Energia Minerals Ltd.

EMX high grade assays from drilling at Gorno

Impact

EMX share price and the Zinc Price

Valuation and Recommendation

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In August, EMX announced assay results from its first assay results from the first 2 holes drilled at Gorno.

For the first hole, within an overall intersection of 13.2m grading 10.9% zinc, 2.8% lead and 53g/t silver, there was a higher grade section with 13.6% Zn, 3.4% Pb and 59g/t Ag.

Within this intersection, 2 small but very high grade intervals, of 0.8m at 52.7% Zn + Pb and 0.7m at 55.2% Zn + Pb, were reported.

Last week, EMX reported further assays from the next 5 holes. In Beer & Co�s view, 3 of the holes encountered economic mineralisation, and a fourth encountered marginal mineralisation. Best results included :

9.0 m grading 13.4% Zn, 4.2% Pb , 75g/t Ag; and
4.0 m grading 32.3% Zn, 7.9% Pb, 74g/t Ag.

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Beer & Co�s valuation is based on a mining inventory of 8.0Mt grading 6.1% Zn, 1.2% Pb and 4g/t Ag.

EMX is working on its feasibility study and we expect that the Reserve announced will be similar in zinc and lead grades, but with much higher silver

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The EMX share price rose to over 6c following the divestment of Carley Bore and has since softened with the zinc price as LME zinc stocks have increased.

A rise in LME zinc stocks had been expected by Beer & Co.

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Beer & Co�s valuation has increased to 11.5c/share as we reduced our Long Run AUD-USD rate from 0.750 to 0.700.

We believe there is significant upside potential to our valuation from the results of the drilling at Gorno, especially from silver.

Beer & Co confirms our Strong BUY, High Risk recommendation.

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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

Copyright 2015 beerandco.com.au, All rights reserved.
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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.

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