LNG: Updated Investment Summary

LNG Limited LNG

LNG Ltd is developing a new LNG project at Gladstone using its patented OMSR technology that allows innovative plant construction with low capital and operating costs. The company has key player Huanqiu Contracting (`HQC’ - 100% subsidiary of China National Petroleum Company-CNPC) as largest shareholder to assist with Gladstone and global rollout of technology.

Market Update: Outlook for 2012

Martin Place Securities

Despite the intense pessimism and negativity abounding at present, MPS believes the outlook for the Australian resources sector for 2012 and beyond is in on balance very positive.

A bold statement and in line with the positive MPS outlook of the past decade but one which is very well based on commodity supply and demand, continuing growth from the Non‐OECD economies and the firm underpinning of a rising US$ gold price. All these positives and vastly discounted assets values make investment now a once in a generation opportunity in this sector.

KBL Investment Update

KBL Mining Limited KBL

KBL has entered into an MOU with Guangdong Guanxin Mining Resource Group (‘GMR’) that has the capacity to bring certainty into the expansion and further development of the Mineral Hill operations through the sale of a 25% working interest JV with GMR. GMR will also gain security of supply through the proposed copper offtake arrangement at a net discount. Under the offtake arrangement, KBL will be paid in full for the precious metal credits in the concentrate. The capital will also be used to fund KBL’s next development project at Sorby Hills.

Australian Resources Sector Outlook for 2012

Martin Place Securities

Barry Dawes, Managing Director of Martin Place Securities, delivered his "Australian Resources Sector Outlook for 2012" presentation in Sydney during January 2011.
The slides from this presentation are now available for download.

If you would like to be invited to future presenations, please signup for our mailing list, or just let your MPS broker know.

KBL Update - Nov

Kimberley Metals KBL

RESOURCE ESTIMATE FOR SOUTHERN ORE ZONE LIFTS MINERAL HILL INVENTORY TO 222,000oz Au AND 61,000t Cu

• New 1.96mt resource added at Southern Ore Zone (SOZ), including 400kt at 4.4g/t gold and 0.8% copper
• Overall current JORC-compliant Resources to 5.2 million tonnes containing 222,000oz of gold, 61,000t of copper and 6moz of silver
• Global Resource increases contained Au (+77%), Cu (+38%) and Ag (+21%)
• Increase in resources since June 2011: +96% Cu, +190% Au and +207% Zn
• Mineral Hill mine life likely to extend to 10 years at the expanded production capacity of 400ktpa
• Further high quality exploration targets earmarked for next year

KBL Update

Kimberley Metals KBL

 Today’s announcement from Kimberly Metals marks an important milestone for the company, with the granting of approval for the development of the Pearce Gold Silver mine

Please find attached a summary of the announcement, or click on the following link to go to Kimberly’s website.

http://www.kimberleymetals.com.au/IRM/Company/ShowPage.aspx/PDFs/2111-74359948/PearseGoldSilverProjectApproval

Iron Ore Summary

Martin Place Securities

The global boom in steel production has encouraged a major increase in seaborne trade in iron ore.

Australia has become a major beneficiary with exports rising from around 140mt in 2000 to over 400mt in 2011.

Forecasts for Australian iron ore export capacity to over 800mt by 2016 suggest further increases from BHP, RIO and Fortescue. Within that target are also numerous smaller companies that could participate by developing their growing resources bases to fit within current and planned rail and port infrastructure.

For 34 companies active in northern WA (including the majors) reviewed in this report, MPS has found that :

• Total iron ore resources have grown at 110% since Jan'09
• Enterprise value growth exceeded resource growth to Jan'11
• However since Jan'11 EV/t WCM valuations have fallen 30%
• Current share prices now represent substantial value

MPS makes its research available to its clients.

Please contact MPS if you would like a copy of the MPS Iron Ore Report and our stock selections.

Stage Two of Market Boom

Martin Place Securities

Outlook. Be bold in Gold!

Martin Place Securities

 A market commentary from Martin Place Securities managing director, Barry Dawes.

KBL Capital Raising and Operations Update

Kimberley Metals Limited KBL

Kimberley Metals (ASX: KBL) yesterday announced that it will raise up to $13.3 million to accelerate exploration and development activities at the Company’s recently commissioned copper?gold?silver mine at Mineral Hill in NSW and at its emerging silver?lead assets in the Kimberley district of WA and NT.

Martin Place Securities is the Corporate Advisor to the Company and the Lead Manager for the Placement and Rights Issue.

New Guinea Energy Investment Note

New Guinea Energy NGE

NGE holds the largest onshore tenement package in PNG, covering 52,810km2 over six exploration licences. NGE drilled their first well (Panakawa-1 in PPL 267) in 2010 which was subsequently plugged and abandoned leading to a negative impact on their share price. NGE, in conjunction with farm-in partner Talisman Energy, will drill their second well (Siphon-1 in PPL 269) on 16 and 17 July 11. MPS recommends heightened attention over the drilling period with results expected the second half of August.

Kimberley Metals Research Report

Kimberley Metals Limited KBL

Kimberley Metals (‘KBL’) is developing two suites of assets formerly held by parent CBH Resources (`CBH’). KBL was spun out of CBH in 2008 and listed in 2010.  Former CBH Chairman Jim Wall, with over 20 years successful history in mine development, is again creating shareholder value through these two strategic opportunities in copper, gold, lead, zinc and silver :

1. the resurrection of the mothballed Mineral Hill mine in NSW and
2. development of 50mt ore project in three new carbonate-hosted Mississippi Valley Type Pb-Ag resources in the Bonaparte Basin N of Kununurra WA/NT.

Australian OnShore Unconventional Oil & Gas Boom

Martin Place Securities

Major activity boom underway Important wells to be drilled Sector being driven by foreign interest Export LNG market has changed old rules Unconventional sector will be major play The slides from the presentation delivered by Barry Dawes, Managing Director, to the 20:20 Investor Series in Sydney on June 6th.

Presentation: Energy Sector Outlook

Martin Place Securities

MPS sponsored the 6th Annual Excellence in Oil and Gas Conference at Darling Harbour in Sydney last week where 27 companies presented the outlook for their projects in the years ahead. Barry Dawes, Managing Director of Martin Place Securities, also presented his Outlook for the Oil and Gas Sector at the conference, and copies of the slides are now available for download.

The overall assessment from the 2011 Conference was the distinct entrepreneurial and technical ability of Australia’s oil industry leaders applying their expertise in key areas of asset development:

• Substantial expansion of the Australian LNG industry from offshore conventional reserves and  from rapidly growing onshore coal seam methane resources
• Successful Australian operators in the US shale oil and gas business
• Action in frontier basin oil exploration off West Africa
• Rise of the unconventional shale gas industry in Australia

Australian listed energy stocks provide outstanding opportunities for medium term capital growth across a wide spectrum of energy sectors.

2011 Energy Market Outlook

Martin Place Securities

Global energy markets passed a major milestone in 2007 when non-OECD demand surpassed that of OECD. Non-OECD demand growth is now the driver in the energy market but the supply-side response will lag so prices will rise.

Fossil fuels account for 88% of global energy demand and for over half of the annual increase in total energy demand. Population growth and income levels are positively correlated to energy demand so with more people and higher incomes, the production and consumption of energy is expected to rise.

Australian Resource Outlook for 2011 Stage Two of Market Boom

Martin Place Securities

On the 2nd February Barr Dawes, Managing Director of Martin Place Securities, delivered a presentation to investors "Australian Resource Outlook for 2011: Stage Two of Market Boom". Slides from this presentation are now available for download.

