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INTREPID MINES LIMITED (IAU)


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General Information
Company Name: Intrepid Mines Limited
Stock Code: IAU
Website: www.intrepidmines.com
GICS Sub-Industry: Gold
Market Cap ($M): 156
Equiv. Shares (M): 556

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.280 $ 0.275 $ 0.290 $ 0.275 $ 0.275 4,196,977 $ 0.005  1.818 %

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 3rd May 2013
12 Month Target Price (average): $0.25
Brokers Surveyed: 1

Company Overview

Business Description:
Intrepid Mines Limited (IAU) is an international precious metals development and exploration company with primary operations in Indonesia. IAU currently focuses on its flagship project, Tujuh Bukit Project in Indonesia. IAU also has exploration properties located in Ecuador.

Strategy Analysis:
The goal of IAU is to become a significant precious metals producer. The Paulsens mine was sold to Northen Star Resources Ltd in May 2010. Management will now focus on the copper/gold mine at Tujuh Bukit (in which IAU has an 80% interest). Initial estimates suggest an initial Inferred Resource of 500 million tonnes at 0.4% copper and 0.5 g/t gold, at a cut-off grade of 0.2% copper in the project. Intrepid Mines reported negative cash flow of US$6.45m for the quarter ended 31 December 2012. Operating cash flow for the period was US$(4.87m). Payments for exploration and evaluation were US$(3.07m). Investing cash flow was US$(1.57m). Financing cash flow was US$(16,000). Cash in hand at the end of the quarter was US$108.91m.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A -69.2 -12.9 -- 0.0 0.0 0.0 --
2011  A -34.4 -6.6 -- 0.0 0.0 0.0 --
2010  A -29.9 -6.9 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Evolution Mining (EVN) $591 M -- 0.2435 0.2132 12.0317 9.6756 7.9752 0.0000 0.0108 0.0228
Intrepid Mines (IAU) $153 M -- -- -- -- -- -- 0.0000 -- --
Newcrest Mining (NCM) $11,398 M -0.0378 -0.4473 0.0886 10.5096 19.0153 17.4674 0.0235 0.0217 0.0235
OZ Minerals (OZL) $1,250 M -0.6077 -0.7395 2.7051 9.8920 37.9724 10.2488 0.0728 0.0180 0.0392
Regis Resources (RRL) $1,774 M 0.7775 1.2655 0.3111 24.5718 10.8462 8.2723 0.0000 0.0536 0.0784

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
IAU -- -- 1.48 -- --
Market 0.82 14.6 1.24 1.87 1.73
Sector 0.58 8.89 0.69 1.98 7.25

Directors
Name Position Start Date
Mr Bradley Austin Gordon Managing Director,Chief Executive Officer 11 March 2008
Mr Ian Melville McMaster Non-Executive Chairman 11 March 2008
Mr Colin G Jackson Non-Executive Deputy Chairman 23 December 2003
Mr Adrianto Machribie Reksohadiprodjo Non-Executive Director 30 November 2011
Mr Alan Roberts Non-Executive Director (other) 11 November 2008
Mr Robert John McDonald Non-Executive Director (other) 11 March 2008
Mr Laurence Wilson Curtis Non-Executive Director (other) 04 July 2006

Management
Name Position
Stephen Smith Chief Financial Officer
Vanessa Chidrawi Company Secretary
Gary Snow Executive General Manager - Exploration and New Business
Tony Wenas Executive General Manager of Indonesia
Andrew Skalski General Manager - Project Development
Garry Gill Joint Company Secretary

Substantial Shareholders
Holding Name
34,196,844 (7.00%) Acorn Capital Limited
41,524,739 (7.40%) Van Eck Associates Corporation
36,150,949 (8.50%) Taurus Funds Management Pty Limited

Calendar of Events
Date Event
23 April 2014 Report (Quarterly)
04 April 2014 Report (Annual)
01 April 2014 Report (Annual)
30 January 2014 Report (Quarterly)
28 October 2013 Report (Quarterly)
26 July 2013 Report (Interim)
26 July 2013 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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