Wentworth Securities

Wentworth was formed in early 2012 with the goal of providing clients with a client-focused, holistic and transparent approach to investing. We focus on macroeconomic drivers as the primary source of performance. We deliver tailored, actively...

Expertise

PureProfile Ltd (PPL) Cheap turnaround story? (+152% at $0.22)

Wentworth Securities

When I last wrote about PPL (then 12.5c, high today 23c, close 16.5c), I discussed possible corporate appeal given the attempted removal of the chairman by parties involved with Cohort, a troubled acquisition, and the connection to Unlockd, an unlisted market darling with interesting shareholder connections. Given the Cohort spill... Show More

PPL Pureprofile Limited ppl.asx asx.ppl

Titomic Limited: The world's largest 3D metal printer

Wentworth Securities

In Melbourne this week TTT will host the launch of the world's largest and fasted 3D metal printer (Wed/Thur), built using the proceeds of its $0.20 IPO back in Sept 2017. TTT has traded to $2.94 today (+1370% since IPO). Seeing the strong share price performance some might not read... Show More

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Great Boulder: The hunt for the missing Nickel

Wentworth Securities

In our last note, we talked about GBR hunting for the source of the intrusion that is feeding the copper-nickel-Cobalt system Mt Venn. At Mt Venn they discovered the copper rich, later stage part of the system, and the goal is to find the earlier stage part of the system,... Show More

nickel ASX:GBR

Great Boulder Resources (GBR.ASX) - Significant step towards piecing together Mt Venn

Wentworth Securities

I wrote about GBR's Mt Venn earlier this week at 23.5c (last 29C +23.4% - Metallurgy can make Mt Venn + Jundee South near Northern Star's NST.ASX major Zodiac discovery). Today GBR has announced a significant intrusion identified near the Mt Venn complex. There is no doubt from the language... Show More

nickel cobalt ASX:GBR great boulder Mt Venn

Pureprofile Limited (PPL.ASX) Cheap turnaround + is chairman spill setting up corporate play?

Wentworth Securities

PPL has suffered a 2-year price decline and tore up around ~$40m in value since acquiring the Cohort business. I am more convinced now a turnaround is underway. Why? This is a real business that can benefit following management changes and substantial write-downs. I met with the MD recently, and... Show More

Pureprofile ASX:PPL Pureprofile Limited

Great Boulder Resources (GBR.ASX) Metallurgy key at Mt Venn + Jundee South near Northern Star's NST.ASX major Zodiac discovery

Wentworth Securities

In Nov 2017 GBR rallied 208% on the announcement of the major discovery at Mt Venn (top assays 4.3% copper and 0.1% cobalt). There was broad mineralisation, and large strike - at 7.5km strike. Note, GBR has only scratched the surface, literally, with a reconnaissance drill program at Mt Venn.... Show More

gold copper nickel cobalt ASX:GBR great boulder

SQM's deal with Chile's Corfo could shift LT Li Supply - Bad day for listed Li Companies

Wentworth Securities

Lithium (Li) Companies have had an incredible 6-9mths, most 2x or 3x higher. So you could be forgiven to think they were ripe for some news to temper the run. The news that has seen weakness across the board is that Chilean Corfo (Govt) said it had struck a deal... Show More

Apollo Tourism (ATL.ASX) update  - strong US Comps and RV market in the US at multi-decade highs

Wentworth Securities

When I last wrote about ATL (Sep 2017 Note - Caravans Cool Again?) the stock was $1.39, and they just raised $40.3m to buy the remainder of Canadream they did not own, along with Kratzmann Caravans and Clint’s Caravan Warehouse. All accretive circa 5%. The stock has crept up to... Show More

ASX:ATL Apollo Tourism Limited

Mineral Resources (MIN) Positive long-term thinking in securing energy (AWE.ASX) and capturing Lithium Carbonate margin

Wentworth Securities

The AWE board has unanimously recommended MIN's offer to acquire the company via a scheme of arrangement. The jewel for MIN is the Waitisa gas field in the Northern Perth Basin, which has strategic value given the energy intensity of MIN's current and planned operations (AWE has a 50% interest... Show More

lithium ASX:MIN lithium carbonate Mineral Resources

Northern Cobalt (N27) - Thoughts on the current drill campaign and Lithium project acquisition