MPS Outlook 2011

Martin Place Securities

MPS anticipates that 2011 will be a strong year in the next upleg of a major resources boom with a resurgence in investment in the resources and energy sectors.

MPS is positioning itself to take full advantage of this.

Elementos Ltd Investment Note

Elementos Limited ELT

Elementos Limited (ELT) has assembled a prospective collection of large-target exploration opportunities with the potential to yield world-class mineral projects. These are all located in mineral rich, attractive geological settings in Argentina and Australia, with low sovereign risk.

The portfolio of exploration projects is principally gold and base metal focused, in a carefully selected mix of different mineralisation types.

ELT has recently achieved very positive results from most of its exploration targets and is embarking on the next major phase of exploration works in 2011.  Positive outcomes from this exploration should see a positive re-rating of the stock.

Australia Day Presentation

Martin Place Securities

Slides from the presentation delivered by Barry Dawes at Mines & Money:Australia Day

Broken Hill Prospecting Investment Note

Broken Hill Prospecting Ltd BPL

UPDATED

Closing date has been extended after request from Heritage Gold

Broken Hill Prospecting Ltd (BPL) is an exploration company focused on cobalt and base and precious metals in and around Broken Hill. Recent exploration activities have identified 15 targets, at least three of which have been assessed as having possible commercial potential.

Boom Boom!! Resource Outlook for 2011

Martin Place Securities

Barry Dawes gave a presentation at the recent Investment Expo held in Sydney 29-30 October, discussing the outlook for the resource sector in 2011.
These are the slides from that presenation.

HEG Investment Note

Hill End Gold Limited HEG

In May 2010, Hill End Gold ceased trial mining operations to concentrate on an exploration program aimed at increasing its resource base in excess of 1Moz from the current 568koz. Geologists have recently gained a greater understanding of the geological structure and mineralisation controls at Hargraves and Hill End, greatly increasing the tenements potential, and have subsequently identified numerous priority targets adjacent to existing deposits. Over the next 6 months the company is planning a 6,000 metre drilling program at Hargraves aimed at extending the delineated resource along strike and at depth, and to conduct scoping studies on re‐optimising the mine plan at Reward to achieve higher throughput at lower grades.

Resource Outlook for 2011

Martin Place Securities

Barry Dawes delievered a presentation on the Resource Sector outlook for 2011 at the 'Excellence in Mining and Exploration' conference, held in Sydney during September 2010.

Topic headings:

• Global Dichotomy
• Passing on the economic baton
• OECD Atonement Time
• OECD currency and debt issues
• China is the leader
• Commodity Outlook
• Outlook for Australian Resources
• Conclusions
• Stock Selection

Rare Earths Overview

Martin Place Securities

Rare Earths are a collection of metals that make up the Lanthanide series in the periodic table and are chemically similar by virtue of having the same number of valence electrons. The elements tend to have properties that promote critical performance in a wide range of modern technologies, such as:

• High powered magnets
• Phosphors in glass TV screens
• Energy efficient florescent lights
• Nickel Hydride batteries used in new generation Hybrid cars
• Catalytic converters

A closer look at China

Martin Place Securities

China: The Power of Proximity

China is the driving force for the Australian resource sector and continues to provide surprises to the upside. Even with China’s GDP for Q2 slowing down to 10.3%pa there is still a strong long term growth trend. In our view the markets should not be so pessimistic. With urbanization and a growing wealth China, and most of Asia, is providing a demand for our resources that should underpin the value of resources investments for some years to come.

NiPlats Research Note

NiPlats Australia Limited NIP

Australia’s Largest Vanadium in Magnetite Deposit

NiPlats hosts Australia’s largest vanadium in magnetite discovery within the Speewah Dome project in the East Kimberly region of Western Australia. The company recently returned stunning high grade copper, gold and silver assays from surface rock sampling at Speewah, confirming the project’s multi‐commodity prospectivity.

CDU: Long awaited resource understates potential

CuDeco Limited CDU

Key Points

• 245Mt Measured Indicated and Inferred JORC resource delineated
• Initial mining from 31Mt M & I Resource 1.24% Cu equivalent
• JORC resource appears to understate high grade zones
• First production anticipated for 2012 @ 33,000t Cu p.a.
• MPS has a firm base case NPV of A$4.00/share
• Grade adjusted NPV is A$7.68/share
• Optimistic case NPV is A$13.37/share
• Resource upgrades likely with further drilling
• EIS has been lodged with 40 year Mining Lease application
• Low strip ratio and good infrastructure allow for low cost project

An Outlook for Gold [updated]

Martin Place Securities

Updated presentation slides from the 'An Outlook for Gold - US$5,000/oz??' given by Barry Dawes, Managing Director of Martin Place Securities, in Sydney on the 20th July 2010

An Outlook for Gold - US$5000/oz??

Martin Place Securities

Barry Dawes, Managing Director of Martin Place Securities, presented at the Resources Investment Expo in Brisbane on Friday 18th June.

"The close of gold above $1,240 for a new closing high marks the first real evidence of monetisation of the worlds public debt and should lead to significant upward moves in gold prices together with most commodities. The likely outcome is a very strong gold price that is likely to be measured in the $1,000's of dollars over the next few years."

A short video has been created on this for those that missed the presenation, and can be watched on our MPS TV page or on our MPS youtube channel

Petsec Energy Investment Research

Petsec Energy Ltd PSA

In the Gulf of Mexico, PSA is embarking on a new stage of development by acquiring 8 new leases and targeting 16 new prospects to augment current production from 8 offshore and 3 onshore leases. These new prospects have targets which are larger and potentially more risky than most of PSA's previous GoM targets, but are likely to have higher condensate-to-gas ratios which will give better operating margins. Betw/een 3 and 5 wells are to be drilled in 2010. The base case GoM NPV10 is A$118m, but additional exploration success could add significantly more value to PSA. The first drill target, Jenny Lake, in the Main Pass 20 lease, is currently being drilled.

Snap Shot May 2010

Martin Place Securities

The latest look at Australian resources and the effect of the Rudd Governments proposed Resources Super Profit Tax from Barry Dawes...

An Outlook For Gold

Martin Place Securities

Slides from the presentation delivered by Barry Dawes at a Martin Place Securities seminar "An Outlook for Gold"

A short video has been created on this for those that missed the presenation, and can be watched on our MPS TV page or on our MPS youtube channel

Energy Sector Outlook 2009-10

Martin Place Securities

Presentation slides from the 'Energy Sector Outlook: 2009/10" delivered by Barry Dawes to the Excellence in Oil and Gas conference held in Sydney, April 2010

AusLicence Investment Note

AusLicense Ltd

Unlocking Australian innovation

• Australia’s universities and research organisations are constantly making globally important discoveries
• A significant number of these innovative discoveries are locked within research organisations for lack of commercialisation
• AusLicense will identify important innovations that are rich in intellectual property (IP), manage the commercialisation process and bring projects to market
• Shareholders in AusLicense will gain access to license income from upfront fees, milestone payments and royalties from projects managed by AusLicense
• AusLicense will provide investors with an annuity‐style return in the form of annual dividends
  

An Outlook for Australian Resources

Martin Place Securities

Slides from the presentation "An Outlook for Australian Resources" delivered by Barry Dawes at the Australian Resources Conference (ARC) USA in Denver in February 2010

Introduction: Australian Resources Conference USA Presentation

Martin Place Securities

Slides from the Introduction Presentation given by Barry Dawes at the Australian Resources Conference (ARC) USA held in Denver in February 2010

Gold Anomaly Investment Research

Gold Anomaly GOA

Key Points

• PNG and Brazilian gold projects near production.
• Multimillion ounce exploration potential at Crater Mountain.
• Wide intersections [+100 m] at over 1.5g/t Au at Crater Mountain.
• Low cost, small scale operations planned for each project.
• Production cash flows to finance exploration at Crater Mountain.
• Near term target of 20,000oz pa in both Brazil and Papua New Guinea.
• MPS has a base NPV of $A0.043 per share with exploration upside.
  

