MOD Resources

AU: MOD

AU$95.7m market cap

AU$0.32 last close

MOD Resources is an ASX-listed exploration and development company focused on the Kalahari Copper Belt of Botswana. The flagship T3 deposit has a JORC 2012 compliant mineral resource estimate of 60Mt at a grade of 0.98% copper.

Investment summary

MOD Resources is a copper-silver exploration and development company with a substantial ground holding in the Kalahari Copper Belt, Botswana. The company has been very successful with its regional exploration concept, which has led to the discovery and drill-out of 60Mt at a grade of 0.98% Cu and 13.9g/t Ag T3 copper-silver deposit and 2.5Mt at a grade of 1.80% Cu and 45g/t Ag T1 copper-silver deposit. MOD has already completed a pre-feasibility study (PFS) at T3 (announced on 31 January 2018) and is in the process of completing a feasibility study, targeted for H119.

Y/E Dec
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.0 (1.1) (1.2) (0.01) N/A N/A
2017A 0.0 (2.5) (2.3) (0.01) N/A N/A
2018E 0.0 (5.0) (5.0) (0.02) N/A N/A
2019E 0.0 (3.2) (4.2) (0.01) N/A N/A
Last updated on 21/03/2019
Industry outlook

MOD Resources has received an unsolicited, non-binding, indicative all-share bid offer from Sandfire Resources (SFR:AU) at a price of A$0.38/share (£0.21/share). The board of MOD believes the Sandfire offer undervalues the company’s assets.

Last updated on 21/03/2019
Share price graph
Balance sheet
Forecast net cash (A$m) 9.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (3.1) 33.2 (30.5)
Relative* (4.3) 18.7 (32.9)
52-week high/low A$0.5/A$0.2
*% relative to local index
Key management
Stef Weber CFO
Jeffrey Sansom IR Manager
Julian Hanna Managing Director
Mark Clements Executive Chairman & Company Secretary