Sirius Resources NL (SIR)



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General Information
Company Name: Sirius Resources NL
Stock Code: SIR
Website: www.siriusresources.com.au
GICS Sub-Industry: Precious Metals & Minerals
Market Cap ($M): 1,043
Equiv. Shares (M): 341

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 3.060 $ 3.020 $ 3.110 $ 3.020 $ 3.060 2,369,523 0%

Current Broker Consensus Recommendation more
Recommendation: Hold (3.3333)
Recommendation Date: 30th Sep 2014
Brokers Surveyed: 3

Company Overview

Business Description:
Sirius Resources NL (SIR) is an exploration company focusing on discovering gold, nickels and base metals located predominantly in Western Australia. SIR currently focuses on its nickel-copper Nova-Bollinger Project.

Strategy Analysis:
Gold production is sourced from the company's 100% owned Norseman mines. Davyhurst is being placed on care and maintenance due to reserve exhaustion. Management will continue its aggressive exploration push to expand Norseman reserves and test any promising open pittable targets. The style of Norseman's mineralisation means the mine is unlikely to ever have a long reserve life ahead of it. Management has announced its intention to sell the Hannan South/Binduli operations but to date has been unsuccessful. Funds will be used to fast track expansion of gold production from Norseman through development of the Patrick's and Norseman reefs and through regional exploration.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -17.7 -4.8 -- -- -- 0.0 --
2015  F -25.0 -6.8 -- -- -- 0.0 --
2014  A -19.0 -8.2 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Metals X (MLX) $389 M 1.3200 0.3147 0.0262 10.1293 7.7049 7.5080 0.00 2.04 2.68
Orocobre (ORE) $362 M -- -- -- 3.2167 -- 116.5957 0.00 0.00 0.00
Sirius Resources (SIR) $1,050 M -- -- -- -- -- -- 0.00 0.00 0.00

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SIR 3.00 -- 3.12 -- --
Market 1.23 13.5 0.99 1.05 3.47
Sector 0.71 10.84 0.71 0.97 4.67

Directors
Name Position Start Date
Mr David Anthony Craig -- 01 October 2013
Dr Mark Anthony Bennett Chief Executive Officer,Managing Director 31 August 2009
Ms Anna Neuling Company Secretary,Executive Director-Corporate and Commercial 17 September 2012
Mr Jeff Dowling Non-Executive Chairman 28 February 2013
Mr Terrence (Terry) Ronald Grammer Non-Executive Director 25 June 2010
Mr Neil Fredrick Warburton Non-Executive Director 01 August 2013
Mr Jeffery Foster Technical Director 31 August 2009

Management
Name Position
Sean Delaney Chief Finance Officer

Substantial Shareholders
Holding Name
12,461,922 (5.49%) Commonwealth Bank of Australia
45,258,993 (20.26%) Yandal Investments Pty Ltd

Calendar of Events
Date Event
13 July 2015 Report (Quarterly)
21 April 2015 Report (Quarterly)
22 January 2015 Report (Quarterly)
22 October 2014 Report (Annual)
22 October 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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