New Guinea Energy Investment Research

New Guinea Energy Ltd NGE

Key Points:

• PNG now a world class hydrocarbon province.
• NGE has the largest onshore tenement area in PNG (51,800 km2).
• Risk adj. resource target > 505MMboe from un‐risked 2,500MMboe.
• Risk adjusted base exploration value> A$500m (A$0.75/share).
• Talisman Energy Inc is a key farm‐in partner in PPL 268 and PPL 269.
• Success at PPL 269 Sepalosiphon worth A$1,058m (A$1.59/share).
• Success in PPL 267 Panakawa worth min A$124m (A0.19/share).
• Major international corporate rationalisation underway in PNG.
  

Falcon Oil & Gas Investment Summary

Falcon Oil & Gas Australia Pty Ltd

Beetaloo Basin discovery potentially the most significant onshore oil and gas field in Australia.

• Falcon Australia’s Beetaloo Basin Project is 600 km south of Darwin
• Shenandoah-1 encountered multi zone oil and unconventional gas
• The Project’s four permits cover over 28,000km2
• Ryder Scott estimates unrisked recoverable potential of Beetaloo
• Basin as 19.1 Bbls oil and 63.9 TCF natural gas
• Falcon Australia owns 100% of Basin
• Renewed drilling programme proposed for 2010
• Listing expected in early 2010
  

Orocobre Research Update

Orocobre Limited ORE

ORE has acquired around 42,250 ha of land at its Salar de Olaroz Lithium-Potash Project. The acquisitions cover land that is located around the existing project and increase ORE’s tenement holding to 64,250. Importantly, the tenements ORE has acquired are located directly adjacent to Olaroz’s resource area. The four main packages of land are called The Los Andes Group, Mercedes III, Viento Blanco and Cateo 498-B-2006...

Saracen Minerals Research Note

Saracen Minerals Holdings Limited SAR

Saracen Minerals (“SAR”) acquired the Carosue Dam operation and associated gold resource from St Barbara Mines in 2005 for A$8M. The deal also saw Saracen take over the environmental bonds for a further A$9M.

Over the last 5 years, the company has increased its exploration acreage in the region and increased its resource base from 0.8Moz to over 3Moz....

Australian Day: Mines & Money

Martin Place Securities

Barry Dawes chaired the Australia Day event at Mines & Mony in London. These are the slides from his presentation "An Outlook for Australian Resources"
 

The Australian Opportunity:

• Resources export revenues rising again
• A$ strong against most currencies
• Resources sector investment rising
• Commodity demand firm
• Economic growth resumed
• Resource sector equities still cheap
• Exploration success opportunities

Australian Economic Outlook

Martin Place Securities

The outlook for the Australian economy, and particularly the resources sector, is extraordinarily positive. 

Australia remains significantly dependent on global growth, as has historically been the case, but this global growth story has shifted closer to home in the form of China and indeed broader Asia, amplifying the positive impact on the Australian domestic economy. To determine an accurate outlook for the Australian economy requires an understanding of the contemporary and future evolution of the global economy, and specifically global trade patterns. It is in this area that our fundamental view may distinctly vary from the broader consensus view of the world, and as such help to identify opportunities where the under pricing of some asset classes persists.

Outlook for Australian Resources - Trading & Investment Expo

Martin Place Securities

Slides from the Presentation delivered by Barry Dawes at the Trading & Investing Expo held in Melbourne 2-3 October 2009.

Excellence in Mining Presentation: An Outlook for Australian Resources

Martin Place Securities

Excellence in Mining and Exploration was held in Sydney, 21-22 September.

Barry Dawes was the Keynote speaker for this event.

This is the presentation slides for "An Outlook for Australian Resources" delievered at this annual event

September 09 Resource Outlook

Martin Place Securities

Snapshot Managing Director's View of the Resource Sector. 

"The past year has been a remarkable journey for all of us. There was the downward slide but the return has been spectacular as the world realized that China and massive monetary intervention would ensure that we would have no repeat of the 1930s. At MPS we are now on the next major upleg."

MPS Uranium Sector Review

Martin Place Securities

A Uranium Renaissance is Underway.

Key Points:

• U3O8 production is concentrated in 6 countries that accounted for 84% of the world’s production in 2008.
• A lack of exploration expenditure, decreasing secondary supply and increasing demand from utilities will put upward pressure on the uranium price.
• Attitudes towards nuclear power are changing due to its much improved safety record, and concerns about energy security, peak-oil and climate change.
• Nuclear power generation is becoming increasingly costcompetitive when compared to coal power generation, and with carbon taxes is expected to be cheaper in the US.
• The International Atomic Energy Agency (IAEA) estimates that the global capacity for generating nuclear energy will increase by 2.5% p.a. until 2030.
• MPS estimates that Australia will account for 18% of the world’s mine production of uranium 2009.
• Australia’s uranium resources account for around 23% of the world’s total resources (2007).
• In November 2008 the West Australian (WA) government lifted a ban on developing uranium mining operations.

MPS has created a matrix of 20 small- to medium-sized ASX-listed uranium companies. The matrix profiles each company’s main uranium project on deposit type, mineralogy, processing route, average grade, operating costs (OPEX) and capital costs (CAPEX).

The Australian Resources Outlook

Martin Place Securities

Australian Resources Outlook

Martin Place Securities

Slides from the presentations delivered by Barry Dawes on the Australian Resources Sector Outlook for August 2009, which also covered his commentary on the Diggers & Dealers conference.

ORE Investment Update

Orocobre Limited ORE

An Emerging Lithium and Potash Producer in Argentina.

ORE has steadily developed its Olaroz project in Argentina, delineating a 1.49Mt lithium carbonate JORC resource. ORE is now looking to bring its resource into production with a capital expenditure of US$80-100m to 2012.

ORE also has several base and precious metals projects in Argentina, including a promising large porphyry copper system at El Arriero (the Santo Domingo Project). These assets are set to be spun out into a dedicated copper-gold focused listed company and ORE is in negotiation to acquire additional assets for the new company.

Basis for Resources Outlook

Martin Place Securities

The "Basis for Resources Outlook" presentation slides delivered by Martin Place Securities Managing Director, Barry Dawes, at the Mines & Money Hong Kong conference held in June 2009.

CTP June 2009 Update

Central Petroleum CTP

Central Petroleum Limited (ASX: CTP) holds exploration tenements that cover approximately 253,000km² of central Australia: the largest prospective consolidated and under-explored onshore acreage in Australia.

CTP’s tenements cover the Amadeus, Pedirka, Georgina and Lander Trough basins. The company aims to explore and develop these tenements by targeting both conventional and unconventional sources of oil, gas and helium.

