🕐01.09.09 - 12:56 Uhr
Kalahari Minerals - BUY note - valuation of 215p per diluted share (KAH currently 180p
Please find Kalahari Minerals BUY note attached from Mirabaud giving a risked valuation of 215p per
diluted share (KAH currently at 180p)
Cheap exposure to Rossing South
Following a recent site visit, publication of preliminary cost estimates for the
development of the Rossing South deposit, and the recent fund raisings, we
update our Kalahari Minerals valuation.
We derive a risked valuation of 215p per
diluted share for KAH and maintain our positive stance.
Our risked KAH valuation
is derived from the average of a US$1.56bn stand-alone Rossing South project
valuation and a US$2.02bn valuation assuming some form of combination with
the neighbouring Rssing Uranium mine.
The implied valuation range for KAH
using these approaches is 189p to 241p.
We highlight that the latter scenario
could substantially reduce costs and implementation risk, and accelerate
production.
We also note that KAH trades at a substantial 21.6% discount to the
look-through value of its holding in Extract Resources (EXT AU) at the theoretical
EXT ex-rights price of A$9.94 per share (equivalent to 225.8p), further confirming
our positive stance.
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