Wentworth Securities

With the current drilling campaign ending with the onset of the NT wet season, N27 will be releasing results Jan 18. Given the price has been trading some 50% off its highs (still a great result from $0.20 lPO), I am looking again at N27, with a period of important... Show More

lithium cobalt Northern Cobalt ASX.N27

Northern Cobalt (N27.ASX) Stanton hitting high grade - better than we had hoped for (+40%)

Wentworth Securities

Assays out for the first 5 RC holes at Stanton (note on drilling program HERE) We had hoped they would at least replicate the old RIO/CRA holes, which they did and more. With the first 500m's of drilling released 164m were mineralised with Co above 0.05% and 120m's above 0.15%.... Show More

cobalt Northern Cobalt ASX.N27

Titomic Limited (TTT.ASX) +495% since listing - size, speed and cost the key to changing metals manufacturing globally.

Wentworth Securities

It is all about size, speed and cost. For a reader who has not looked at Titomic (TTT $1.17) previously, a good starting point is to consider that TTT aims to have operational (March 2018), the worlds largest metal 3D and additive manufacturer (AM) printers, with a build size of... Show More

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Great Boulder (GBR.ASX +170%) - might just be dispelling the myth of Mt Venn

Wentworth Securities

Great Boulder (GBR) has been very lucky in securing one drill hole, and land from Gold Road (GOR), who were drilling for water on their boundary near Mt Venn. This set up GBR to combine a massive EM anomaly on their land, with hits of copper-nickel-cobalt, from the borehole. Today,... Show More

ASX:GBR great boulder

Northern Cobalt (N27.ASX) +116% - can maiden drill program deliver?

Wentworth Securities

Since our last note on N27, the stock has run up to a high of $0.65 (+165%). At the time we thought it stood out as cheap amongst peers, given an existing JORC resource (admittedly small), but good grades for Co (ave 0.17%), and the right location in Aust. Since... Show More

cobalt Northern Cobalt ASX.N27 peer comparison

Cheap(ish) Cobalt explorers are very hard to find - N27.ASX stood out against peers

Wentworth Securities

Tracking Kidman (KDR.ASX) through the Marindi (MZN.ASX) court case and beyond, has been rewarding for us in the Li space. It also focused attention on the EV/Battery space and as a derivative of that demand, Cobalt (Co + ~250% in 12 months). It is hard to find Co pure plays... Show More

cobalt Northern Cobalt ASX.N27

Kidman (KDR) - World Class Asset + World Class Partner ='s?

Wentworth Securities

KDR has been a roller coaster for the last 12 months. A world class Li discovery, followed by a court case by which they stood to lose their newly discovered assets, then a resounding win at court, then finally a deal with the number one Lithium producer globally in SQM... Show More

Kidman Resources (KDR) wins case against MZN - what next will be most interesting

Wentworth Securities

Kidman Resources limited (KDR) has successfully defended the case brought by Marindi Metals (MZN), which claimed that KDR agreed to sell its lithium assets in early 2016, for less than ~$300k in cash and shares. The court case was closely watched, and no smoking gun was produced. The court case... Show More

lithium Kidman Resources Limited ASX:KDR

Desk Note - the case for holding US$ exposure - targeting A$ dropping to ~65c

Wentworth Securities

It may be timely to enter the US$ trade. The A$ has been propped up by the Chinese stimulus from early 2016, which has seen an explosive recovery in commodity prices. Chinese growth is forecast to slow.If you look through the half yearly reports, the major producers have expressed concerns... Show More

rba audusd Australian Interest Rates

Desk Note - Kidman Resources (KDR) - Trading at a significant discount to peers - "real" Lithium development exposure.

Wentworth Securities

Lithium demand, and the forecast increase coming our way, has us looking for value across battery related companies. Generally it is hard to find. The boom in demand has been matched by a boom in exploration names listing on the ASX. A lot will fizz out, and there will only... Show More

lithium kdr:au lithium carbonate Kidman Resources Limited

FirstWave Cloud Technology (FCT) +200% since listing in May 2016

Wentworth Securities

FirtWave’s SaaS platform sits between the world’s largest security software vendors, and Telco’s high-value clients, looking for security solutions in the cloud environment. There is an enormous tailwind in this cyber security space, which is accelerating. Microsoft CEO, Satya Nadella, estimated cybercrime was costing the global economy around US$3 Trillion... Show More

Longform SaaS data security ASX:FCT