BLACKTHORN RESOURCES LIMITED (BTR)



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General Information
Company Name: Blackthorn Resources Limited
Stock Code: BTR
Website: www.blackthornresources.com.au
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 27
Equiv. Shares (M): 164

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.165 $ 0.170 $ 0.180 $ 0.165 $ 0.165 324,324 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 14th Feb 2014
12 Month Target Price (average): $0.39
Brokers Surveyed: 1

Company Overview

Business Description:
Blackthorn Resources Limited (BTR) is an Australian-based resource company with a diverse portfolio of base and precious metal projects in Africa. The company is focusing on reproduction at its Perkoa mine, development at the Mumbwa project and resource exploration in Burkina Faso.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -12.5 -7.8 -- 0.0 0.0 0.0 --
2012  A -5.0 -4.0 -- 0.0 0.0 0.0 --
2011  A -5.3 -4.4 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
BHP Billiton (BHP) $122,365 M -0.2435 0.0830 -0.0500 15.9923 14.7663 15.5428 0.0328 0.0294 0.0307
Blackthorn Resources (BTR) $29 M -- -- -- -- -- -- 0.0000 -- --
Iluka Resources (ILU) $3,810 M -0.6600 0.1399 1.3166 29.6707 26.0297 11.2360 0.0099 0.0215 0.0427
Rio Tinto (RIO) $27,614 M 0.5848 -0.2605 0.0467 8.2528 11.1606 10.6622 0.0339 0.0309 0.0338
Sims Metal Management (SGM) $2,026 M -0.7514 4.5651 0.6395 118.3990 21.2752 12.9763 0.0000 0.0108 0.0302

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BTR 1.19 -- 0.30 -- --
Market 1.25 13.9 0.95 1.02 3.13
Sector 0.88 12.2 0.67 0.72 4.97

Directors
Name Position Start Date
Mr Scott Lowe -- 13 June 2008
Ms Nicole(Nicki) Bowman Non-Executive Director 08 October 2008
Mr Peter Kalkandis Non-Executive Director 10 May 2011
Mr Derek Carter Non-Executive Director 01 February 2012
Mr Roger John Higgins Non-Executive Director 01 January 2014
Mr Michael Oppenheimer Non-Executive Director,Non-Executive Chairman 01 April 2011

Management
Name Position
Mark Mitchell Chief Executive Officer
Chris Brown Chief Financial Officer,Company Secretary
Ian Hart Chief Geologist
Tony De Santis Chief Operating Officer
Adama Barry General Manager, Burkina Faso

Substantial Shareholders
Holding Name
-- (5.70%) Acorn Capital Limited
-- (6.00%) North Sound Capital LLC
-- (14.20%) Glencore International AG
-- (5.20%) Brewer, Frank

Calendar of Events
Date Event
29 January 2015 Report (Quarterly)
30 October 2014 Report (Quarterly)
26 September 2014 Report (Annual)
28 July 2014 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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