Blue Ocean Equities, Research Reports

Scoping Study for Muga By-Product Project (By Blue Ocean)

May 5, 2015

We believe the Scoping Study for Muga’s by-product project supports our thesis that Highfield could be a takeover target within 3-6 months. In our view HFR could grow to a $2-3bn company within ~3 years, or a $5-6 stock, if it can bring Muga into production and trade on similar multiples to itsproducing peers. We
also believe HFR could have its foot on a district of low-capex, high-margin potash production. Highfield is our top pick in the ASX resource space for 2015.

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