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A green battery cell technology play from end to end

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Comprehensive Research Report

Since ATL1102 returned impressive results in a phase II trial in non-ambulant Duchenne muscular dystrophy (naDMD) patients, Antisense Therapeutics (Antisense) has been perfecting its regulatory strategy for the compound. The next naDMD trial, if positive, will be central to a Marketing Authorisation Application (MAA) to the European Medicines
Agency (EMA) for naDMD patients. Antisense’s US strategy provides several options and leverages its European Union (EU) activities leading to a New Drug Application to the US Food and Drug Administration (FDA) for naDMD. Now, it comes down to execution.

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Extreme price volatility post 1H FY22 result

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Increasing our Target

Despite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics.

We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d.

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Emerging Financial Wealth Advisory Group

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Immutep Taking the Fight to Cancer

Scoping Study determines 4.5-year payback for transformational Lake Throssell project

• Trigg Mining has announced completion of a Scoping Study on the economic potential of its flagship Lake Throssell Sulphate of Potash project. The results demonstrate a compelling business case for the development of a major new long-life, sustainable SOP project, with strong financial returns.

• Lake Throssell will produce 245ktpa SOP once ramped up, over an initial life of mine of 21 years. The estimated operating cash costs of $341/t SOP are low by global standards, and would place Lake Throssell in the lowest-cost quartile of the global SOP industry cost curve, based on CRU analysis.

• Based on the new information released in the Scoping Study, we have updated our forecasts for the Lake Throssell project. We derive a DCF equity value for TMG of $0.37 per share, with potential upside as its projects de-risk through further development stages. We note TMG’s projects still remain in relatively early stages with associated higher levels of risk and uncertainty.

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Strategic Vanadium-battery growth with Titanium & Iron earnings resiliency

TNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadifferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines.

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Accelerating free cashflow secures funding; & boosts re-rating potential

Thermal coal prices in export markets have continued to strengthen into the SepQ21 and producer currencies have weakened allowing record coal pricing in Australian dollar terms.

Around half of TER’s coal is export thermal coal and earnings are highly leveraged with a US$10/t rise for the remaining FY22, equating to ~13.7% rise on our base expectation of EPS in FY22 of $0.15/share.

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Lilac Solution Inc backs its own tech – taking equity in Kachi

Lake Resources has announced that its clean technology partner Lilac Solutions Ltd, will join the Argentinian Kachi project, earning up to 25% at the asset level, subject to performance hurdles. Lilac brings a new-patented technology to the lithium brine industry and its direct investment further reduces perceived funding and technology risk and increases the likelihood of project delivery.

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Phillips 66 to acquire 16% in NVX – 12-month target price rises 7% through project de-risking

Phillips 66 (PSX) has entered into an agreement with NVX to acquire 77.9m new shares for US$150m (A$203m). PSX is the worlds largest producer of speciality petroleum coke a precursor for battery grade synthetic graphite anode materials found with an Enterprise Value of US$47.5Bn and assets of US$57Bn.

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Market leading lifelong learning platform technology company in Australia and SE Asia

PayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion.

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Market leading lifelong learning platform technology company in Australia and SE Asia

OpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia.

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Do Two A+ Deals Foreshadow THE DEAL?

Licensing deals are the life blood of small pharmaceutical companies, representing their exit from the development of a molecule, often in a staged manner, and a coalescing of the value they have added to a compound. Kazia Therapeutics has done two licensing deals in the space of a month, something unique for an Australian company. In this report, we look at those deals, assess their quality and look at other takeaways they provide.