Australia’s production of oil has peaked, but the production of natural gas is expected to increase significantly. The increasing gas output is going to be led by production from unconventional sources, such as coal-seam methane. Furthermore, since oil production has peaked, Australia is going to become increasingly dependent upon imported crude oil and refined petroleum products.

Gold Report 25 May 2009

Martin Place Securities

MPS recommends a diversified portfolio of efficient and established gold producers with high operating margins, mixed with high-potential, grossly-undervalued gold exploration and emerging gold producers. MPS’ Gold Producers and Emerging Gold Producers Matrix (shown at the back of the report) underlines key financial and operating statistics of 45 companies involved in the production of gold and development of gold projects.

Australian Resources Outlook May 09

Martin Place Securities

Slides from the series of presentations delievered by Barry Dawes in May on the Australian Resources Outlook.

Investment Overview

Martin Place Securities

Powerpoint slides from the presentation by Barry Dawes on "Investment Overview 2009" delivered at the Excellence in Oil and Gas conference held in Sydney, April 2009

An Outlook for Resources

Martin Place Securities

"An Outlook for Resources" by Barry Dawes, was first published with AJM and available to the Excellence in Oil & Gas conference in early April.

Energy Review April 2009

Martin Place Securities

In the wake of the global financial crisis there has been a heightened level of uncertainty surrounding the global energy sector. Initially, it seemed the energy sector might be immune to what was believed to be a purely financial problem. Energy prices, as a result, remained robust and the first 8 months of 2008 were characterised by a period of high global energy prices. However, as financial weakness spilled over into the real economy, the world entered into a period of economic mayhem and demand destruction. A resultant collapse in the price of all energy commodities was inevitable...

Significant Upside in Conventional Energy

• IEA has cut energy demand by 5% for 2030 outlook
• Upstream investment of US$8.4 trillion still required by 2030
• Crude oil set to recover from its recent lows
• Natural ga to remain depressed, despite the promising signs for oil
• Uranium remains a long-term energy pick for MPS
• Thermal and coking coal benchmark prices down 48% and 58% respectively
View Online | Download

Resources Stocks for 2009

Martin Place Securities

The extraordinary declines in markets in the Dec Half of 2008 have been unprecedented and may be indicating further weakness in 2009 but the surge in liquidity injections by authorities around the world may produce a strongly inflationary environment for years to come. Should the latter eventuate then the current prices of resources stocks are extremely cheap. Also current high cash levels at a time of low cash rates are unsustainable.

Digislide Investment Profile

Digislide Holdings Ltd

Digislide Holdings Ltd (“Digislide”) is an Australian company developing innovative miniaturised projection technologies with wide application. Particular emphasis is on those products that can be embedded into a range of mobile and/or hand

Digislide is now seeking an ASX listing through an IPO with a minimum of A$3m raising underwritten by MPS with oversubscriptions up to A$4.5m at a share price of A$1.25.

The Australia Opportunity

The Presentation delievered by Barry Dawes at Australia Day - part of the Mines & Money Conference in London: December 2008

The Australian Opportunity Gold Outlook Dominating

Martin Place Securities

Video of Barry Dawes' presentation at the 2008 Mines & Money "Australian Day" held in London on the 1st December 2008.
The Australia Opportunity Gold Outlook Dominating

(Please note: This is an external link)

Gold Market Update Nov 2008

The economic storms of 2008 are unprecedented with the world’s banking system suffering massive losses following impact of bad loans and derivatives. The halving or worse of most equity indices around the world reflected a downgrading of demand and economic growth prospects and a wild rush for liquidity by traders.

The highly geared hedge funds, where a US$1bn fund could gear itself up to 20 or 30 times,provided much of the selling across all asset classes from mortgage bonds, currencies, corporate bonds, equities and commodities. Gold was included in this.

BNT Investment Research

Bounty Industries Ltd BNT

Bounty Industries Ltd (BNT) is an innovative full‐service contract coal miner that specialises in thin‐seam coal mining services. BNT has proven that, using its expertise, specialised equipment and technology it can:

• Economically mine high‐quality coal seams of less than 2 metres in thickness,and achieve high rates of productivity in doing so.
• Perform gate road development to enable longwall coal miners to increase productivity and overall production levels.
• Efficiently mine remnant thick‐seam coal.

Ignite Investment Research

Ignite Energy Resources Pty Ltd

IER have developed a process that will transform low-grade lignite (or brown coal) into a high grade coal (which could be used as a low-ash, high fixed carbon coking coal replacement) and an oil product that could be blended with marine diesel. IER achieves this through a patent pending supercritical water reaction process that has been tried, tested and independently verified at IER's pilot plant in Somersby, NSW.

Licella Ltd Investment Research

Licella Ltd

Licella is an Australian based company that has developed a unique process to convert readily available, low cost, renewable woody and plant waste materials, or biomass, into various bio-fuels and bio-alcohols.

Australian Resources Outlook

Barry Dawes presented "Australian Resources Outlook" at the Excellence in Mining & Exploration Conference, held in Sydney during September 2008

Resource Market Review September 2008

MPS believes the long term bull market in commodities is still intact. The underinvestment in resource capacity through the 1990s has left mine supply tight relative to the growing demand from China and other BRIC countries. These countries are emphasising basic industries and infrastructures and have very different economic profiles to most major OECD countries which have large service and government sector economies Consequently demand for new materials will be for stronger than OECD GDP.

Gold Market Review September 2008

In 2007, the nominal price of gold rose an impressive 31.5%, and achieved the highest ever annual average spot gold price – US$697/oz. MPS has a short-term gold price target of US$1,000 but it is MPS’ long-held view that the price of gold will exceed US$1,200 in 2008/09.

Hunter Immunolgoy Investment Profile

Hunter Immunology Limited

Hunter’s primary technology is a unique, biological approach that uses an oral application which activates an immune response on mucosal surfaces of the body. The products equip the immune system to prevent or fight Chronic Obstructive Pulmonary Disease (COPD).

Hunter will also be investigating the application of their therapeutic for treatment of other common diseases affecting mucosal surfaces such as Asthma, Otitis Media (middle ear infection), Sinusitis, Candida (Thrush), Golden Staph (S. Aureus) and diseases seen in immunocompromised patients.

K2 Energy Investment Research

K2 Energy Ltd KTE

KTE is engaged in oil and gas exploration and production in the United States. Under its Bad Creek Project, KTE holds 5,500 net acres prospective for conventional oil and gas, and prolific unconventional gas in the Caney and the underlying Woodford Shales in the Hughes, Okfuskee and Okmulgee counties in Oklahoma.

Energy Sector Outlook

Barry Dawes delivered this presentation at the Excellence in Oil & Gas conference in May 2009

2008 Energy Market Review

Growing demand for energy in the current decade has decisively caught up with available supply and has pushed US$ energy prices to record levels. Oil, gas, LNG, coal and uranium have had unprecedented prices over the past year and reflect not only the tightness in the oil market but similar structural imbalances in all energy sources.

2008 Energy Market Commentary

The world is on the brink of an Energy Revolution. Over the coming decade MPS believes that balancing growing demand for energy with declining energy supply from traditional sources, usually fossil-based fuels, will require a fundamental shift in the entire energy sector.

Australia has the potential to benefit in many ways from this energy revolution, with demand leading to increased investment, technological advancements, the potential for world class discoveries and thereby substantial shareholder returns.

