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ACF Mining
  • ACF Mining

Perpetua Resources Corp (PPTA) Initiation ACF Equity Research 29092022

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. PPTA is a sustainability/ESG leader amongst junior minors (LR lower WACC) - PPTA has produced sustainability reports since 2014 and has begun a water quality improvement project at Stibnite. PPTA holds the only economic Sb reserve in the US and is p...

ACF Energy
  • ACF Energy

Kibo Energy (KIBO) Flash Note Arbitrage ACF Equity Research 26092022

Kibo Energy Plc (KIBO.L: AIM, dual listed JSE:KBO) is a renewable energy and critical metals company. Kibo Energy Shares on the JSE (KBO) traded at a median 90.13% premium over the last 12 months vs. the same shares on AiM under the KIBO.L ticker. KBO shares in the hands of South African sophisticated high net worth and institutional investors have risen 66.7% between 8 Jun 2021 and 31 Aug 2022. There is little to no true retail market in South Africa. WAN shares in issue 31 Dec 2021 2.48bn, sha...

ACF Energy
  • ACF Energy

Kibo Energy (KIBO) Flash Note ACF Equity Research 23092022

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with a renewable energy and critical metals transition strategy. Today’s 1H21A results describe Kibo heading in the right direction operationally, which in our assessment is a tribute to its new strategy and execution. Inevitable hold ups in such a meaningful transition meant that Kibo missed our YE21E numbers. However, management is addressing these issues with e.g. Pieter Krugel’s appointment as CEO of MAST.L (stake raised to 61.27%). 1H22A ...

ACF Biotechnology
  • ACF Biotechnology

Artificical Intelligence (AI) in Drug Discovery ACF Equity Research 23...

Drug discovery and development requires colossal upfront investment. The process typically takes over a decade. A large number of product candidates fail to prove efficacy or safety during preclinical and clinical research phases or fail to pass regulatory scrutiny. According to Deloitte, the average cost of drug discovery and development increased over 80% between 2010 and 2018 from $1.188bn to $2.168bn, CAGR 7.8%, per successfully launched drug.

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...

ACF Extractives
  • ACF Extractives

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...

ACF Financials
  • ACF Financials

ASX Limited ASX Core Investment Case with Trading Valuation ACF Equity...

ASX Limited (ASX: ASX) is Australia’s primary securities exchange and one of the world’s top 10 listed exchange groups by market capitalisation. Services include listings, trading, clearing and settlement, and other post-trade services. Trading products include interest rate derivatives, equities, fixed income, commodities and energy. ASX has a local monopoly in the Australian financial markets delivering attractive operating margins (EBIT adj. 1H22 64%). ASX’s balance sheet is strong - gross ca...

ACF Mining
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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...

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