Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH 20.11.2024 / 09:15 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 20.11.2024 Target price: EUR 4.90 (unchanged) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler Important patent protection granted by the USPTO The positive news flow of Vidac Pharma continues. Vidac Pharma has been granted a patent by the USPTO that—in our view—fully protects the company’s efforts to bring its entirely new class of cancer products to market. As of our knowledge, Vidac Pharma is the only company in the world whose products are aimed at reversing the altered metabolism of cancer cells (known as Warburg effect), and now holds an exclusive patent for this promising mode of action in the US market. After the strong share price performance since our initiation of coverage (+194.4% vs. DAX 2.4%), we confirm our Buy rating and our three-stage discounted cash flow entity model based share price target of EUR 4.90 (base case scenario). Our price target is based on the assumption that Vidac Pharma receives approval for its current core product VDA-1102-AK. Monte Carlo scenario values range between EUR 4.04 (10% quantile) and EUR 5.40 (90% quantile) per share. Vidac Pharma has been granted a broad and exclusive patent by the United States Patent and Trademark Office (USPTO) that provides comprehensive protection for the mode of action of its two oncology and onco-dermatology therapeutic candidates VDA-1275 and VDA-1102 (phase 2b clinical trial for AK and phase 2 trial for cutaneous T-cell lymphoma). The patent protects the use of Vidac Pharma's novel chemical entities that prevent the enzyme hexokinase-2 (HK2) from attaching to the mitochondrial VDAC channels, in order to reverse the malignant metabolism of cancer cells and to restore normal cell functioning—as of Vidac's clinical studies the drug candidates have the potential to stop cancer cell proliferation, re-instate programmed cell death (apoptosis), and suppress the immunosuppressive properties of the tumour microenvironment. Vidac Pharma is thus (1) to our knowledge the only company in the world with products designed to reverse the altered metabolism of cancer cells and (2) now holds an exclusive patent for this mode of action in the US market. Vidac Pharma also received additional capital of more than EUR 0.6mn from existing investors and management to accelerate the development of its products. Vidac Pharma will use the funds to advance a number of clinical trials, including a second phase 2b clinical trial for its lead candidate VDA-1102 in patients with advanced actinic keratosis (AK), a potentially premalignant disease of the skin with high estimated global prevalence. According to the company, VDA-1102 has also been shown to be safe and effective in the treatment of cutaneous T-cell lymphoma; Vidac Pharma has completed a phase 2a proof-of-concept study, the results of which are expected to be published shortly. VDA-1275, meanwhile, is also in advanced preclinical studies. You can download the research here: http://www.more-ir.de/d/31381.pdf Contact for questions: Peter Thilo Hasler, CEFA+49 (152) 31764553 The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2034157  20.11.2024 CET/CEST

Original-Research: Almonty Industries Inc. - from Sphene Capital GmbH 19.08.2024 / 05:21 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of Sphene Capital GmbH to Almonty Industries Inc. Company Name: Almonty Industries Inc. ISIN: CA0203981034   Reason for the research: Update Report Recommendation: Buy from: 19.08.2024 Target price: CAD 2.31 (previously CAD 2.13) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA H1/2024 above estimates – increasing price target to CAD 2.31 On the backdrop of higher production and increased tungsten recovery rates at the Panasqueira Mine, H1/2024 profits from mining operations were significantly above our estimates and last year’s level. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming one the most important global suppliers of conflict-free tungsten material. We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s current and future producing assets (Sangdong, Panasqueira, and Los Santos,) to which we have added the discounted value of the development project (Valtreixal). We calculate a target price of CAD 2.31 per share. With an expected share price performance of 203.4%, we confirm our Buy rating for the shares of Almonty Industries. Tungsten is classified as a critical raw material by the European Union, the United States, Canada, Japan, South Korea, Australia and other countries – and additionally as a strategic raw material by the EU – due to its high technological importance and unstable supply. Decarbonization and digitalization are causing a change in demand for raw materials, moving away from fossil and towards mineral raw materials, some of which are expected to see significant demand increases. In addition, as geopolitical tensions continue to rise, demand for advanced defense technologies is likely to increase, driving demand for tungsten armour, which is less regulated than depleted uranium and considered “exportable” by the US government. You can download the research here: http://www.more-ir.de/d/30533.pdf Contact for questions: Peter Thilo Hasler, CEFA+49 (152) 31764553peter-thilo.hasler@sphene-capital.de The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1969999  19.08.2024 CET/CEST