Aconcagua Resources Investment Update

Aconcagua Resources Ltd ANU

ANU is developing a very large resource base in hemo‐ilmenite sands in surface deposits on a number of tenements in Ecuador and Chile. Resource drilling to date has provided 1,139Mt of ore as a non‐JORC Inferred Resource and current infill drilling is expected to provide a Measured Resource of at least 400Mt. Of this, the Valuable Heavy Mineral (VHM) content is around 10% of which 50% is Fe to contain 20Mt iron.

Metallum Resources Investment Profile

Metallum Resources plc

Base & Precoius metals and stretegic minerals

Metallum is a resource organisation developing multiple exploration projects for strategic minerals and renewable resources in the EU. It has found targets for gold, silver, platinum, nickel, uranium, copper, zinc and lead. Its initial focus is on the north of Ireland, which to date has been relatively underexplored for mineral resources using modern technology.

The Boom in the Gloom - An Outlook for Copper

Boom in the Gloom: An outlook for copper.

Orocobre Investment Research

Orocobre Ltd ORE

Orocobre Limited (ORE) is an exploration company that has been operating in Argentina for three years. The company is built on a strong board and management team who have extensive experience in mineral exploration and development of large resource projects.

Aconcagua Resources Initial Coverage

Aconcagua Resources Ltd ANU

ANU is developing a very large resource base in hemo-ilmenite sands in at surface deposits on a number of tenements in Ecuador and Chile. Resource drilling to date has provided 1,139Mt of ore as an Inferred Resource and current infill drilling is expected to provide a Measured Resource of at least 400Mt. Valuable Heavy Mineral (VHM) is around 10% of which 50% is Fe to contained 20Mt iron.

Murchison Holdings Investment Profile

Murchison Holdings Ltd MCH

Mark International Investment Profile

Mark International Ltd

MARK has new Patent Pending technology to locate and offer savings on everyday products and services to clients through their Internet database.

Opal HiTech Investment Profile

Opal HiTech Ltd

Opal HiTech Ltd (OHT) is different from any other opal explorers with much more science behind its exploration methods and a model to guide the exploration.

Five years of private research by Opal HiTech has produced both. Opal HiTech has developed software for remote sensing to more accurately identify potential areas of opal.

AnaeCo Investment Profile

Digislide Investment Profile

Digislide Holdings Ltd

Video & Telecoms Projections

Digislide Holdings Ltd (“Digislide”) is an Australian company developing innovative miniaturised projection technologies, that have wide application. Particular emphasis is on those products which can be embedded into a range of mobile and/or hand‐held communication devices.

Australian Resources - The Boom in the Gloom

Australian Resources Outlook: The Boom in the Gloom

MPS Managing Director, Barry Dawes, delivered a series of Australian Resources Outlook presentations.

Gold Aura Investment Profile

Gold Aura Ltd

Plymetallic and Gold Explorer

Gold Aura Ltd (GOA) listed on the Australian Stock Exchange in November 2002. GOA’s principal activity is the global exploration for world class mineral resources. GOA’s projects include:

• Croydon Project, Queensland, Australia (Zinc, silver, tin, copper, lead and gold)
• Gameta Gold Project , Fergusson Island, PNG (Gold)
• Tapajos Region, Brazil (High grade gold and base metal) Sajen Kazahkstan and Saiyikale, China (Gold).
• Western Australia (Gold and other base metals, uranium and iron ore.)

Blue Ensign Investment Profile

Blue Ensign Technologies Ltd

Oil Shale productin and technology development

Blue Ensign Technologies Ltd owns the patented Rendall Process which they believe will be able to produce high quality synthetic crude oil from oil shale.

Biotron Investment Profile

Briotron Ltd BIT

Biotechnology

Biotron Limited is an Australian Listed biotechnology company, researching and developing antiviral drugs.

Biotron's compounds aim to inhibit budding or release of HIV from infected macrophages, preventing the virus from spreading throughout the body.

Calix Investment Profile

Calix Ltd

Minerals Processing Technology

Calix is an emerging company that owns the rights to intellectual property for a minerals processing technology, called Flash Calcination. The technology can be applied for the calcining of limestone, dolomite or magnesite to their respective oxides, such as lime, dolime and magnesia. Calcined materials have many well established markets, including the US$110bn Portland cement market.

AnaeCo Investment Profile

AnaeCo Limited ANQ

Municipal Solid Waste (MSW) is commonly disposed of in landfills. With a growing demand for sustainable alternatives to landfill, AnaeCo has invested 8 years in the research, design and development of economically and environmentally sustainable waste management solutions. Through their DiCOM Bioconversion process, AnaeCo is able to convert the organic content of MSW into organic fertiliser and biogas/renewable energy.

AnaeCo will shortly implement its patented technology through a facility at the Western Metropolitan Regional Council’s (WMRC) Waste Transfer Station in WA. The project was awarded a $2.7million Federal Government REDI grant towards the construction of the facility. The DiCOM AWT facility will generate enough renewable energy to provide the annual electricity needs for up to 2,700 homes.

Australian Resources Sector Outlook

Australian Resources Sector Outlook

Slides form the presentation delivered by Barry Dawes at "Australia Day", part of the Mines & Money conference held in London, November 2007

MPS 2007 Snap Shot

Our experience tells us that after more than a decade of underperformance, the resources sector is firmly into a multi-year expansion phase.

• US$ gold and silver prices surging.
• Commodity market fundamentals unchanged.
• Oil prices rallying toward US$100/bbl.
• Uranium bull market resuming after recent 35% pullback.
• The $A/$US rise to 23-year highs and beyond.

Resource Sector Outlook - Accelerating Boom

Resource Sector Outlook: Accelerating Boom

Presentation slides from series of client presntations deliered by Martin Place Securities Managing Director, Barry Dawes.

Pacific GTL Term Sheet

Pacific GTL Ltd

Pacific GTL Ltd (PGTL) seeks to undertake a multi project development program consisting of several GTL “trains”. Each train will produce the equivalent of 6 million barrels per annum. The primary product will be ultra clean diesel, which is designed to meet the strict quality standards for Australia’s growing motor fuel demand.

Resource Base Term Sheet

Resoruce Base Limited

Resource Base Limited was formed on 15 March 2005 for the primary purpose of gold mining and exploration. Directors intend to begin production from Broula King using the components from an existing modern plant relocated from Victoria to the Broula King site shortly after completion of the issue. During the Broula King mine life, Director’s plan to progress the Bethanga and Swifts Creek projects with a view to having both operations proceeding together.

Zylotech Company Informational

Zylotech Limited ZYL

Zylotech Limited (‘ZYL’) is an ASX Listed technology company that designs, integrates and specialises in the provision of enterprise surveillance solutions for critical infrastructure technology and meets the needs of users in the video conferencing, digital video tele-surveillance and acoustic surveillance market segments.

Sinovus Company Informational

Sinovus Mining Ltd

Sinovus Mining Ltd ("SML") is an emerging mining exploration company, developed for the purpose of seeking and developing mining opportunities in China.

Sinovus aims to acquire and develop high value precious metals and minerals projects in China through participating in and controlling co-operative joint ventures with local Chinese partners. Since Sinovus’ inception in August 2006 it has acquired several tenements and entered into JVs with several Chinese partners, including Chinese Provincial Governments and Government Geological Institutes.

Starlink Media Company Informational

Starlink Media Pty Ltd

The business video market may still be in its infancy but it is rapidly growing into a giant, with research out of the US pointing to an annual growth rate of 30 percent (Wainhouse Research).

Starlink is set to take advantage of the huge potential of this sector in Australia, and overseas. Starlink has secured unique distribution deals with international news organisations, and they are the only company making and broadcasting video news briefs through the ASX market.

