reports
- ACF Mining
Angkor Resources (ANK.V) Core Investment Case ACF Equity Research 2803...
Angkor Resources Corp (TSXV:ANK.V, OTCQB:ANKOF) is a Canadian mineral explorer with oil & gas (O&G) properties in Cambodia (present since 2012). The current portfolio includes two licenses in Andong Meas and Oyadao with multiple prospects for gold, copper, and rare earth elements (REE). Angkor is in the final stages of negotiating an O&G exploration license in Cambodia known as Block VIII in the Kampong-Som sedimentary basin. ANK.V is the only publicity-traded North American company with mineral...
- ACF Mining
GoviEx Uranium (GXU) Core Investment Case ACF Equity Research 14032022
GoviEx Uranium Inc. (TSXV:GXU; OTCQX:GVXXF) is a Canadian uranium (U3O8) mining exploration and development company with assets in Africa. The company’s portfolio is comprised of three projects: 1) Flagship fully minepermitted Madaouela Project in Niger - production forecast 2025E, on track to take advantage of upcoming uranium supply shortage; 2) mine-permitted Mutanga Project in Zambia - production forecast 2027E; and 3) its multielement (U, Cu, Ag & Au) Falea Project in Mali. GoviEx holds a l...
- ACF Financials
The Reputation Exchange (REPX) Strategic Update Note ACF Equity Resear...
The Reputation Exchange (REPX) is a fintech/esports company with a strongly differentiated social engagement neobank model using affiliate marketing. With branded prepaid cards assigned to top sporting and influencer brands planned for roll-out in the next 21 months. Since our last note REPX has received: LSE standard list sign-off, conditional US OTCQX ticker approval, its first patent approval for the singing card and increased its number of cards in production by 2023, and has launched AC Mil...
- ACF Mining
Rover Metals Corp (ROVR) Core Investment Case ACF Equity Research 0103...
Rover Metals Corp (TSXV: ROVR:, OTC: ROVMF) is a Canada-based exploration junior miner exploring for precious metals (i.e. gold). ROVR is advancing its 100% owned Cabin Gold Project located in the Northwest Territories (NWT). The Cabin Gold Project has an historic resource estimate of 85 Koz, at highgrades up to 15.8 g/t Au. The Phase 2 drilling program completed 3Q21A at Cabin Gold, discovered deposits with an average grade of 10 g/t Au and was considered as one of the best holes drilled by a j...
- ACF Biotechnology
Scandion Oncology Core Investment Case ACF 14022022
Scandion Oncology A/S (SCOL: FNSE) is a Denmark-based biotechnology company focused on developing drugs to treat cancers that have developed resistance to existing medical protocols. SCOL targets the resistance of cancer drugs for various treatments including chemotherapy, anti-hormonal therapy and immunotherapy. The company’s lead drug candidate, SCO-101 is in Phase Ib (PANTAX) and Phase II (CORIST) clinical trial. Important to note that, there are currently no drugs in the market targeting can...
- ACF Extractives
Eurasia Mining Plc Flash Note ACF Equity Research FINAL 20122021
Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner RNS 16 Dec 21 announced a JORC from Wardell Armstrong Intl. (WAI) for NKT (part of M Flanks Kola and north of West Nittis (WN). WAI assigns a low end NPV of US $1,188m, of which 80% is attributable to EUA shareholders. The deposit Inferred Mineral Resource are 50% Ni, 33% Pd and 13% Cu et al. We consider the WAI JORC de-risks Flanks in part. We may also use the inferred resources JORC to raise part of our minera...
- ACF Egaming
Leet Technology Inc. LTES Initiation ACF Equity Research 09112021.pdf
Leet Technology Inc. (OTCQB : LTES) is a US listed, Malaysia-based esports technology platform provider, primarily targeting B2B ICT and OTT operators (White Label), and also leading brands (via Matchroom), to leverage revenues from the rapidly growing Southeast Asian (SEA) egaming and esports market. LTES caters to a mass causual gaming audience by partnering with leading regional ICT and OTT providers - a key strategic and competitive advantage, that allows LTES to enter new markets and scale-...
- ACF Extractives
Dev Clever DEV.L Initiation ACF Equity Research 02112021
Dev Clever Holdings Plc (DEV: LSE) is UK-based and focuses on the global EdTech market. Its two core platforms, Launchmycareer.com and Victar VR, offered on a B2B, B2C and B2G SaaS subscription basis, are aimed at reducing skills gaps in young people through: remote learning and career guidance tools, live career counciling and enterprise services. DEV’s current focus is the Indian market (Veative Labs acquisition monetises India for DEV) with a potential $30bn value within 10 years. The Aldebar...
- ACF Extractives
Kibo Energy KIBO.L Initiation ACF Equity Research 26102021
Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with stakes in energy and critical metals assets. In order to be highly conservative, we exclude Kibo’s sub-saharan power assets from our valuation, leaving 7x upside. Kibo is transitioning rapidly to a renewable (WTE) and reserve power (symbiotic with renewable power generation) plus critical metals exploration business. Kibo’s assets are in the UK (reserve power) and sub-saharan Africa (power and critical minerals assets). Both UK and South ...
- ACF Extractives
Eurasia Mining Plc Research Flash Note ACF 17092021
Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner, released an RNS 15 Sep 21 stating upward changes to its expected production profile for its Kola peninsula, Monchetundra West Nittis (WN) and Loipishnune (Lo) smaller assets. The RNS suggests to us an acceleration to peak production and an increase in Pd volumes at that peak production rate, we are considering a possible revision to our estimates for the potential of these two smaller Monchetundra assets. We cu...
