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Mustang Resources (MUS)

Business description

Mustang Resources is an exploration and development company with two primary projects, both in Mozambique: the advanced Montepuez ruby project (currently subject to a proposed asset for shares transaction with Fura Gems) and the Caula Graphite and Vanadium project.

Stock data

Market cap.A$14m
Last closeA$0.01
High / Low (52 weeks)A$0.2 / A$0.0
Stock market listingAU
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(17.6)(36.4)(71.8)
Relative *(18.1)(37.9)(74.5)

* % Relative to local index

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Latest research

Investment summary

The recently announced A$10m asset-for-shares swap with Fura Gems shifts Mustang’s primary focus to the Caula Graphite and Vanadium Project, which is located along strike from Syrah Resources’ large graphite project. Maiden Caula graphite and vanadium resources reflect high grades (13.4% and 0.37%, respectively). The scoping study due in Q318 will provide investors with insight into project economics, but the good grades and positive graphite metallurgical test results to date are encouraging signs. Trial mining could generate first revenues by mid-2019.

Last updated on 13/08/2018

Key management

Dr. Bernard Olivier, MD
Rob Marusco, CFO

Company address

Level 3, 9 Bowman Street, South Perth
Western Australia
WA 615
Australia
+61 (0) 8 9217 2400
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