Superior Resources Term Sheet

Superior Resources Limited

Base metal explorer operating in the major base metal

Superior Resources Limited (‘SPQ’) controls approximately 4,600 km of exploration title in northwest Queensland under Exploration Permits for Minerals and applications.

SPQ is searching for the next large Mount Isa style base metal deposit(s) and will focus on exploration models developed for both the copper and lead-zincsilver rich mineralisation. The time of formation of large base metal deposits is often within a narrow age range. SPQ's model utilises convincing correlation techniques for the location of favourable Mount Isa stratigraphy in new regions. Previous explorers have of course recognised the importance of correlation but have not been successful in applying a systematic evaluation of stratigraphy. The novel approach uses geophysical information heavily and targets concealed formations.

Issues for Global Coal

Issues for Global Coal

Barry Dawes' presentation slides from teh 2nd Annual China Coal & Coal Chemical Summit, held in Beijing 14 - 15 September 2007

Orocobre Company Informational

Orocobre Limited

Orocobre Limited (‘OCL) is an exploration company that has been in operation in Argentina for nearly three years.

The company was established to continue on from the Directors’ success with the Cerro Negro Epithermal Gold project in Argentina, now owned by Andean Resources Ltd, and to build on the relationships and knowledge created with Cerro Negro. Over the past few years Orocobre has acquired rights to a number of mineral exploration properties in Argentina and Laos and has conducted limited exploration on these properties.

Resource Sector - Gloom or Boom?

Resource Sector Outlook: Gloom or Boom?

Barry Dawes' presentation slides form the Excellence in Mining & Exploration Conference held in Sydney, September 2007

China Yunnan Copper Company Information

China Yunnan Copper Australia Limited

China Yunnan Copper Australia Limited (‘CYCAL’) is an Australian company formed to explore for and develop minerals in Australia and overseas. The Company was incorporated in 1995 and recently changed its name from GCU Resources Ltd to China Yunnan Copper Australia Ltd, reflecting the strong relationship with its cornerstone investor, Yunnan Copper Industry (Group) Co Ltd.

Digislide Company Informational

Digislide Holdings Pty Ltd

Digislide Holdings Pty Ltd (“Digislide”) is an innovative developer of video projection hardware and telecommunications merged solutions. The company intends to move beyond the prototyping stage with their miniature projection technology towards production of commercial units. Digislide's miniature projection technology is at the forefront of the field worldwide and has the potential to be integrated into mobile phones, laptops, PDAs and GPS devices.

QX21 Health Company Informational

Qx21 Health Limited

Qx21 Health has developed a unique logistics system of a “Universal Communication Platform” with a “Single Point of Access” that allows for the distribution of patient information to Health Care providers from Hospitals, GP’s, pharmacies, to the entire Community Health family.

Resources & Energy Review September 2007

Resources Boom: Year 6

The events of the past six weeks to the end of August 2007 have been character building for us all with extraordinary volatility observed in major equity indices, commodities and currencies.

What are we to make of all this? Will the ‘sub-prime’ mortgage securities implosion set off a series of credit defaults throughout the global economy that cause a major banking crisis and liquidity crunch resulting in an economic typhoon or will it be just another issue as equity markets climb a ‘wall of worry’ in this long term bull market.

New Quinea Energy Company Informational

New Guinea Energy Ltd

NGE was established in February 2005 to participate in the oil and gas industry in Papua New Guinea and the South East Asian area. Since that date, it has achieved some very significant milestones in its quest to build an independent oil and gas operation from the ground floor.

NGE has raised over $20 million from seed investors which has been invested in exploration licence acquisitions, exploration programs, drill, casings, equipment, corporate development and working capital.

Hunter Immunolgoy Investment Profile

Hunter Immunology Limited

Hunter Immunology Ltd (‘the company’) was incorporated in 2003 to commercialize 25 years of research to develop and advance a safe, targeted, oral vaccine platform technology for the prevention of Chronic Obstructive Pulmonary/Airways Disease(‘COPD’) infections. Early candidates for the platform technology also include some of the world’s largest diseases including Golden Staphylococcus, Pseudomonas and Candida.

Metallum Resources Investment Profile

metallum Resources Ltd

Metallum has been established to seize first-mover advantage on the release of new survey data (the “TELLUS Project”) from the Northern Ireland government. With increased political stability and local government support for resource development Metallum considers Northern Ireland to be an under-explored, highly prospective region.

Bounty Industries Investment Profile

Bounty Industries Ltd BNT

Bounty is an underground coal mining contract services group that specializes in thin-seam coal mining solutions.

Bounty provides mining solutions and equipment to mine owners who wish to harvest thin seam coal reserves. Bounty offers solutions to three common problems:

1. unmined coal seams of less than 2 metres in height (Thin Seams),
2. production loss from long wall investments due to slow gate road development, and
3. mining residual coal in remnant thick seams.

Clancy Exploration Company Informational

Clancy Exploration Limited

Clancy is part of the Australasian arm of Geoinformatics Exploration Inc (‘GEO’), and will hold the core Australian assets of the GEO group. GEO is a global exploration company and through its subsidiary GXL Australia will retain a significant shareholding in Clancy following completion of the Offer.

Australia's Role in World Resources Market

Martin Place Securities

Australia's Role in World Resources Market: Key Supplier and Innovator

Presenation slides from Barry Dawes' presention given at the North Asia Mining Conference in Shanghai, 2007

Energy Sector Outlook 2007

Martin Place Securities

Energy Sector Outlook

Presentation slides from Barry Dawes' presentation "Energy sector Outlook" delivered at Excellence in Upstream Energy may 2007

Silver Mines Information Report

Silver Mines Ltd SVL

Silver Mines Limited (ASX:‘SVL’) has been established to explore, discover and develop silver mining operations in Australia and overseas.

It is SVL’s initial intention to explore and re-evaluate historical silver mining areas and their surrounds, primarily in the New England area in the north of New South Wales. The company owns 6 exploration licences covering historical silver mines and deposits as well as additional areas with prospective geology in proximity to known deposits.

Tri Origin Investment Update

Tri Origin Minerals Ltd TRO

TRO is at advanced stages of redeveloping the Woodlawn underground mine; a past-producing mining district, and is evaluating the potential resource of the tailings. The 10.1Mt underground resource announced late October is equivalent to 11Moz of gold.

Aconcagua Investment Research

Aconcagua Resources Ltd ANU

Aconcagua Resources holds tenements in Ecuador and Chile containing substantial tonnages of high-grade iron-titanium rich mineral sands. The company’s mining tenements are on the north coast of Ecuador and cover 70k ha including 40k ha offshore permits.

The company has recently confirmed large deposits of hemo-ilmenite on the Ecuador tenements after an extensive sampling programme along beach dunes and foreshores. Industrial minerals (high-grade magnetite, hematite, ilmenite) and precious metals (gold and PGMS) have been recovered in the programme.

Resources & Energy Review New Year 2007 Update

The resources sector has entered the fifth year of this uptrend and commodities (oil, nickel etc) have entered the ninth year of bull market. Despite the strong rallies in stocks and commodities the volatility and market action strongly suggest many institutions and retail investors are not onboard this major bull market. While resources demand remains firm, particularly from China, the supply side of the equation still suffers from constrained capacity, infrastructure bottlenecks and lack of discoveries. Preferred exposures include nickel, zinc, gold, copper and uranium stocks.

