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Broker Reports
2010
22 Jul - RBC Capital Markets (OUTPERFORM) June Q meets expectations, strong A$26m cash build
7 May - Argonaut Securities (BUY) Miitel swing factor to kick back in
7 May - RBC Capital Markets (OUTPERFORM) Miitel reopening adds value
28 Apr - RBC Capital Markets (OUTPERFORM) Subdued production: Exploration success to the fore
23 Mar - Argonaut Securities Mind the value gap
2 Mar - RBC Capital Markets (OUTPERFORM) Upgrading to Outperform on higher nickel price
19 Feb - Argonaut Securities (BUY) Dirt cheap nickel leverage
17 Feb - RBC Capital Markets (SECTOR PERFORM) Cashed up nickel leverage
16 Feb - Macquarie (OUTPERFORM) Solid operations = Strong cashflow
2009
27 Oct - RBC Capital Markets (SECTOR PERFORM) Well positioned as cash builds to A$91m
11 Sep - Argonaut Securities (BUY) Down down deeper and down
21 Aug - Macquarie Research (NEUTRAL) A great second half
20 Aug - RBC Capital Markets (SECTOR PERFORM) A$29m turnaround
21 Jul - Patersons (HOLD) Outstanding quarter - Cash costs down 15% qoq
21 Jul - RBC Capital Markets (SECTOR PERFORM) 20% rally on strong finish to the year
24 Jun - Argonaut Securities (BUY) More fish in the sea at Mariners
28 May - RBC Capital Markets (UPGRADE TO OUTPERFORM & A$1.55 TARGET)
19 Mar - Argonaut Securities (BUY) The nimble nickel miner
18 Feb - RBC Capital Markets (SECTOR PERFORM) Building free cash flow through cycle lows
30 Jan - RBC Capital Markets (SECTOR PERFORM) Prudence & flexibility paying off
29 Jan - Patersons (BUY) Record production, belt tightened, ready for higher prices
28 Jan - Argonaut Securities (BUY) Tailor-made production
2008
Dec 08 - Austock Securities (HOLD)
21 Aug - RBC Capital Markets (OUTPERFORM) Robust A$64m FY08 profit with A$112m cash in hand
21 Aug - Deutsche Bank (BUY) Strong cash position funding organic growth
21 Aug - Patersons (BUY) Robust performance
23 July - Deutsche Bank (BUY) Growing production and fighting costs
7 July - Deutsche Bank (HOLD) New projects and exploration to drive re-rating
22 May - Patersons (BUY) Steady as she goes
23 Apr - Argonaut Securities (BUY) King of Kambalda
9 Apr - Patersons (BUY) Cheapest nickel miner
7 Apr - RBC Capital Markets (OUTPERFORM) Share price bellies strong fundamentals...
20 Feb - Argonaut Securities (BUY) December half results
19 Feb - RBC Capital Markets (OUTPERFORM) Higher D&A charges reduce headline profit
31 Jan - Patersons (BUY) Nine month pay-back for Otter Juan
8 Jan - RBC Capital Markets (OUTPERFORM) Consolidating Carnilya with A$25m acquisition
2007
21 Aug - RBC Capital Markets (OUTPERFORM) Three-fold profit increase drives 11% rally
16 Aug - Patersons (BUY) Large margins and production growth
25 July - RBC Capital Markets (OUTPERFORM) New developments to drive 35% growth
12 July - Patersons (BUY) Targeting 28% increase to 17,000t contained nickel for FY08
11 July - RBC Capital Markets (OUTPERFORM) Guidance of 16-17kt nickel in FY08
15 May - Patersons (BUY) Four new mines and 20,000t nickel from FY08
14 May - RBC Capital Markets (OUTPERFORM) Otter Juan to stimulate re-rating
14 May - Holst Research (BUY) Value-adding acquisition of Otter Juan Nickel Mine
24 Apr - RBC Capital Markets (OUTPERFORM) A$20m bonus booked from PP
11 Apr - Patersons (BUY) WA's cheapest nickel sulphide miner
29 Mar - RBC Capital Markets (OUTPERFORM) Carnilya Hill closer to mid-year start-up
23 Mar - RBC Capital Markets (OUTPERFORM) Site visit: Focus on growth and ore body expansions
15 Mar - Patersons (BUY) Kambalda nickel - Mincor's time to shine
20 Feb - RBC Capital Markets (OUTPERFORM) Reaping rewards of record profits
1 Feb - Intersuisse (ACCUMULATE) Steady 2Q07 nickel production underpins strong financial performance