ATLANTIC LIMITED (ATI)



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General Information
Company Name: Atlantic Limited
Stock Code: ATI
Website: www.atlanticltd.com.au
GICS Sub-Industry: Precious Metals & Minerals
Market Cap ($M): 27
Equiv. Shares (M): 155

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.175 $ 0.175 $ 0.175 $ 0.175 $ 0.175 93,750 0%

Company Overview

Business Description:
Atlantic Limited (ATI) is a resource company in Australia. The current flagship project is Windimurra vanadium project located in Perth, Western Australia. ATI is also pursuing bauxite development opportunities in Vietnam.

Strategy Analysis:
Atlantic Ltd is committed to building a diversified portfolio of world class resources projects that will provide superior returns to shareholders. Atlantic combines its strong financing capability with a highly disciplined and innovative approach to acquire resources projects that have a low operating cost, are long life and near production. Atlantic's 100% owned Midwest Vanadium Pty Ltd ‚ÄėWindimurra‚Äô project is Atlantic's flagship project which commenced vanadium production in January 2012.¬† Atlantic advised that it received the final $10m installment of the convertible bond funding package from Droxford International, bringing the total received to $30m, on 30 March 2012. The final component of the $41.7m funding package announced on 6 March 2012, a $10m placement in new company shares, is subject to shareholder approval at an EGM scheduled for 27 April 2012. The company also reported that the Primero Group has now mobilised to site and begun modification work to the milling and beneficiation components of the CMB circuit at Windimurra. The bulk of this work is to be completed by the end of June 2012 in line with Windimurra's production ramp-up schedule of attaining 65% of CMB circuit production capacity by the end of Q2 calendar year 2012.Atlantic reported net loss of $504,537 for the half-year ended 31 December 2009. Revenue from ordinary activities were $32,905, up 24% from the same period last year. Basic and Diluted EPS were (0.053) cents compared to (0.044) cents last year. The net operating cash outflow was $463,401 compared to an outflow of $159,041 in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -125.2 -80.9 -- 0.0 0.0 0.0 --
2012  A -18.8 -14.8 -227.6 0.0 0.0 0.0 --
2011  A 12.3 11.6 -- 14.2 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
Atlantic (ATI) $27 M -- -- -- -- -- -- 0.0000 -- --
Orocobre (ORE) $292 M -- -- -- 2.5945 -- -- 0.0000 0.0000 0.0000
Sirius Resources (SIR) $663 M -- -- -- -- -- -- 0.0000 0.0000 0.0000

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ATI -- -- -0.96 -- --
Market 1.09 15.9 1.26 2.00 1.69
Sector 0.88 12.5 0.67 0.73 5.00

Directors
Name Position Start Date
Mr Gary Leon Lewis Non-Executive Chairman 11 March 2014
Mr Phiong Phillipus Darma Non-Executive Director 18 November 2010
Mr Bradley James Ellis Non-Executive Director 16 December 2013
Dr Michael John Daniel Non-Executive Director 13 January 2014

Management
Name Position
Daniel Harris Chief Operating Officer
Daniel Harris Chief Operating Officer,Chief Executive Officer
Thanh Nguyen Executive Director Azure Mining International Pty Ltd and Atlantic (Middle East) Pty Ltd
Terry Bourke General Counsel
John Gardener General Manager Sales and Marketing
Terry Perles President North America

Substantial Shareholders
Holding Name
21,091,661 (13.62%) Michael Minosora
26,958,333 (17.42%) Droxford International Limited and associates
13,496,214 (8.72%) Prosperous Global Assets Limited

Calendar of Events
Date Event
30 January 2015 Report (Quarterly)
23 October 2014 Report (Annual)
20 October 2014 Report (Quarterly)
30 September 2014 Report (Annual)
21 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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