MPS Resources & Energy Reivew: May Update

Martin Place Securities

The resources sector has entered the fifth year of this cycle trending upwards. Despite the strong rallies in stocks and commodities the volatility and market action strongly suggest many institutions and retail investors are not onboard this major bull market. While demand remains strong, particularly from China, the supply side of the equation still suffers from constrained capacity, infrastructure bottlenecks and lack of discoveries. Preferred exposures include zinc, gold, cooper and uranium related stocks.

SMM June 2006 Update

Summit Resources Ltd SMM

SMM holds one of the largest tenement portfolios in the Mt Isa region and offers exposure to several commodity markets including buoyant uranium. The Mt Isa deposits are Australia’s most advanced new uranium projects.

LNG Investment Research

Liquefied Natural Gas Ltd LNG

LNG Ltd plans to access low cost gas reserves and deliver LNG to developing energy markets that do not have gas pipeline access or are too small for major LNG suppliers.

MPS Resources & Energy Review: Jan-Feb update

Martin Place Securities

The resources sector has entered the fifth year of this cycle the same way it finished 2005 – trending upwards. Despite last month’s pullback, most resource-related stocks are still sitting on large gains accumulated over the last 12 months. Based on fundamentals, the positive momentum is expected to last longer for most metals and related stocks. While demand remains strong, particularly from China, the supply side of the equation still suffers from infrastructure bottlenecks, constrained capacity and lack of discoveries. Preferred exposures include zinc, gold and uranium related stocks.

European Gas Ltd Investment Research

European Gas Ltd EPG

EPG aims to become a major Coal Bed Methane producer from its highly prospective hydrocarbon permits in France and Italy. The Company has changed its strategic focus from the Canning Basin of Western Australia to the much more attractive European natural gas market

Integra Mining Ltd Investment Research

Integra Mining Ltd IGR

IGR has gone through a significant restructure over the last year with a new management team in place and a rejuvenated business plan focused on the eastern goldfields in WA. The Company has since then successfully consolidated a highly prospective portfolio of tenements comprising several open-pits, 1.1Moz in gold resources and a number of undeveloped areas within 1,850km2 near Kalgoorlie.

MPS Resources & Energy Review Oct-Nov Update

Martin Place Securities

Speculative times

Compass Resources Investment Research

Compass Resources NL CMR

Moving towards the development of the Browns Oxide Project in NT.

MPS Resources & Energy Review Aug - Sep Update

Martin Place Securities

Resources Boom: small caps offer the best leverage

MMX September 2005 Update

Murchison Metals Ltd MMX

MMX is on track to bring its flagship Jack Hills iron ore project into production by the end of 2005. It is expected to begin shipping ore at 1.2Mpta from the 8Mt Measured Resource in Stage 1, rising to 2.0Mtpa over 30 months for a mine life of 5 years.

Admiratly Resources Investment Rearch

Admiralty Resources NL ADY

ADY has built up a highly prospective portfolio of exploration and development projects in Chile, Argentina and Australia. The Company is primarily focused on the development and mining of its world class industrial chemicals project in Argentina and the Cia Minera Santa Barbara (CMSB) Iron Ore project in Northern Chile.

BBX Holdings Ltd Investment Research

BBX Holdings Ltd BBX

BBX has successfully established itself as one of the major players in Australasia’s A$600m trade exchange market. The Company has grown strongly over more than a decade through marketing campaigns (aimed to attract small to medium enterprises - SMEs) and through acquisitions of key competitors.

MMX August 2005 Update

Murchison Metals Ltd MMX

• 8Mt measured and 59Mt inferred with >300Mt resource potential.


• Jack Hills direct shipping grade ore requires no beneficiation.


• Stage 1 on track to commence production in DQ05.


• A$8m operating surplus projected in calendar 2006.


• Conservative appraised value of A$92m or A$0.43ps fully diluted.


• Prospective earnings multiple of 4.4x for FY07 and 3.3x for FY08.

MPS Resources Review June - July 2005 Update

Martin Place Securities

Resources Boom: Uptrend to Continue

Jackgreen Ltd Investment Research

Jackgreen Ltd JGL

• Fully Licensed electricity retailer aimed at residential and smallbusiness customers in NSW.


• Emphasis on supply of electricity from renewable sources such as hydro, wind power and biomass.


• Market share sought through a combination of green electricity,community marketing and competitive pricing.


• Low-cost back office structure to generate net margins above 6%.


• Prospective earnings multiple of 2.2x for FY07 and 1.2x for FY08.


• High-profile board of directors and management team.

Diatreme Resources Ltd Investment Research

Diatreme Resources Ltd DRX

DRX is an Australian diversified mineral explorer with a series of mineral sands, gold, diamonds and base metals projects in Queensland, NSW, Western Australia and South Australia.

Strong mineral sands, base metals and gold markets underpin DRX’s strategy of moving its advanced projects to a development stage whilst progressing the exploration of its major projects.

The Company has a large ground position in zircon rich Eucla Basin, where Iluka Resources Ltd has made major discoveries estimated at A$4billion of potential in-ground value.

DRX’s strong focus on exploration combined with a well diversified asset portfolio offers substantial exposure to buoyant metals and minerals and makes the company an interesting exploration play.

MPS Resources Review Apr-May 2005

Martin Place Securities

The Bears were out in April with local and international indices retreating from all time highs and facing a period of increasing volatility. Inflationary concerns coming from the US and high oil prices had a negative effect on Wall Street, despite a relatively positive reporting season for major American companies. Despite the cloudy outlook of the American economy and its potential adverse impact on local industrial firms, MPS has the view that these negative effects should not have the same effect on resources and energy companies in Australia.

MMX IPO Investment Resarch

Murchison Metals Ltd MMX

MMX is listing in March 2005 after raising A$6.6m.

CMR March 2005 Update

Compass Resources NL CMR

Base metal prices expected to remain strong in the near future, supporting the Browns Oxide start up project and CMR’s exploration.

Valued at A$1.47ps fully diluted and trading at a prospective FY07 earnings multiple of only 1.8times, CMR offers outstanding value. Buy.

CBH December Quarter Update 2004

CBH Resources Ltd CBH

Initiatives in 2004 resulted in higher mill throughput and improved recoveries at Endeavour Mine.

Strong FY05 earnings forecast (4.7cps) driven by high commodity prices and improved operations.

Recommendation: BUY

CMR December Quarter 2004 Update

Compass Resources NL CMR

Base metal prices expected to remain strong in the near future, supporting the Browns Oxide start up project and CMR’s exploration endeavors.

Valued at A$1.47ps fully diluted and trading at a prospective FY07 earnings multiple of only 1.0 times, CMR offers outstanding value.

Recommendation: Buy

INL December Quarter 2004 Update

Intec Ltd INL

Based on the 100% debt funding base case scenario, MPS has estimated the proposed Hellyer operation to have a NPV tax of around A$105m or A$0.28ps fully diluted. Potential exists there for a blended tailings plus steel furnace zinc dust operation, which could increase the valuation to A$0.41ps.

Cashed up INL is trading at a FY08 earnings multiple of just 1.3 times the current share price.

Following the rationalisation of its asset portfolio and supported by buoyant commodity markets, INL is now well positioned to develop the Hellyer Metals Project and move towards the commercialisation of its hydrometallurgical processes.

Recommendation: Speculative Buy

CFU Investment Report

Ceramic Fuel Cells Ltd CFU

CFU is at the forefront of SOFC technology and could become a leader in the emerging fuel cell market for Distributed Generation.