Original-Research: Newfield Resources Ltd. - from Sphene Capital GmbH 14.08.2024 / 14:36 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of Sphene Capital GmbH to Newfield Resources Ltd. Company Name: Newfield Resources Ltd. ISIN: AU000000NWF9   Reason for the research: Initiation of Coverage Recommendation: Buy from: 14.08.2024 Target price: AUD 0.47 Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA A high-grade diamond mine with 8.3 mn carats We are initiating research coverage of Newfield with a Buy rating and a price target of AUD 0.47 per share (based on the basic number of shares), representing substantial upside from the current share price of AUD 0.14. Our price target is derived from the speculative diamond resources of its Tongo and Tonguma projects (“Tongo diamond mining project”), for which we calculated a probability weighted discounted cash flow (DCF) value. Other assets were not included in our valuation, representing thus a potential upside to our price target. The latest pullback in the company’s share price should be considered as an interesting entry point for investors, in our view. We believe Newfield is on the brink of re-entering the production process in the current fiscal year and strongly believe the share price should quickly re-rate towards our price target. Newfield Resources is an Australian based diamond exploration and mine development company at pre-production stage, operating in the West African republic of Sierra Leone. Covering an area of 134 km2, Newfield is the 100% owner of the fully permitted high-grade Tongo diamond mining project, a kimberlite fissure dyke diamond deposit in the Lower Bambara Chiefdom, Kenema District, in the diamond-rich Eastern Province of Sierra Leone, similar in style to numerous South African mines. The licence areas are host to 11 kimberlite dykes, five of which have been declared as a JORC-compliant Indicated and Inferred diamond resource of 8.3 mn carats at a +1.0 mm bottom cut-off (including a reserve of 1.1 mn carats) of diamonds. Assuming an average diamond price of USD 225 per carat, we calculate a net asset value of Tongo of AUD 2.8 bn or AUD 2.93 per share. While the average world diamond price currently is around USD 114 per carat, Tongo's average sales to date are USD 216 per carat, emphasising the high-quality product at the Tongo mines, in our view. Tongo diamonds are predominantly high-end gems suitable for luxury jewellery (top brands) which has seen growth and demand despite global market uncertainties. Lab-grown diamonds, which are now selling at 90-95% discount, are therefore no threat to Newfield’s natural diamonds for retail usage, in our view. A feasibility standard Front End Engineering Design (FEED) study demonstrates a robust 17-year life of mine with average annual production of 350,000-500,000 carats. According to our estimates, this production could lead to peak revenues and peak EBITDA (2040/41e) of AUD 347.9 mn and AUD 223.0 mn, respectively. You can download the research here: http://www.more-ir.de/d/30473.pdf Contact for questions: Peter Thilo Hasler, CEFA+49 (152) 31764553peter-thilo.hasler@sphene-capital.de The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1968207  14.08.2024 CET/CEST

Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH 29.07.2024 / 12:26 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 29.07.2024 Target price: EUR 4.90 (unchanged) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler Promising results of a VDA-1275 study Vidac Pharma published promising results of its study with the active ingredient VDA-1275 in multiple mouse cancer and human cellular organoid models of solid tumours in a paper submitted to peer-review. The study shows that VDA-1275—which is being developed by Vidac Pharma as a systemic drug for the treatment of solid tumours—exhibited statistically significant efficacy as a monotherapy and synergistic effects in combination with two standard cancer therapies and also elicited an immunological response. We thereby confirm our Buy rating and our three-stage discounted cash flow entity model based price target of EUR 4.90 (base case scenario), which is based on the assumption that Vidac Pharma will get approval for its current core product VDA-1102-AK. Monte Carlo scenario values range between EUR 4.04 (10% quantile) and EUR 5.40 (90% quantile) per share.   You can download the research here: http://www.more-ir.de/d/30305.pdf Contact for questions: Peter Thilo Hasler, CEFA+49 (152) 31764553 The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1956187  29.07.2024 CET/CEST

Original-Research: Ikonisys SA - from Sphene Capital GmbH 23.07.2024 / 10:06 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of Sphene Capital GmbH to Ikonisys SA Company Name: Ikonisys SA ISIN: FR00140048X2   Reason for the research: Update Report Recommendation: Buy from: 23.07.2024 Target price: EUR 5.50 (previously: EUR 6.30) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA 2023 below our estimates – 2024e driven by collaborations The financial figures for the 2023 fiscal year published last week were below our expectations. After adjusting our sales and earnings forecasts for the years 2024e-26e, we reduce our price target derived from a three-phase DCF entity model (base case scenario) to EUR 5.50 from EUR 6.30 per share, but confirm our Buy rating for the shares of Ikonisys SE. We have used alternative sales and earnings scenarios in a Monte Carlo analysis and calculate equity values in a range between EUR 4.40 (10% quantile) and EUR 6.40 (90% quantile) per share. The figures published last week for the past financial year 2023 were well below our expectations. This was mainly due to lower sales of the Ikoniscope20, which at EUR 0.284 million were even below the previous year's figure of EUR 0.385 million (-26.1% YoY). As a result, the highly profitable probe sales, the amount of which can be derived from the total number of microscopes ever sold, were also well below our estimates. Due to significant savings in operating costs—personnel expenses were more than halved year-on-year—EBITDA and EBIT improved to EUR -0.927 million and EUR -2.194 