29/11/2023 09:19

Sandfire Resources (SFR) $6.26

SFR has outperformed the copper price through 2023, benefiting from being the vehicle of choice for copper exposure since BHP’s takeover of OZ Minerals (OZL). While we don’t regard it as the same top quality as OZL, it is the best local pure copper play and will rise when the industrial metal regains its mojo.

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20/11/2023 09:17

Trade Alerts – Emerging Companies Portfolio

We are making multiple amendments to the Emerging Companies Portfolio

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24/10/2023 09:04

Sandfire Resources (SFR) $5.77

Dr Copper is flirting with $US350 support as macroeconomic factors weigh on investors' concerns around global growth through 2024. We are bullish on the supply-demand outlook for the industrial metal, but it's not going to rally if a recession looks likely. Hence, at this stage of the cycle, we are adopting a patient attitude towards increasing our position with our optimum buy area of ~$5.30, still another 8% lower.

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12/09/2023 09:23

Sandfire Resources Ltd (SFR) $6.52

SFR rallied +1.7% on Monday, in line with a strong move by copper during our time zone. Last week saw SFR dip over ~6% after UBS downgraded the stock from Buy to Neutral.

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06/09/2023 09:12

IGO Ltd (IGO) $14.61

IGO was the Material Sector's top performer on Tuesday and has now driven up over +20% from its mid-August low after reporting a strong FY23 result which included an unexpected special dividend i.e. 60cps total. This lithium and nickel miner has rapidly moved on from its billion-dollar write-down around Western Areas (WSA) delivering over $1bn in revenue for FY23 even without the need for buoyant commodity prices. Unfortunately, our initial thought is the horse has bolted from a risk-reward perspective as the performance gap has rapidly closed between SFR and IGO.

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31/08/2023 17:06

Sandfire Resources (SFR) $6.68

SFR +2.76%: Some intra-day volatility in the copper producer today following their FY23 results, with the stock down early before ending higher. Most metrics were well understood beforehand given the recent quarterly. They did announce US$75m additional capex but everything else looked solid. The Motheo commissioning is underway to 3.2Mtpa with the 3.2Mtpa expansion on track for Q2-FY24. Mining licence for extension obtained last week with Botswana Department on Mines.

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22/08/2023 09:49

Emerging Companies Portfolio – Amendments

We are reducing BAP & AD8, selling CAJ, buying SFR & CAT and adding to CNI in the Emerging Companies Portfolio.

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27/07/2023 17:07

Sandfire Resources (SFR) $6.54

SFR +9%: A great day for the Copper miner following their quarterly production numbers that were solid, with first copper concentrate produced at their Motheo Copper Mine in Botswana, which they expect to ramp-up on a sustainable basis during the September Quarter of FY2024.

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23/06/2023 09:05

Sandfire Resources (SFR) $6.08

MM is very bullish toward copper over the medium term but SFR feels a slightly crowded trade post-BHP’s takeover of OZ Minerals (OZL) hence we currently intend to be fussy when lifting our exposure to this Australian copper play. The stock and sector could be a short-term casualty of increased recession fears hence downside spikes shouldn’t be discounted

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16/06/2023 09:22

Sandfire Resources (SFR) $6.05

SFR has become Australia’s most followed local copper stock after BHP purchased OZ Minerals (OZL) a smart move by the “Big Australian” in our opinion. For investors looking for direct copper exposure the list has shrunk and if you buy BHP or RIO the industrial metals exposure is still dwarfed by iron ore, similarly, gold stock Evolution (EVN) brings with it solid copper production it not priced as such but this is one of the reasons we hold EVN in our Growth Portfolio – we may add to this when we exit the “in play” Newcrest Mining (NCM).

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