mechanisms (including spinoffs), which would be in the interest of the majority of investors. We note management (current + previous) is committing >£700k of its own capital via the CLN conversion. Exercising the repriced warrants on the JSE appears the logical approach. The S. African s/p arbitrage puts the repriced...

04/19/23 April 19, 2023 8 EN
PPTA PERPETUA RESOUR...

Perpetua Resources Corp. (PPTA) Core Investment Case UPDATE ACF Equity...

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highest grade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz)  antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Sin...

PPTA PERPETUA RESOURCES CORP
08/19/22 August 19, 2022 12 EN
ACF Extractives
  • ACF Extractives
8GC GLENCORE PLC
KGH KGHM Polska Mie... ... (+5)

Silver Thematic ACF Equity Research 11082022

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will  also push the silver price down. In 2H22E we assess that both weakening industrial activity (>50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit...

8GC GLENCORE PLC
KGH KGHM POLSKA MIEDZ S.A.
FRES FRESNILLO PLC
POLY POLYMETAL INTERNATIONAL PLC
NE.M.BA NEWMONT CORPORATION
08/11/22 August 11, 2022 20 EN

Uranium Market Briefing Note FINAL 25092019

Uranium’s (U3O8) main use is as a fuel in the production of electricity by nuclear power stations. The uranium market is complex, illiquid (thinly traded) and opaque. Directly or indirectly State-controlled producers account for up to 70% of global production and these players do not have to follow economic logic unlike the companies without State subsidy. The majority of consumption (power stations) are geographically and often politically far from the majority of production (mines). Consumptio...

09/25/19 September 25, 2019 8 EN
Research Team ACF
  • Research Team ACF
PREMIUM
DXCM DEXCOM INC.
VRTX Vertex Pharmace... ... (+19)

KDST + NLSP Combined Core Investment Case 29052025

We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM). We provide an investment case analysis and a selection of merged metrics prior to any synergies. The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurod...

DXCM DEXCOM INC.
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TDOC TELADOC HEALTH INC.
PODD INSULET CORPORATION
ORMP ORAMED PHARMACEUTICALS
MDT MEDTRONIC PLC
LLY ELI LILLY AND COMPANY
SAN SANOFI
TILS TIZIANA LIFE SCIENCES
CRSP CRISPR THERAPEUTICS AG
SENS SENSEONICS HOLDINGS
TNDM TANDEM DIABETES CARE
NOVO NOVO NORDISK A/S-B
SANA SANA BIOTECHNOLOGY
HIMS HIMS AND HERS HEALTH INC (A)
KDST.TA:TASE KADIMASTEM
NLSP:NasdaqCM NLS PHARMACEUTICS
CRSP (NASDAQ) CRISPR THERAPEUTICS
TLSA TIZIANA LIFE SCIENCES LTD
05/29/25 May 29, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
AMGN AMGEN INC.
NOVN NOVARTIS AG ... (+11)

ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition. The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period. LCC is a prevalent symptom among lung cancer patients, and its management is...

AMGN AMGEN INC.
NOVN NOVARTIS AG
MRK MERCK & CO. INC.
LLY ELI LILLY AND COMPANY
SAN SANOFI
MRUS MERUS B V
PFE PFIZER INC.
AZN ASTRAZENECA PLC
GLAXO GLAXOSMITHKLINE PHARMACEUTICALS
TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED
SUMM.L SUMMIT THERAPEUTICS
04/29/25 April 29, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
DXCM DEXCOM INC.
VRTX Vertex Pharmace... ... (+19)

ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innov...

Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market. Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge. Diabetes is a chronic metabolic disorder characterized by high blood sugar levels. In 2024, consensus global estimates suggested there were ~800m adult diabetes sufferers. In 2021, according to the IDF there >530m sufferers globally. For 2027E we modestly forecas...

DXCM DEXCOM INC.
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TDOC TELADOC HEALTH INC.
PODD INSULET CORPORATION
ORMP ORAMED PHARMACEUTICALS
MDT MEDTRONIC PLC
LLY ELI LILLY AND COMPANY
SAN SANOFI
TILS TIZIANA LIFE SCIENCES
CRSP CRISPR THERAPEUTICS AG
SENS SENSEONICS HOLDINGS
TNDM TANDEM DIABETES CARE
NOVO NOVO NORDISK A/S-B
SANA SANA BIOTECHNOLOGY
HIMS HIMS AND HERS HEALTH INC (A)
KDST.TA:TASE KADIMASTEM
NLSP:NasdaqCM NLS PHARMACEUTICS
CRSP (NASDAQ) CRISPR THERAPEUTICS
TLSA TIZIANA LIFE SCIENCES LTD
03/13/25 March 13, 2025 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
NOVN NOVARTIS AG
GILD Gilead Sciences... ... (+4)

ACF Insight - Innovations in Oncology - the Future of Cancer Treatment...

Global oncology spending is projected to reach US$409bn by 2028E, up from US$223bn in 2023A at a 5yr CAGR of 11.5-14.5% from 2024-2028 (IQVIA, 2024). This growth is in part driven by US spending, which has increased to $99bn in 2023A up from $65bn in 2019A - the US makes up ~45% of global oncology spending.

NOVN NOVARTIS AG
GILD GILEAD SCIENCES INC.
BMY BRISTOL-MYERS SQUIBB COMPANY
ICCM ICECURE MEDICAL LTD
07/11/24 July 11, 2024 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
HUDcxd Hudson Resource...
GROC GREENROC MINING... ... (+3)

Greenland mining

Unloved…Unknown…But Excellent? Greenland’s extraordinary potential for critical raw materials mining was again recognized in 2023, this time by the Centre for Minerals and Materials (MiMa, report published in June 2023). Greenland's stated aim is to attract greater (and sustainable) exploration and ultimately mining interest in Greenland’s estimated 400k km2 ice-free land blocks. Greenland's mineral potential is considered…vast.

HUDcxd HUDSON RESOURCES INC.
GROC GREENROC MINING PLC
PNRL PREMIUM NICKEL RESOURCES LTD
02/27/24 February 27, 2024 1 EN

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