million, respectively, compared to the previous year's figures of EUR -1.352 million and EUR -2.435 million, respectively. But due to the weaker sales mix, profitability was also below our expectations. Also last week, Ikonisys has issued 166,666 new ordinary shares in a private placement with the Italian investment company CC Holding. At a placement price of EUR 1.50 per share, the proceeds of the capital increase were EUR 0,250 Mio. As stated, the proceeds will be used to fund the commercial development by financing the future working capital needs. With 1.5%, the dilution effects on 2024e EPS and BVPS are negligible, in our view. You can download the research here: http://www.more-ir.de/d/30273.pdf Contact for questions: Peter Thilo Hasler, CEFA+49 (89) 74443558/ +49 (152) 31764553peter-thilo.hasler@sphene-capital.de The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1952129  23.07.2024 CET/CEST

Original-Research: Vidac Pharma Holding Plc - from Sphene Capital GmbH Classification of Sphene Capital GmbH to Vidac Pharma Holding Plc Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619 Reason for the research: Initiation of Coverage Recommendation: Buy from: 12.06.2024 Target price: EUR 4.90 Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler Reversal of the abnormal metabolism of cancer cells   We initiate research coverage of the shares of Vidac Pharma Holding plc with a Buy rating and a price target of EUR 4.90 (base case scenario). Our price target is based on the assumption that Vidac Pharma will get approval for its current core product VDA-1102-AK. We derive our price target from a three-stage discounted cash flow entity model (primary valuation method). In a Monte Carlo analysis, we have used alternative sales, earnings and other KPI scenarios and calculate equity values in a range between EUR 4.04 and EUR 5.40 per share. Based on our capital and earnings estimates for 2028e-33e, an economic profit model—which we used as a secondary valuation method—results in equity values of up to EUR 6.50 per share (discounted with the cost of equity), with a clear upward trend over time, illustrating the logic of a long-term investment in Vidac Pharma shares, in our view. Established in 2012 by Dr Max Herzberg, one of the founding fathers of the Israeli life sciences industry, Vidac Pharma is a clinical-stage biopharmaceutical company specialising in oncology and oncodermatology therapies. The therapies developed by Vidac Pharma aim to fight cancer by reversing the abnormal metabolism of cancer cells. Clinical tests have shown that the overexpression of hexokinase 2 (HK2) and its binding to VDAC1 on the outer mitochondrial membrane of cancer cells is the key to their metabolic reprogramming to anaerobic glycolysis, which enables tumour cells to proliferate so drastically in the first place. An allosteric small molecule that modifies HK2 so that it cannot bind to mitochondria can therefore reduce glycolysis and induce apoptosis in cancer cells without affecting HK1-expressing normal cells. Currently, Vidac Pharma has two drugs in the development pipeline: VDA-1102, an ointment for the topical, i.e. dermal treatment of patients with actinic keratosis (AK)—a potentially premalignant disease of the skin and main risk factor for the development of cutaneous squamous cell carcinoma (currently in Phase 2b)—as well as for the treatment of cutaneous T-cell lymphoma (currently in Phase 2a), and the active ingredient VDA-1275, which is being developed for the systemic treatment of solid tumours (currently in a preclinical Phase). You can download the research here: http://www.more-ir.de/d/30019.pdf Contact for questions Peter Thilo Hasler, CEFA +49 (152) 31764553 -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Almonty Industries Inc. - from Sphene Capital GmbH Classification of Sphene Capital GmbH to Almonty Industries Inc. Company Name: Almonty Industries Inc. ISIN: CA0203981034 Reason for the research: Update Report Recommendation: Buy from: 06.06.2024 Target price: CAD 2,13 (bisher CAD 1,59) Target price on sight of: 36 Monate Last rating change: - Analyst: Peter Thilo Hasler, CEFA Defence spendings drive tungsten demand   As geopolitical tensions continue to rise, the demand for advanced defence technologies is likely to increase, driving the demand for tungsten armour which is less regulated than depleted uranium and also considered “exportable” by the US government. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming the most important global supplier of conflict-free tungsten material. We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s current and future producing assets (Sangdong, Panasqueira, and Los Santos,) to which we have added the discounted value of the development project (Valtreixal). We calculate a target price of CAD 2.13 per share. With an expected share price performance of 222.7%, we confirm our Buy rating for the shares of Almonty Industries. You can download the research here: http://www.more-ir.de/d/30001.pdf Contact for questions Peter Thilo Hasler, CEFA +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Ikonisys SA - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Ikonisys SA Unternehmen: Ikonisys SA ISIN: FR00140048X2 Anlass der Studie: Update Report Empfehlung: Buy seit: 06.02.2024 Kursziel: EUR 6,30 (bisher: EUR 4,50) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Creating a leading player in cancer diagnostics   Only weeks after Ikonisys entered a strategic partnership with Biocare Medical, the company made the next strategic step in business development by announcing the takeover of Hospitex, an Italian-based cytology company specialising in oncological diagnostics. According to the company, Hospitex has developed a unique ecosystem around a technology called Nephelometric Smart