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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
ASX: IXR Ionic Rare Eart...

IXR Update Note IonicTech Magnet Recycling 05092024

Ionic Rare Earths Ltd (ASX:IXR) is a magnet (REOs) recycling (Belfast, UK) and REE mining explorer (Uganda) plus a Brazilian REE Refining JV, excluded from our NPV, with Viridis Mining and Metals Limited (VMM). ACF visited IonicTech’s magnet recycling demo plant in July 2024. Since our last IXR Flash Note, we raise our valuation by 16% to A$ 0.109 vs A$ 0.094 previously and put Makuutu in a maintenance period. IXR has a unique position in the REE recycling ecosystem. IonicTech’s patented technol...

ASX: IXR IONIC RARE EARTHS LIMITED (ASX: IXR)
09/05/24 September 5, 2024 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
ASX: IXR Ionic Rare Eart...

Ionic Rare Earths (IXR) Flash Note REE Magnet Recycling 25072024

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). ACF visited IonicTech’s magnet recycling demo plant in Belfast yesterday, July 2024. IXR has a unique position in the REE recycling ecosystem. IonicTech’s government-backed support (UK govt. £3.7m over 2 yrs) and support from its Northern Ireland constituents (Titanic Quarter and Belfast Harbour) indicate a solid growth strategy and high margin potential. The demo plant is st...

ASX: IXR IONIC RARE EARTHS LIMITED (ASX: IXR)
07/25/24 July 25, 2024 1 EN
Research Team ACF
  • Research Team ACF
PREMIUM
BCLI Brainstorm Cell...

BrainStorm Cell Therapeutics (BCLI) Update 23072024

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). Since initiation – CMC FDA questions resolved, commercialization team in place, raised US$ 4m (gross) enabling PIIIb rollout start, signed a CRO and lined up a commercial manufacturer, shortening the BLA timeline. Whilst the US$ 4m raise and new warrants dilution effect has reduced our value range ~5%, it remains well above our >10x return investment hypot...

BCLI BRAINSTORM CELL THERAPEUTICS
07/23/24 July 23, 2024 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
BCLI Brainstorm Cell...

BrainStorm Cell Therapeutics (BCLI) Initiation 11062024

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI, Biotech) is focused on developing autologous mesenchymal stem cell (MSC) therapies for the treatment of neurodegenerative diseases (NDDs) – BCLI’s primary target is the fatal amyotrophic lateral sclerosis (ALS/MND/Lou Gehrig’s). Post hoc analysis of BCLI’s PIII trial data shows BCLI’s NurOwn® (debamestrocel, MSC-NTF), has statistically significant clinical effects on early-stage ALS sufferers and that placebo trialists deteriorate faster. Peer rev...

BCLI BRAINSTORM CELL THERAPEUTICS
06/11/24 June 11, 2024 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
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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