South Boulder Mines Limited (STB)



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General Information
Company Name: South Boulder Mines Limited
Stock Code: STB
Website: www.southbouldermines.com.au
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 28
Equiv. Shares (M): 139

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.200 $ 0.185 $ 0.210 $ 0.185 $ 0.180 485,514 $ 0.020  11.111 %

Company Overview

Business Description:
South Boulder Mines Limited (STB) is a diversified explorer focused on potash, nickel and gold. STB has a 90% interest in the Colluli Potash Project in Eritrea and is the Company’s current focus.

Strategy Analysis:
The Company is focused on the acquisition, exploration, development and mining of STB's resource projects which include potash as well as multiple gold and nickel prospects. South Boulder Mines provided its December 2011 quarterly activities report, reporting that a detailed engineering scoping study for the Colluli Potash Deposit was completed generating highly favourable technical and financial results. The results firmly confirm Colluli as a ‘Tier 1’ global potash asset with enormous upside potential and a definitive feasibility study (DFS) is well underway for completion in 2013. In addition, an initial JORC compliant Mineral Resource Estimate has been compiled for the Rosie Ni-Cu-PGE sulphide deposit comprising 1.74Mt @ 1.7% Ni (29,800t Ni), 0.4% Cu and 1.9g/t Pt + Pd (>1.0% Ni cut-off). The company is well funded to progress the Colluli DFS and is in the process of finalising a fully underwritten 1 for 5 entitlement issue to raise ~$10.7m.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A -5.7 -3.8 -- 0.0 0.0 0.0 --
2013  A -5.3 -4.2 -- 0.0 0.0 0.0 --
2012  A -11.8 -10.6 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
BHP Billiton (BHP) $108,041 M 0.1223 -0.1280 0.2333 12.5804 14.4279 11.6984 3.82 4.25 4.41
Iluka Resources (ILU) $3,165 M -0.6600 -0.7959 4.7923 24.6495 120.7668 20.8494 1.19 1.53 2.39
Rio Tinto (RIO) $26,089 M 0.5848 -0.3078 0.0956 7.7970 11.2648 10.2815 3.58 4.00 4.28
Sims Metal Management (SGM) $2,220 M 3.0215 1.1230 0.2957 32.2341 15.1833 11.7183 0.92 2.60 3.95
South Boulder Mines (STB) $25 M -- -- -- -- -- -- 0.00 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
STB -- -- 2.60 -- --
Market 0.91 15.3 1.22 1.74 1.54
Sector 0.70 11.6 0.81 0.99 2.94

Directors
Name Position Start Date
Mr Paul Donaldson Chief Executive Officer,Managing Director 29 April 2014
Mr Liam Raymond Cornelius Executive Director 21 August 2001
Mr Seamus Cornelius Non-Executive Chairman 15 July 2013
Mr Anthony (Tony) William Kiernan Non-Executive Director 15 October 2012

Management
Name Position
Amy Just Company Secretary

Substantial Shareholders
Holding Name
16,327,220 (12.60%) Sprott Asset Management Inc
11,574,591 (9.13%) Meridian Capital International Fund

Calendar of Events
Date Event
25 September 2015 Report (Annual)
27 July 2015 Report (Quarterly)
27 April 2015 Report (Quarterly)
03 March 2015 Report (Interim)
30 January 2015 Report (Quarterly)
30 October 2014 Report (Quarterly)
29 October 2014 Report (Annual)
© 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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