🕐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 R�ssing 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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