Canaccord Genuity, Research Reports

Raising Target Price: A$101m placement (By Canaccord Genuity)

May 11, 2015

Investment Recommendation
HFR continues to build on a year of milestones, this week finalising a A$101m placement. Funds will be used to expedite pre-production development and optimisation work at its Muga potash project in northern Spain. Our valuation has increased modestly,
resultant of lower dilution and improved financing assumptions. We retain our BUY recommendation.

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