GBC AG: First Tin Plc | Rating: Buy
Original-Research: First Tin Plc - von GBC AG
Einstufung von GBC AG zu First Tin Plc
Unternehmen: First Tin Plc
ISIN: GB00BNR45554
Anlass der Studie: Research Report (Anno)
Empfehlung: Buy
Kursziel: 0.50 GBP
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
Strong FY 2022 cash position of £13.8m. Management advancing rapidly both
projects. Possible Germany’s environmental permitting fast-track.
On-track projects. Even with the slight delay for Tellerhäuser, the company
remains on track to deliver DFS studies on both locations for mid-2024 at
latest and is advancing both projects very rapidly.
Tin price rebounds. On Monday April 18, 2023, the price of tin experienced
a significant surge due to news that Myanmar, the world's third-largest
producer of the soldering metal, may halt production. This unexpected
development caused London Metal Exchange three-month tin to soar by 11% and
reach a two-month high of $27,705 per ton. The Shanghai Futures Exchange
had already recorded high levels of trading activity prior to the latest
development, and London Metal Exchange three-month tin followed suit. The
Central Economic Planning Committee of the Wa State, which is Myanmar's
most influential ethnic armed group and controls the tin-mining area on the
border with China, released a statement announcing that all mining and
processing activities would be 'suspended' from the start of August to
protect the remaining resource. This statement serves as an unexpected
threat to the global supply of tin. This development highlights the
importance of securing tin supply from tier-1 countries with reliable
mining assets, such as those of First Tin plc. The halt in production from
Myanmar could potentially disrupt the global tin supply chain, causing a
surge in prices and impacting various industries that rely on tin for their
products.
Taronga mineral tests. The latest mineral testwork confirms the previous
hypotheses that a majority of the tin will be liberated via a simple coarse
crush, followed by gravity separation.
Drilling delays compensated by historical data. Tellerhäuser has been hit
with drilling contractors’ delays but has found new historical data,
continuing to supply the geological team with vital and fresh information.
Strong cash position. The company finished FY2022 with a cash position of
£13.8m.
Tellerhäuser environmental permitting. The company is qualified for the
granting of a fast-track permit, reducing the overall permitted timeframe
by up to 12 to 18 months.
Renewable energy. First Tin partnered with BID Energy Partners to provide a
feasibility study on renewable energy supply options for the Taronga Tin
Project in Australia.
Based on our DCF model, we have maintained our price target of 0.50 GBP
(0.57 EUR) per share and a BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26943.pdf
Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 05.05.2023 20:30
Date and time of the first disclosure of the research report: 08.05.2023 13:00
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