Technology (NST). Central to the ecosystem is CYTOfast Plus, which is claimed to be the most advanced processing solution to produce filter-less, standardized, single-layer liquid based cytology (LBC) diagnostic slides. While competitor technologies were originally designed only for the so-called Pap test, a screening test for cervical cancer, the patent protected NST is the only certified technology for the entire cytology universe and for all target organs, according to the company. We believe that Hospitex could prove a perfect fit to extend Ikonisys’ value chain and should significantly support the company's growth and profitability in the years ahead. After adjusting our financial model to the acquisition and the new number of shares, the intrinsic value derived from our three-stage DCF entity model increases to EUR 6.30 from EUR 4.50 per share (base case scenario). We reiterate our Buy rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28825.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Eloro Resources Ltd. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Eloro Resources Ltd. Unternehmen: Eloro Resources Ltd. ISIN: CA2899003008 Anlass der Studie: Update Report Empfehlung: Buy seit: 15.01.2024 Kursziel: CAD 12,70 (unverändert) Kursziel auf Sicht von: 24 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler New intersections highlight potential for extraordinary grades   Eloro Resources intersected the highest-grade silver sample at Iska Iska so far, confirming the strategy adopted by the Board of Directors to expand and upgrade the high-grade area of the Santa Barbara Breccia Pipe in particular. With mineralised intercepts of up to 118.86 g Ag eq/t over 81.28 m (including a high-grade sample of 5,080 g Ag eq/t over 1.46 m), the silver equivalent results from recent definition drilling are significantly higher than the results from the Iska Iska Project's maiden Mineral Resource Estimate ('MRE'). In particular, these higher silver equivalent results are the result of higher tin recoveries of up to 152.29 g Ag eq/t over 81.28 m (including 4,746.46 g Ag aq/t over 1.46 m). The high tin and silver values found could in turn be the result of high temperature sulphidation centres identified as feeders within the open pit area. According to the company, the geophysical information and deep drilling indicate that the tin-silver mineralisation could extend to a depth of more than 1 km, which is not uncommon in the southern Bolivian Tin Belt, with the Cerro Rico de Potosi, Animas-Siete Suyos-Chocaya and Tatasi deposits located in the same geological setting as Iska Iska. Our valuation is based on the shallow higher-grade resource in the polymetallic domain of 132 million tonnes at 1.11% Zn, 0.50% Pb, and 24.3 g Ag/t, as shown in the MRE. It does not take into account that an upcoming PEA could increase this initial resource and that current metal prices are now significantly higher than the three-year averages used in the MRE. Applying a P/NAV discount of 70%, which we feel reasonable these days, we calculate a net asset value driven price target of CAD 12.70 per share. We therefore reiterate our Buy rating for the shares of Eloro Resources. We highlight that our price target could rise further after the recently reported higher tin and silver grades are included in a next MRE. The current pullback in the company’s share price is an interesting entry point for long-term investors, in our view. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28669.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Rover Metals Corp. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Rover Metals Corp. Unternehmen: Rover Metals Corp. ISIN: CA77937B2003 Anlass der Studie: Update Report Empfehlung: Buy seit: 14.12.2023 Kursziel: CAD 0,62 (bisher: CAD 0,75) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler Cabin Lake offered for sale – Focus on Lithium assets   With a strict focus on the Let’s Go Lithium project in Nevada and the IML project in the Northwest Territories, Rover Metals has announced that it intends to offer its 100% owned Cabin Lake gold project for sale. Located 110 km northwest of Yellowknife at the northern end of Russell Lake, Cabin Gold reportedly hosts high-grade gold in iron formation in Archean metasedimentary rocks. After acquiring the project in 2018, Rover Metals confirmed and expanded the historical gold resource, including by completing an airborne magnetic geophysical survey on the Bugow iron formation. A phase 1 diamond drilling exploration program at the historical Arrow Zone resulted in the discovery and definition of a high-grade (31.9 meters averaging 13.66 g/t Au) gold ore vein at the Cabin Arrow Zone that extends 140 meters at surface and is open at depth. According to the company, the property is being offered under a staged-ownership purchase option, that includes an up-front cash payment and ongoing royalty payments. The transaction is intended to bring-in needed working capital for 2024e, among others for further permitting work at the LGL project (Rover Metals' main asset) and further exploration and identification of pegmatites at the IML project. The sale will be preceded by the publication of the NI 43-101 Technical Report for the Cabin Lake project, which is scheduled for Q1/2024e. This will reportedly include multiple high-grade gold drill intercepts with drill results of up to 13.66 g/t Au that were published in 2020. After the recent decline in LCE prices, we have adjusted our valuation model and now calculate a probability weighted net asset value based and fully diluted price target of CAD 0.62 per share. Our price target is based solely on the speculative lithium resources of the LGL project, other assets were not included in our valuation, representing a potential bonus to our NAV calculation. We maintain our Buy rating for the shares of Rover Metals. