Energia Minerals Ltd.

Zinc price is firm, as exchange inventories continue to fall

Zinc price set to lift; Very little zinc exposure on ASX (or other markets)

Product market is now positive

Analysis

Beer & Co conclusions

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LME zinc stocks have fallen consistently, from 1.22Mt at the start of 2013, to 933kt by the end of 2013, to 692kt at the start of 2015 and 487kt now, at about 8.5 days of consumption. At the present rate, LME stocks will be exhausted about year end.

Century mine in Queensland, which is currently producing at a rate of about 425kt/yr, is set to close in September. The 160kt/yr Lisheen mine, in Ireland, will also close during 2015.

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OWe expect the zinc price to rise significantly, but that the price will fall back. Many companies will use the price spike to raise equity to bring a mine into production, but there are few that will be producing zinc within 2 years, AND will have zinc account for the bulk of their revenue.

EMX is the lowest cost of this small number.

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At the Mineral Sands conference in March, delegates were confident that the zircon market is improving while the market for titaniferous feedstocks is looking better. This affirms our commodity price expectations.

DRX has had positive discussions with potential off-takers, which will become serious after the DFS has been completed.

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As well as being a low cost, near term zinc exposure, EMX also has longer term uranium potential.

Beer & Co's base case valuation is heavily risked due to near term uncertainties in the information available. However, Gorno has been previously mined and much of the development is still in place.

Gorno also has significant geological information which needs to be re-processed and verified by further drilling so that the data will be JORC compliant.br />
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Beer & Co affirms our Strong BUY, High Risk, rating on EMX, as a preferred exposure to the coming zinc price spike.

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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au

Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au

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	EXPLORATION STAGE
	CODE : EMX.AX
	ISIN : AU000000EMX2

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Energia Minerals is a uranium exploration company based in Australia.

Its main exploration properties are MCARTHUR PROJECT, WESTMORELAND WEST PROJECT, NGALIA PROJECT, FROME, ONSLOW PROJECT, TABLE TOP PROJECT, GAWLER PROJECT, WESTMORELAND PROJECT and NYANG PROJECT (CARLEY BORE) in Australia.

Energia Minerals is listed in Australia. Its market capitalisation is AU$ 9.4 millions as of today (US$ 7.1 millions, € 6.0 millions).

Its stock quote reached its highest recent level on December 30, 2010 at AU$ 0.35, and its lowest recent point on July 14, 2017 at AU$ 0.01.

Energia Minerals has 783 030 016 shares outstanding.

Legends
	Production
	Mine development
	Discovery
	Exploration
	Past producer
On Google Earth, click on the button, to show property information, and access to project page or company page.