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Volt Resources (VRC)

Business description

Volt Resources is a graphite development company. Its main asset is the currently 100%-owned Bunyu graphite project located in Tanzania.

Stock data

Market cap.A$27.7m
Last closeA$0.02
High / Low (52 weeks)A$0.0 / A$0.0
Stock market listingAU
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(17.4)(38.7)(29.6)
Relative *(19)(42.5)(35.4)

* % Relative to local index

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Company news

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (3.4) (3.3) (0.4) N/A N/A
2017A 0.0 (3.3) (2.4) (0.3) N/A N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 26/06/2018

Investment summary

Volt’s quarterly report (dated 30 April 2018) provides few surprises, with all critical path work programmes and project financing requirements still in a state of progress. Unfortunately, delays getting core samples out of Tanzania has caused Volt’s management to push out deadlines for the estimation of resources and reserves, the calculation of production schedules and also revenue projections. With the much-awaited Stage 1 Bunyu feasibility study (FS) now due by the end of June, as well as financing and project approvals, the next few months will be critical for the company to demonstrate its ability to get Bunyu firmly into the next stage of its development.

Last updated on 29/06/2018

Industry outlook

Based on data points and inputs given in our May 2018 update note, we consider that a purely illustrative value for Bunyu Phase 1 could be worth 7.90 cents on an FY19 basis using a 10% discount rate to reflect general equity risk. This does not assume any build out of Phase 2, or reflect the potentially accretive value project expansion would bring. We look to the release of Volt’s new FS to provide precise costing and the exact scope for Bunyu Phase 1 development, which will allow us to update our base case valuation.

Last updated on 29/06/2018

Key management

Stephen Hunt , Chairman
Trevor Matthews, CEO

Company address

Level 5, London House
216 St. Georges Terrace
Perth
WA 6000
Australia
+61 (08) 9486 7788
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