Corcel - Update
Corcel is best known for its vast PNG nickel laterite Mambare Project which was once valued at £40 million. It has been a bit quiet over recent years as the company has gone through a substantial restructuring since the previous Chairman was removed by shareholders. The decks have now been cleared and a period of substantial growth has begun. With James Parsons now at the helm and the 12 month “legacy clean up” behind them, investors are now witnessing the creation of a highly relevant vehicle.
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Positioned to benefit from expected price hike in battery metals
The transition to a low carbon world needs grid level storage for renewables to be a viable and stable source of energy. Hence we are seeing investors clamor for exposure to batteries and battery metals where a supply crunch is expected in the mid-2020s onwards with big structural price hikes.
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Mambare is positioned to become a DSO nickel supplier to China
A Mining Lease could be awarded within 4-6 months allowing a DSO operation to proceed, funded jointly with a JV partner. Together with Wowo Gap, another big PNG nickel project that looks like it is coming to the Company, Corcel is set to become a major nickel-cobalt player in the region.
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Big opportunities as the UK switches to flexible power generation
Corcel is investing in energy storage/renewable projects to provide critical services to the UK grid as it transitions from coal/nuclear generated power to renewables. Already, the team has 170MW of well-advanced projects, strongly backed by a major pipeline of projects that are under review.
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Peer comparisons & industry metrics suggest 900% upside
Our conservative valuation begins to show the potential. We update coverage of Corcel with a target price of 19.35p and Conviction Buy stance.
Regency Mines is engaged as a natural resource exploration and development company. Co. manages a balanced portfolio of mineral and oil and gas projects and investments at different stages of development. Co. is active in multiple international locations including the U.K., Papua New Guinea, the U.S. and Greenland.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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