- ACF Extractives
Eurasia Mining Plc Research Update ACF 06092021
We raise our valuation range >40% for Eurasia Mining (EUA.L), an AiM-quoted Russian Pd / battery metals dominated PGM mine. The valuation approach and range remain conservative. We have examined the overall risk of EUA’s projects and concluded that recent progress reduces our project execution risk assumption. We have expressed this risk reduction by cutting our WACC on the Monchetundra Flanks project only from above 22% to 17%, still very significantly above our 8% WACC for EUA PGM producing as...
- ACF Extractives
Eurasia Mining Plc Research Flash Note ACF 01092021
Eurasia Mining (EUA.L), an AiM-quoted Russian Pd / battery metals dominated PGM miner, confirms Monchetundra geochem successfully completed by Norilsk Nickel’s engineering arm Gipronickel. Wardell Armstrong Intnl site visits and audit of Moncheturndra drill core results held at Central Kola Expedition (CKE) warehouse completed. EMR, known for cross referencing Russian mineral reserves data with international JORC standard is coordinating Monchetundra DFS. EUA expects CKE’s Monchetundra detailed ...
- ACF Financials
The Reputation Exchange REPX Update Note ACF 17082021
The Reputation Exchange (REPX) is a fintech/esports company with a unique social engagement model using affiliate marketing. With branded prepaid cards assigned to top sporting and influencer brands planned for roll-out in the next 21 months. REPX is in the final steps of its LSE standard list introduction; has listed on Cyprus; has completed its EMIL application; has an agreement offering its product in SEPA, North Am and LatAm; and a Deloitte mandate to find a strategic partner. We expect hig...
- ACF Extractives
Eurasia Mining Plc Research Update ACF 05082021
Eurasia Mining (EUA.L), an AiM-quoted Russian Pd dominated PGM miner, has scaled production from 1 plant to 3 plants at the world’s largest soft rock PGM open pit mine, according to management. We expect EUA to add a further 3 plants (6 in total) to reach 64k oz p.a. PGM production. Definitive Feasibility Study (DFS) and Detailed Design completed for the entire West Kytlim project. EUA has set up a Japan office to engage with parties interested in its expanded range of PGM and battery metals fol...
- ACF Extractives
Eurasia Mining Plc Research Update Valuation Research ACF 14052021.pdf
Eurasia Mining (EUA.L) is an AiM-quoted Russian Pd dominated PGM miner. In this first post-FSP update valuation we are yet to include the March Rosgeo JV and Rhodium (Rh) production from all but West Kytlim or Iridium (Ir) in EUA projects. Our PGM prices are extremely conservative in this update. We assume Pt 93.5%, Pd 5% and Rh 1.5% production at WK. We assess the Pd auto-catalysis market can support $500 per car vs. $250 per car pre-covid. The largest Pd consumer, China, returned to economic g...
- ACF Financials
REPX Pre IPO Update Note ACF 23022021
The Reputation Exchange (REPX) is a fintech company with a unique social engagement model using affiliate marketing. With multiple prepaid cards assigned to top sporting and influencer brands planned for roll-out in the next 21 months. Since our previous note REPX has signed: more leading global brand clients; a distribution agreement with 42k shops in Italy; set a Feb Roma Ac cards launch date; filed an LSE standard list introduction; listed on Cyprus to complete its EMIL application; an agreem...
- ACF Real Estate
ALSP 1H21A Post Results ACF 03022021
ACE Liberty & Stone (ALSP ISD), an Aquis Apex market listed property trading company, released a very strong set of results for 1H21 in the shadow of Covid, beating our interim forecasts very comfortably. We maintain our year end forecasts. We expect ACE to continue to outperform the commercial property sector, which has suffered stock declines averaging ~30%. Greater than 80% of rents collected vs. our 70% expectation. Rent deferrals written down £130k vs. our ~£250k expectation for the 1H21. S...
- ACF Real Estate
ALSP 1H21E Pre-Results ACF 27012021
ACE Liberty & Stone (ALSP ISD), an Aquis growth market listed property trading company, is due to release a positive set of 1H21E results in the shadow of Covid. We expect it to outperform the commercial property sector. We are looking for greater than 70% of rents collected 6-month period since YE 30 Apr 20 and deferrals of less than £250k for 31 Dec 21. A dividend yield vs. nominal share value (25p) above 10%, and an NAVPS that continues to justify ALSP’s growth stock character, which is essen...
- ACF Real Estate
ALSP FY20A Post Results ACF 12102020
ACE Liberty & Stone (ALSP ISD), an Aquis growth market listed property trading company, delivered a strong YE. ACE’s YE is 30 Apr, inside the Covid crisis. ACE collected 82% of rents due end Mar and all but £78k of deferrals are currently collectible by 31 Dec 21. ALSP has been resilient two crises in row - Brexit and Covid. The dividend yield vs. nominal share value (25p) is 13.3%, ranged 3.62% to 2.66% on the c/p and is 8.44% on fully diluted NAVPS up from 7.6% yoy, which suggests a s/p premiu...
ALSP 1H20A Post Results ACF 11022020
ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered strong operational results with a rise in EBITDA margin as the company digests and consolidates a significant number of property acquisitions over recent periods. Since balance sheet close the share overhang has been significantly eroded by the exercise of warrants and conversion of CLNs leading to a significant increase in shares in issue (hence our lower value range). ACE has also raised over £4.55m i...
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