Energia Minerals Ltd.

Only 5 ASX Listed zinc exposures�..

Could soon become only 4 !

Private Equity bids $51/t of zinc equivalent in Resources, or 12x EMX value

Conclusions

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Beer & Co's analysis has found 17 ASX listed companies that can claim to have zinc exposure, but for only 12 of these is zinc the largest revenue source, and of these, only 5 are likely to be producing zinc before 2019.

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Of the 5 timely, zinc dominated exposures, on 29 April MUX received a cash bid from a Private Equity backed firm, valuing MUX at 13.5c/share, or $32.5m. MUX has 539kt of contained zinc, 25kt lead, 5.2Moz silver and 50kt of copper in 1.97Mt of Indicated plus 5.81Mt Inferred resources, at 6.9% Zn.

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Beer & Co estimate that this values MUX at $51/t of zinc equivalent in resources.

EMX has not published a resources estimate at this stage, and we do not expect one until about December. EMX has an Exploration target based on historical mining and drill records of 6Mt � 10Mt at 7% - 10% Zn + Pb.

Beer & Co estimate that EMX is currently trading at $4/t of zinc equivalent, based on the mean of the Exploration Target.

This is the cheapest of the ASX listed zinc exposures

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By our estimation, MUX was the most expensive of the ASX listed zinc exposures, with EMX being the cheapest, trading at 8% of the value of the bid for MUX (though MUX has a partly completed processing plant) .

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
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	Mine development
	Discovery
	Exploration
	Past producer
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