Broker Reports


10 Feb 16Patersons (SELL)  Operations to close by end of March
27 Jan 16Macquarie (UNDERPERFORM)  Kambalda operations suspended  
27 Jan 16Patersons (SELL)  Operations moving to care and maintenance  



30 Oct 15Macquarie (UNDERPERFORM)  Impressive cost reductions
13 Aug 15Patersons (SELL)  FY15 result
13 Aug 15Macquarie (UNDERPERFORM)  Cash reserves running low
30 Jul 15Patersons (SELL)  Tough prevailing nickel price environment
29 Jul 15Macquarie (UNDERPERFORM)  Production to fall 23% in 1HFY16
14 Jul 15Macquarie (UNDERPERFORM)  Strong finish to the year
14 Jul 15Patersons (HOLD)  Preliminary June Q production results 
24 Jun 15Patersons (HOLD)  Resource upgrade at Durkin, Voyce and Burnett
27 May 15Macquarie (UNDERPERFORM)  Nickel price starts to bite
26 May 15 Patersons (HOLD)  Restructure of Kambalda nickel operations
4 May 15Macquarie (UNDERPERFORM)  Exploration wins but cash losses
14 Apr 15 Patersons (HOLD)  Lower March Q of production
9 Apr 15 Patersons (HOLD)  Exploration update at Cassini
6 Mar 15Macquarie (NEUTRAL)  Drill bit gains but pricing pain
5 Mar 15 Patersons (HOLD)  Further high-grade results at Cassini extends mineralised zone
28 Jan 15 Patersons (HOLD)  Further positive drill results at Cassini
21 Jan 15Macquarie (OUTPERFORM)  Strong production result
21 Jan 15 Patersons (HOLD)  Solid Dec Q; Adds $3m to cash balance
16 Jan 15 Patersons (HOLD)  High-grade massive sulphides at Cassini
16 Jan 15 Argonaut (UNRATED)  Bang for exploration buck
14 Jan 15 GMP Securities (BUY)  Initiating coverage: Leveraged to nickel price



27 Nov 14 Patersons (HOLD)  Further positive results from Cassini
29 Oct 14 Patersons (HOLD)  High-grade nickel intersections at Miitel
22 Oct 14 Patersons (HOLD)  Solid September Q of production; Retain HOLD
13 Oct 14 Patersons (HOLD)  Solid September Q of production
24 Sep 14 Patersons (HOLD)  Exploration results at Voyce and Cassini
18 Aug 14 Patersons (HOLD)  Reserve/Resource position increases; Grade ticks lower
14 Aug 14
Patersons (HOLD)  June Q: Improved production results
23 Apr 14
Patersons (HOLD)  Production in line; Costs higher at Mariners
29 Jan 14 Patersons (HOLD)  Solid December Q; Encouraging near-mine exploration results



22 Oct 13 Patersons (HOLD)  Higher September Q production; Costs coming down
15 Aug 13 Patersons (HOLD)  FY13 results in-line with estimations
14 Aug 13 RBC Capital Markets (NEUTRAL)  Financial result in-line, exploration and nickel price remain the catalysts
23 Jul 13 Patersons (HOLD)
23 Jul 13 RBC Capital Markets (SECTOR PERFORM)  A strong June Q; $13m write-down flagged
23 Apr 13 Patersons (HOLD)
23 Apr 13 RBC Capital Markets (SECTOR PERFORM)  Weak March Q but FY13 guidance intact
13 Feb 13 RBC Capital Markets (SECTOR PERFORM)  An in-line interim result; Small loss but operational cash flow positive
22 Jan 13 Patersons (HOLD)
22 Jan 13 RBC Capital Markets (SECTOR PERFORM)  Strong December Q; upgrade to Sector Perform on pullback



14 Nov 12

RBC Capital Markets (UNDERPERFORM)  Downgrade to Underperform on 100% rally in 10 weeks
23 Oct 12 RBC Capital Markets (SECTOR PERFORM)  A solid September Q, exploration catalysts on the horizon
23 Oct 12 Hartleys (BUY)  Low risk leverage to nickel

24 Sep 12

Holst (HOLD)  Share price rises - strong operating performance, weak nickel

16 Aug 12

RBC Capital Markets (SECTOR PERFORM)  Cost improvements mostly offset by lower nickel prices

8 Aug 12

RBC Capital Markets (SECTOR PERFORM)  Cash costs down 27% YoY; Nickel price down 29%