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28545.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Ikonisys SA - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Ikonisys SA Unternehmen: Ikonisys SA ISIN: FR00140048X2 Anlass der Studie: Update Report Empfehlung: Buy seit: 01.11.2023 Kursziel: EUR 4,50 (unverändert) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Strategic alliance with Biocare Medical is a game changer   Ikonisys announced that it has entered a strategic partnership with Biocare Medical which will take advantage of each firm’s respective strengths to drive and deepen their leading-edge technology positions. Ikonisys, in addition, will substantially expand its global footprint in a highly cost-effective way, in our view. We consider the alliance with one of the globally leading providers of cancer research and diagnostic solutions and suppliers of world-class reagents and automated instruments for immunohistochemistry as an accolade for Ikonisys which should support the company's growth and profitability in the years ahead. Despite improving fundamentals, however, Ikonisys continues to trade at a significant discount to its intrinsic value of EUR 4.50 per share (base case scenario), which we calculate from a three-stage DCF entity model. We reiterate our Buy rating for the shares of Ikonisys SA. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27985.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Eloro Resources Ltd. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Eloro Resources Ltd. Unternehmen: Eloro Resources Ltd. ISIN: CA2899003008 Anlass der Studie: Update Report Empfehlung: Buy seit: 23.10.2023 Kursziel: CAD 12,70 (bisher CAD 16,20) Kursziel auf Sicht von: 24 Monate Letzte Ratingänderung: Analyst: Peter Thilo Hasler The importance of ore sorting and stripping ratios   After Eloro Resources published the initial mineral resource estimate (MRE) for the Iska Iska silver-tin polymetallic project in the Bolivian Potosi Department, the share price came under significant pressure. We believe this was based on certain misconceptions specifically about the impact of ore-sorting and the stripping ratio on the value of the Iska Iska project. Ore-sorting, an innovative technology, should significantly increase concentrator feed grades, so recovery in both the polymetallic and the tin domain should rise significantly, allowing bulk mining techniques to be used without resulting dilution issues. Coupled with a very low strip ratio of 1:1, downstream processing costs will drop substantially, making Iska Iska eventually a highly profitable mine, in our view. We reiterate our Buy rating for the shares of Eloro Resources and calculate a fully diluted share price target of CAD 12.70, derived from an in-situ net asset valuation of Iska Iska’s Santa Barbara Breccia Pipe. We highlight that the current pullback in the company’s share price is an interesting entry point for long-term investors, in our view. The most obvious reason for the share price development may have been the “low” silver grades in the polymetallic domain that may have raised fears that operating costs per tonne would not be covered. To investors accustomed to silver values of 40 g/t and above, Eloro’s reported grades of 13.6 g/t (inferred) may indeed appear to be a shortfall. However, this single value does not reflect that much of Iska Iska’s mineralization occurs in veins and vein breccias. Thus ore-sorting should not only substantially reduce operating costs by selectively removing waste material, but also increase feed grades to the grinding circuit. Sensor-based ore sorting works by selectively removing waste material. This results in a major increase in grades of feed to the grinding circuit, which (1) significantly reduces energy and operating costs and (2) significantly increases the efficiency and life of a mining operation. While ore-sorting does not work for all deposits (f. ex. Novagold recently announced that ore-sorting was eliminated from its prestigious Donlin gold project), at least 40% of the run-of-mine silver-zinc-lead (Ag-Zn-Pb) polymetallic mineralization could be pre-rejected as waste at Iska Iska, according to Tomra, a German based company and global leader in ore-sorting technology. For the tin (Sn) domain, even up to 80% by weight could be pre-rejected as sub-cut-off grade waste. Given the magnitude of Iska Iska’s potentially open pittable polymetallic and tin resource, we believe that metallurgical and pyrometallurgical ore-enrichment will become a critical success factor for Eloro. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27929.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Rover Metals Corp. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Rover Metals Corp. Unternehmen: Rover Metals Corp. ISIN: CA77937B2003 Anlass der Studie: Update Report Empfehlung: Buy seit: 18.10.2023 Kursziel: CAD 0,75 (bisher: CAD 0,92) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler Upgrading LGL’s project size to 33.6 sq km   After the acquisition of a further 2,400 acres, significantly enhancing the total project size of Rover Metals’ most promising asset Let’s Go Lithium (LGL) to approximately 8,300 acres or 33.6 sq km, we reiterate our Buy rating for the shares of Rover Metals. However, the significant upgrade in LGL’s project size is counteracted by the recent slump in LCE prices. Hence, we reduce our probability weighted net asset value based price target to CAD 0.75 from CAD 0.92 per share. Our price target is based solely on the speculative lithium resources of the LGL project, other assets were not included in our valuation, representing a potential bonus to our NAV calculation. We not only highlight