Liquefied Natural Gas December Quarter Update

Liquefied natural Gas Ltd LNG

LNG is very close to achieve its June 05 goal of 5,000tpd LNG supply 5 months ahead of schedule. Potential exists for the Company to finish FY05 with a supply figure double the prospectus forecasts.

The financial projections suggest each 100tpd of sales gives a minimum of A$0.05/share from NPVs with another A$0.03/sh accruing to ownership of the LNG plant itself. The value imputed of A$0.08 / 100tpd x 5,000tpd (under MOIs) gives a medium term price target of A$4.00/share.

Recommendation: Strong Buy

SHG December Quarter Update 2004

Sunshine Gas Limited SHG

Emerging oil and gas producer with a significant portfolio of producing, development and exploration assets onshore Queensland.

Base case valuation in excess of A$125million or A$1.00/share.

Recommendation: BUY

AOE December Quater Update 2004

Arrow Energy NL AOE

Emerging CSM gas producer aiming to produce 45PJ pa by 2010 from its highly prospective gas asset portfolio located in Queensland.

Early cashflow expected from Kogan North by SQ05.

Recommendation: BUY

CMR Investment Research Update

Compass Resources NL CMR

Set to become a significant copper and cobalt producer from its Browns Oxide Project in NT.

Intec Ltd Investment Research

Intec Ltd INL

Moving towards the commercialisation of its high profile hydrometallurgical processes

Summit Resources Ltd Investment Research

Summit Resources Limited SMM

Exploring for large uranium, copper, gold and lead-zinc deposits in the under explored Mount Isa region of Queensland.

Summit Resources December Quarter Update

Summit Resources Limited SMM

SMM holds one of the largest tenement portfolios in the Mount Isa region and offers exposure to several commodity markets including buoyant uranium.

Recommendation: BUY

ReLODE Ltd Investment Research

ReLODE Ltd RLD

Significant progress towards development of the Aldiss Gold Project.

Potential for additional resources from French Kiss, Little Peck and Esplanade.

Northern Star Resources Ltd September Quarter Update

Northern Star Resources Ltd NST

Holdings of approximately 2,900km2 within the largely under-explored East Kimberly region of WA. Strong focus on exploration for gold, base metals and PGE mineralisation.

CBH Resoruces September Quarter Update

CBH Resources Ltd CBH

Higher DQ04 earnings expected on the back of higher ore grades,production increase and lower unit costs.

A$5.5m maiden profit for FY04 and A$24m (5cps) forecast for FY05.

Recommendation: STRONG BUY

Sydney Gas UPdate

Sydney Gas Ltd SGL

SGL is set to fulfil around A$450 million in gas sales contracts with AGL from Camden operations.
Potential for additional gas production and sales of over 60 petajoules per annum from Camden and Hunter.
Recommendation: BUY for growth

Compass Resources September Quarter Update

Compass Resources NL CMR

Robust asset base with over A$14.5billion of in-ground value.

Potential to generate cashflows in less than 18 months.

Recommendation:BUY

Renison Consolidate Mines Investment Research

Renison Consolidated Mines NL RSN

RSN is developing two projects that should allow combined gold production of 100,000ozpa within 3 years.

Sunshine Gas Ltd Investment Research

Sunshine Gas Limited SHG

Emerging oil and gas producer with a highly prospective portfolio of assets in Queensland.

Liquefied Natural Gas Research

Liquefied natural Gas Ltd LNG

Liquefied Natural Gas Limited (LNG Ltd) is an Australian based company looking to list on the ASX through an underwritten Prospectus lodged with ASIC on 30 July 2004 to raise A$8m through 40m shares at A$0.20.

Ceramic Fuel Cells Investment Report

Ceramic Fuel Cells Ltd CFU

Against a background of strong market upmoves amongst North American and UK fuel cell companies CFU is on track with its aim to establish itself as one of the world’s important producers of energy efficient solid oxide fuel cells.

CBH Reources June Quarter Update

CBH Resources Ltd CBH

Total operating cash flow of A$5.3m in JQ04 (record Endeavour contribution).

Higher SQ04 earnings expected – production increases and lower unit costs.

Recommendation: STRONG BUY

Tri Origin Minerals June Quarter Update

Tri Origin Minerals Ltd TRO

Unlocking more than A$800m (current prices) of in ground value at Lewis Ponds –Indicated Resource of approximately 350,000oz gold, 18Moz silver, 200,000t zinc, 100,000t lead and 10,000t copper.

Recommendation: STRONG BUY

Compass Resources June Quarter Update

Compass Resources NL CMR

Extraordinary asset base worth at least A$1.00 per share.

Recommendation: STRONG BUY

Independence Group NL June Quarter Update

Independence Group NL IGO

PE ratio of 5.6 times fully diluted (FY04) and <5 times expectedin FY05.

Dividends likely in FY05.

Recommendation: STRONG BUY

Intec Ltd June Quarter Update

Intec Ltd INL

Unlocking A$1.5bn of in-situ value at Hellyer.

Recommendation: STRONG BUY DURING CAPITAL RAISING

Alkane Exploration June Quarter Update

Alkane Exploration Ltd ALK

Recommendation: ACCUMULATE IN WEAKNESS

Ceramic Fuel Cells Environmental Review

Ceramic Fuel Cells Ltd CFU

Blue Chip environmental energy company.

Ceramic Fuel Cells Investment Report

Ceramic Fuel Cells Ltd CFU

CFU is at the forefront of SOFC technology and could become a leader in the emerging fuel cell market for Distributed Generation(DG)

Set to list on the ASX on 5 July, the A$15m IPO followed A$10.5m in pre-IPO funding that should allow speedy commercialisation of CFU’s fuel cells technology.

Intec Update

Intech Ltd INL

The Hellyer acquisition will allow INL to profitably commericalise its unique mineral processing technology, offering significant cost, perfomance and environmental benefits over existing alternatives.

Hill End Gold Investment Research

Hill End Gold Ltd HEG

HEG is resuming gold production from the historic 1.5Moz Hill End goldfield, which lies in a major gold province hosting world-class operations.

Klondike Source Ltd KSL

Klondike Source Ltd has launched a A$2m NSX IPO to fund exploration for the primary source ofthe Klondike alluvial goldfield in northwest Canada – the 8th largest suchfield in the world yet the only major one without a known source.

Tri Origin Minerals Dec 03

Tri Origin Minerals TRO

ASX listing in early January.
Tri Origin has exploration projects near to major mines and infrastructure in the Lachlan Fold Belt of NSW.

Klondike Source Ltd Dec 03

Klondike Source KSL

Klondike Source is using new tecniques and geological understanding to explore for the hardrock source of the historic 12Moz Klondike Goldfield, one of the world's richest alluvial gold provinces.

Tri Origin Minerals Nov 03

Tri Origin Minerals TRO

Tri Origin Minerals is an Australian based company, exploring for gold, silver and base metals in the Lachlan Fold Belt of New South Wales.

Consolidated Broken Hill Aug 03

Consolidated Broken Hill CBH

Diatreme Resources Ltd Aug 03

Diatreme Resources DRL

Diatreme Resources is a Brisbane-based mineral explorer, with gold, diamond and base metal projects in Queensland and northern-NSW

Intec Ltd Aug 03

Intec Ltd INL

Intec Ltd is the world leader in halide-based mineral processing technology and is developing a suite of low-cost, environmentally safe methods for the extraction of gold, PGMs and base metals