7 Jun 12

RBC Capital Markets (SECTOR PERFORM)  Downgrading to SECTOR PERFORM

7 May 12

Patersons (HOLD)  Improving operationally with PNG upside

18 Apr 12

RBC Capital Markets (SECTOR PERFORM)  Strong March Q; Improved cash costs the feature

11 Apr 12

Argonaut (BUY)  Operational risk diminishing

15 Feb 12

RBC Capital Markets (OUTPERFORM)  An in-line A$035m profit and A2c dividend

25 Jan 12

Patersons (SELL)  December Q production results

25 Jan 12

RBC Capital Markets (OUTPERFORM) A weaker December Q, but first half beats guidance 



19 Oct 11 RBC Capital Markets (OUTPERFORM) A strong September Q hits the bottom line
19 Oct 11 Patersons (HOLD)  Improved operational performance
8 Sep 11 RBC Capital Markets (OUTPERFORM) Adjusting for a stronger A$ and higher nickel price in CY14E
10 Aug 11 Patersons (HOLD) Potential to turnaround in FY2012; Upgrade to HOLD
19 Apr 11 Patersons (SELL) Tough work continues; Decreasing price target to $0.90

25 Jan 11

RBC Capital Markets (OUTPERFORM) An improved December Q, but exploration the focus



19 Oct 10

RBC Capital Markets (OUTPERFORM)  A weak September Q, but fundamentals intact

8 Sep 10

Holst (ACCUMULATE) Upgrade to ACCUMULATE, based on valuation/low market expectations

19 Aug 10

RBC Capital Markets (OUTPERFORM) Solid A$28M FY10 profit, underpins growth phase

18 Aug 10

Macquarie (OUTPERFORM)  Rolling along in Kambalda

22 Jul 10

RBC Capital Markets (OUTPERFORM)  June Q meets expectations; Strong A$26M cash build

7 May 10

Argonaut Securities (BUY)  Miitel swing factor to kick back in

7 May 10

RBC Capital Markets (OUTPERFORM)  Miitel reopening adds value

28 Apr 10

RBC Capital Markets (OUTPERFORM)  Subdued production; Exploration success to the fore

23 Mar 10

Argonaut Securities  Mind the value gap

2 Mar 10

RBC Capital Markets (OUTPERFORM)  Upgrading to OUTPERFORM on higher nickel price

19 Feb 10

Argonaut Securities (BUY)  Dirt cheap nickel leverage

17 Feb 10

RBC Capital Markets (SECTOR PERFORM)  Cashed up nickel leverage

16 Feb 10

Macquarie (OUTPERFORM)  Solid operations = Strong cash flow



27 Oct 09

RBC Capital Markets (SECTOR PERFORM) Well-positioned as cash builds to A$91M

11 Sep 09

Argonaut Securities (BUY)  Down down deeper and down

21 Aug 09

Macquarie Research (NEUTRAL)  A great second half

20 Aug 09

RBC Capital Markets (SECTOR PERFORM)  A$29M turnaround

21 Jul 09

Patersons (HOLD) Outstanding Q; Cash costs down 15% qoq

21 Jul 09

RBC Capital Markets (SECTOR PERFORM) 20% rally on strong finish to the year

24 Jun 09

Argonaut Securities (BUY)  More fish in the sea at Mariners

28 May 09


19 Mar 09

Argonaut Securities (BUY)  The nimble nickel miner

Mar 09

Intersuisse (HOLD)

18 Feb 09

RBC Capital Markets (SECTOR PERFORM)  Building free cash flow through cycle lows

30 Jan 09

RBC Capital Markets (SECTOR PERFORM)  Prudence and flexibility paying off

29 Jan 09

Patersons (BUY)  Record production, belt tightened, ready for higher prices

28 Jan 09

Argonaut Securities (BUY)  Tailor-made production



Dec 08

Austock Securities (HOLD)

21 Aug 08

RBC Capital Markets (OUTPERFORM) Robust A$64M FY08 profit with A$112M cash in hand

21 Aug 08

Patersons (BUY)  Robust performance

22 May 08

Patersons (BUY)  Steady as she goes

23 Apr 08

Argonaut Securities (BUY)  King of Kambalda

9 Apr 08

Patersons (BUY)  Cheapest nickel miner

7 Apr 08

RBC Capital Markets (OUTPERFORM)  Share price belies strong fundamentals...

20 Feb 08

Argonaut Securities (BUY)  December half results

19 Feb 08

RBC Capital Markets (OUTPERFORM)  Higher D&A charges reduce headline profit

31 Jan 08

Patersons (BUY)  Nine month payback for Otter Juan

8 Jan 08

RBC Capital Markets (OUTPERFORM)  Consolidating Carnilya with A$25M acquisition

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