that the current pullback in the company’s stock price—in-line with the general weakness of the explorer sector—could be an interesting entry point for long-term investors. We also believe that this undervalued, below the radar flying company is an attractive investment and expect it to re-rate as it aggressively explores and expands resources at its LGL project. Rover Metals has acquired a further 2,400 acres (ca. 9.7 sq km) of new claims to its Let's Go lithium (LGL) project in the prolific southwest lithium area in the U.S. state of Nevada, upgrading the total project size by ~41% to approximately 8,300 acres (33,6 sq km). Situated in close proximity to the world-class Albemarle Silver Peak mine, the only producing lithium mine in North America, and near the Tesla Gigafactory in Nevada, Rover Metals has verified high-grade lithium surface samples at the project in the past, including surface grab samples with up to 930 ppm lithium. The seller of the property is the Bureau of Land Management (BLM). According to the company, the US-governmental organization sold the land for total costs of USD 25,000, mainly for staking and filing. According to the company, 75% of this new ground is free and clear of any underlying royalties. Since Rover Metals plans to explore only to the top of the hydrologic water flow system, the additional claims are of considerable high value to Rover Metals, in our view, (1) because the water table in this area is at least twice as deep as in the rest of the area, so Rover Metals will be able to add twice as many tonnes to a future resource estimate, compared to the existing claims, and (2) because the highest lithium grades in sedimentary claystone are typically found in deeper regions. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27875.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Almonty Industries Inc. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Almonty Industries Inc. Unternehmen: Almonty Industries Inc. ISIN: CA0203981034 Anlass der Studie: Update Report Empfehlung: Buy seit: 18.08.2023 Kursziel: CAD 1,59 (bisher CAD 1,69) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA H1/2023 in-line with estimates – Los Santos about to reopen   With CAD 12.6mn and CAD -3.8mn, both sales (H1/2022 CAD 13.3mn) and pre-tax loss (H1/2022: CAD -3.9mn), respectively, were in-line with our expectations in H1/2023. 100% of revenues were generated by the Portuguese Panasqueira mine, where ore mined and processed declined by 20.9% in H1/2023. Free cash flow for the first six months was CAD -10.3mn (H1/2022: CAD -5.8mn) which was financed by the issuance of shares (CAD 5.0mn) and long-term debt (CAD 4.8mn, net of repayments). We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Given a higher number of shares outstanding, we adjust our target price to CAD 1.59 from CAD 1.69 per share. With an expected share price performance of 205.8%, we confirm our Buy rating for the shares of Almonty Industries. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27563.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Rover Metals Corp. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Rover Metals Corp. Unternehmen: Rover Metals Corp. ISIN: CA77937B2003 Anlass der Studie: Initiation of Coverage Empfehlung: Buy seit: 03.08.2023 Kursziel: CAD 0,92 Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler Let’s Go, Rover, Let’s Go!   We initiate research coverage of Rover Metals with a Buy rating and a price target of CAD 0.92 per share, representing substantial upside from the current share price, and highlight that the current pullback in the company’s stock price (during its recent financing rounds) could be an interesting entry point for investors. Rover Metals is the only company in our peer group that has not yet published a NI 43-101 report for its lithium resource, and we believe that even the publication of a technical report should result in a first re-rating of the shares, given the fact that peers are trading at significant premiums to Rover Metals, while having published substantial smaller resources. If Rover Metals succeeds with its drilling program and defines a mineral resource, we expect a substantial re-rating of the shares and potential interest from major mining companies to take over Rover Metals’ ownership in the Let’s Go Lithium project. But even in what we consider a low probability case that the lithium project has no value, we see downside protection for investors as other (zinc-copper-lead-silver and gold) assets were not included in our valuation. We do not expect Rover Metals to continue exploring on all properties, but favour discussing other options, f. ex. a trade sale to a major mining company. Rover Metals is a pre-resource disclosure stage mineral exploration and development company focused on acquiring and exploring early-stage projects in Canada and the U.S. By focusing top-tier jurisdictions, the Canadian based company follows a risk-averse strategy, avoiding unsafe and politically unstable countries and regions with poor respect for property rights (i. e. high nationalization risk) and a lack of legal security, and benefits from a viable infrastructure, that we believe significantly lowers the economic thresholds for converting a discovery into a mine. Rover Metals’ undoubtedly most valuable asset, in our view, is the Let’s Go Lithium (LGL) development property in the prolific U.S. state of Nevada. Recent lab verified surface grab samples have returned multiple high-grade lithium values of more than 650 ppm lithium, in-line with the nearby Franklin Wells mine which produced hectorite clay averaging 1,000 ppm lithium. Given these sections of very high grades, LGL could create a bulk tonnage potential, in our view. LGL is a sedimentary-hosted lithium (claystone lithium) project. Similar near surface claystone lithium projects in Nevada indicate that the capex costs of claystone lithium refining are almost 50% less than geothermal brine lithium extraction. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27465.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Ikonisys SA - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Ikonisys SA Unternehmen: Ikonisys SA ISIN: FR00140048X2 Anlass der Studie: Update Report Empfehlung: Buy seit: 31.07.2023 Kursziel: EUR 4,50 (unverändert) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Second sale of the high-volume Ikoniscope20max   With another sale completed of the Ikonicope20max, the high-end, high-volume configuration of the Ikoniscope20 for high-throughput laboratories, we believe Ikonisys is on track to expand its global reach and to meet our long-term financial targets. We are confirming our Buy rating for the shares of Ikonisys SA and our price target of EUR 4.50 which is based on a three-stage DCF entity model (base case scenario). In a Monte Carlo analysis we used alternative sales and earnings scenarios and calculated equity values in a range between EUR 45.1m (10% quantile) and EUR 67.6m (90% quantile), which translate into price targets between EUR 3.50 and EUR 5.30 per share. Ikonisys announced the second sale and installation of the Ikoniscope20max; the customer is a specialized urology laboratory in the Midwestern United States. The Ikoniscope20max is a high-volume configuration of the Ikoniscope20 specifically designed for high-throughput medium and large laboratories. The sale highlights the strong value proposition of the Ikoniscope20 for laboratories, where we believe Ikonisys has taken a technology leadership position in laboratory automation, ahead of larger competitors such as Olympus, Leica, Thermo Fisher, Perkin Elmer, Applied Spectral Imaging, Bioview, MetaSystems or Zeiss, none of which have achieved such a deep level of automation as Ikonisys, in our view. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27421.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Almonty Industries Inc. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Almonty Industries Inc. Unternehmen: Almonty Industries Inc. ISIN: CA0203981034 Anlass der Studie: Update Report Empfehlung: Buy seit: 16.05.2023 Kursziel: CAD 1,69 (bisher CAD 1,59) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Reopening Los Santos mine utilizing proprietary technology   We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Given a lower number of shares outstanding and lower capex from re-operationalising the Spanish Los Santos mine than previously anticipated, we adjust our target price to CAD 1.69 from CAD 1.59 per share. With an expected share price performance of 181.7%, we confirm our Buy rating for the shares of Almonty Industries. In the first quarter of 2023, Almonty's earnings showed no surprises. As expected, the costs incurred from the development of Sangdong were not fully covered by the revenues from the producing Valtreixal mine. The bottom line was an operating loss (EBIT) of CAD -0.864mn (Q1/2022: CAD -0.866mn) on revenues of CAD 7.097mn (Q1/2022: CAD 6.258mn, +13.4% YoY). The operating cash flow improved on a year-on-year basis to CAD -0.726mn from CAD -1.547mn in Q1/2022. The former producing mine in western Spain, Los Santos, will be put back into operation in the coming months and thus earlier than expected by the company. Los Santos Mine was acquired by Almonty in 2011 and put into planned care and maintenance in 2020 pending capex required to process its tailings inventory. New studies have shown that the plant’s infrastructure can be modified using the proprietary Almonty flotation technology with improved recovery rates so that retreating the tailings will be economically reasonable. With capex of less than USD 1.3mn, Almonty will retreat the tailings to recover the more than 800,000 MTUs of tungsten (WO3) concentrate contained in the sands and torta with a total average tailings grade of 0.14%. Once fully operational, Los Santos is expected to generate revenues similar to the Portuguese Panasqueira production mine, which generated revenues of CAD 24.8mn in 2022. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27013.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Almonty Industries Inc. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Almonty Industries Inc. Unternehmen: Almonty Industries Inc. ISIN: CA0203981034 Anlass der Studie: Update Report Empfehlung: Buy seit: 11.05.2023 Kursziel: CAD 1,59 (bisher CAD 1,66) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Sangdong on track for commissioning in 2024e   We value Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Reflecting the higher number of shares outstanding, our fully diluted price target slightly declines to CAD 1.59 from CAD 1.66 per share. Given a 144.6% upside from the current share price of CAD 0.65 we are reiterating our Buy rating for the shares of Almonty Industries. In the 2022 fiscal year, Almonty generated revenues of CAD 24.8mn (2021: CAD 20.8mn, +18.9% YoY). As in 2021, revenues in 2022 were generated exclusively at the Couto da Panasqueira mine in central Portugal, a polymetallic wolframite deposit, that has been in operation more or less continuously since the first mining permit was granted in 1886. With a tungsten content of up to 3% tungsten trioxide (WO3), Panasqueira’s current estimates of reserves (proven & probable) are 3,928 tonnes (392,800 MTU) of WO3. Total earnings from mining operations were CAD 2.5mn in 2022, down from CAD 2.8mn in 2021, which had been positively impacted by a CAD 4.1mn impairment reversal. Operating cashflow was CAD -5.6mn, compared to CAD -8.4mn due to a strong improvement in group profitability. Construction work on the South Korean Sangdong Tungsten Mine is progressing according to plan, as the company says. Total drawdown under the KfW Project Finance Facility (total financing amount USD 75.1mn) is USD 32.3mn. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26979.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Ikonisys SA - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Ikonisys SA Unternehmen: Ikonisys SA ISIN: FR00140048X2 Anlass der Studie: Update Report Empfehlung: Buy seit: 08.05.2023 Kursziel: EUR 4.50 (previously EUR 6.70) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA Accelerated business expected   With a strong product pipeline in Circulating Tumor Cells (CTC) based early cancer detection and treatment monitoring and the integration of AI into the existing platform, as well as secure funding from Atlas Capital Markets, we see Ikonisys to be well on track to expand its global reach and to meet our long-term financial targets. We are confirming our Buy rating for the shares of Ikonisys SA. Our target price of EUR 4.50 is based on our three-stage DCF entity model (base case scenario). In a Monte Carlo analysis we used alternative sales and earnings scenarios and calculated equity values in a range between EUR 45.1m (10% quantile) and EUR 67.6m (90% quantile), which translate into price targets between EUR 3.50 and EUR 5.30 per share (fully diluted). Ikonisys published its annual report for the fiscal year 2022. Driven by first sales of the Ikoniscope20, mainly in the US, Ikonisys generated revenues of EUR 0.617m, significantly above previous year’s levels (2021: EUR 0.365m, +68.9% YoY), but well below our forecast of EUR 1.310m. With product sales of EUR 0.385m, the shortfall is mainly caused by a longer than anticipated sales cycle. With product sales below our forecast, maintenance sales (EUR 0.197m) and sales of reagents (EUR 0.018m) also did not meet our estimates. The operating result (EBIT, reported) in 2022 was EUR -2.638m (2021: EUR -0.564m), in line with our expectations and significantly impacted by sales and marketing start-up costs in addition to R&D expenses related to the Ikoniscope20 and the newly launched Ikoniscope20max, which includes a high-volume slide loader that is particularly adapted for laboratories with high processing volumes. Net financial position at the end of 2022 was EUR 0.094m. Additional financing needs can be served from the financing agreement with Atlas Capital Markets which totals EUR 5.1m and was concluded recently, yet only a small fraction has been drawn according to our view. Around 80% of the market volume is generated by the sale of reagents and consumables and can thus be classified as recurring. Reagents dominate the in vitro diagnostics market. The growth in this submarket is driven by an increasing demand for rapid, accurate, and sensitive tests, as well as the demand for self-testing and point-of-care products. We expect this segment will grow significantly at Ikonisys. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26935.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Eloro Resources Ltd. - von Sphene Capital GmbH Einstufung von Sphene Capital GmbH zu Eloro Resources Ltd. Unternehmen: Eloro Resources Ltd. ISIN: CA2899003008 Anlass der Studie: Update Report Empfehlung: Buy seit: 01.02.2023 Kursziel: CAD 16,20 (unverändert) Kursziel auf Sicht von: 24 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler Highest and most extensive silver grades intersected   Eloro Resources announced assay results from eight more diamond drill holes from its drilling programme at the Iska Iska silver-tin polymetallic project in the Potosi Department, South Bolivia. With consistent high silver grades averaging 69.80g Ag/t over a length of 325.48m in drill hole DHK-27, intercepts and grades continue to be highly remarkable in the Santa Barbara deposit, in our view. In addition, Eloro could outline a second, potential world-class tin deposit below the Iska Iska porphyry, extending into the newly acquired Mina Casiterita property. With this, news flow should remain strong, since the company is preparing, after 84,495m in 122 holes drilled, to resume diamond drilling in early February and is going to publish the inaugural mineral resource estimate for Santa Barbara by the end of Q1/2023e. We therefore reiterate our Buy rating for the shares of Eloro Resources and our fully diluted share price target of CAD 16.20, derived from an in-situ valuation of Iska Iska’s Santa Barbara Breccia Pipe. Eloro Resources again reported remarkable assay results from eight additional diamond drill holes at the silver-tin polymetallic Iska Iska project in southern Bolivia. The silver grades reported in drill hole DHK-27 were the highest and most extensive intersected to date in the Santa Barbara deposit. According to the company, 50% of this 860m drill hole returned reportable intersections with mineralization intercepts averaging 172.09g Ag eq/t (equivalents per tonne). One drill hole (DHK-27) intersected 202.43g Ag eq/t over 325.48m including a higher grade portion of 395.98g Ag eq/t over 109.60m. Not only did Eloro Resources report multiple reportable intersections, the definition drilling has also more than doubled the volume of the high grade zone (defined as grading greater than 90g Ag eq/t) to approximately 880mn m3 from 369mn m3. In addition, the zone is open to the south, west, and northwest as well as at depth, according to the company, with magnetic inverse modelling and limited depth drilling indicating that the largest tin porphyry is probably below the Iska Iska porphyry. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26321.pdf Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (89) 74443558/ +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.