EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Centaurus Metals (CTM AU), Horizonte Minerals (HZM LN) UK

Materials

Global Mining Research

GMR weighs up the investment case for these two project developers with assets based in northern Brazil - each control large scale nickel deposits that leave them potentially attractive as corporate targets. Both have types of projects that a +US$9/lb nickel spot price should incentivise. However, CTM is GMR's preferred choice on near term news flow. It trades on 0.7x NPV and has the advantage of pursuing a lower cost nickel sulphide mine with attractive economic returns. HZM (rated Hold) has better leverage / scale, but technical risks dominate.

Edition: 144

- 16 September, 2022