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JP Equity Partners
Equity Capital Markets
BLACKSTONE MINERALS LIMITED
Desk Note - August 2019
Blackstone Minerals Limited (ASX:BSX) is an Australian base and precious metals
explorer with an international suite of exploration and near production projects.
Blackstone’s core focus is to actively explore the advanced Ta Khoa Nickel Project
(TKNP) in Northern Vietnam, the project lies within a premier nickel province with
US$136million of capital expenditure to date including the Ban Phuc nickel mine.
The modern Ban Phuc nickel mine was successfully operated from 2013-16 before
being placed into care and maintenance after enduring the lowest nickel prices of the
past 15 years. The TKNP is a 150km² land package hosting more than 25 advanced
stage massive sulphide vein (MSV) targets and large disseminated sulphide (DSS)
targets previously undrilled or ineffectively tested thanks to a production focus.
Blackstone has highlighted the significant potential to mine the shallow, bulk-
tonnage DSS zones with diamond drilling currently underway to aid resources
evaluation at the large Ban Phuc DSS zone.
Blackstone’s battery mineral focussed strategy is intent on supplying downstream
nickel and cobalt product to Asia’s growing lithium ion battery industry. The board
and management team have a
proven track record of mineral
discovery and corporate
success with surging prices
reviving the nickel industry.
JP EQUITY PARTNERS
Jason Skinner | M: +61 439 975 723
Nic Brownbill | M: +61 417 914 659
Author
Andrew Todd | M: +61 431 549 161
BOARD OF DIRECTORS
Hamish Halliday Non-Exec Chairman
Scott Williamson Managing Director
Andrew Radonjic Executive Director
Stephen Parsons Non-Exec Director
Michael Naylor/
Jamie Byrde Joint Co-Sec
ADVANCED TA KHOA NICKEL PROJECT ACQUISITION | US$136million in recent
CAPEX invested including the international standard Ban Phuc nickel mine.
MODERN SUCCESSFULLY OPERATED NICKEL MINE | The Ban Phuc nickel mine is a
modern, Australian standard, mechanised underground mine that successfully
operated from 2013-16 despite enduring the lowest nickel prices of the past 15years.
NUMEROURS UNDEREXPLORED ADVANCED TARGETS | 310 of the historic 381 drill
holes at the TKNP entirely focussed on the Ban Phuc MSV leaving some 25 advanced
MSV targets and numerous large bulk tonnage DSS targets to be explored.
NEAR TERM POTENTIAL NICKEL PRODUCER | Advanced nickel sulphide exploration
and low mine restart costs gives substance to becoming a near term producer.
EV BOOM ALREADY DRIVING CLASS 1 NICKEL DEMAND | High %nickel cathodes and
record low LME stockpiles saw a 20% nickel price increase in the month of July alone
POSITIONED TO SUPPLY ASIAN BATTERY MARKET | Establish Vietnamese mining
industry a low cost producer of class 1 nickel to supply the Asian battery market.
IMPRESSIVE INTERNATIONAL PORTFOLIO OF BATTERY METAL PROJECTS | Several
highly prospective exploration projects including the BC Cobalt Project, with geology
indicating the potential to be one of the worlds only primary cobalt districts.
INVESTMENT HIGHLIGHTS
COMPANY OVERVIEW CORPORATE SNAPSHOT
GICS Sector Materials
Shares on Issue (m) 152.9
Share Price (c) 9.7
52 Week High/Low (c) 6.3-18
Market Cap ($m) 15.3
Cash ($m) ~2.1
Unlisted Options (m) 83.68
SHARE PRICE PERFORMANCE
CHART TO BE INSERTED
MAJOR SHAREHOLDERS
Board & Management 24%
Deutsche Balaton 12%
Colestar Management 7%
Goldbridge Mining 7%
Top 20 60%
1
INTENDED FOR PROFESSIONAL/
SOPHISTICATED INVESTOR USE ONLY
JP EQUITY PARTNERS | Equity Research
Ta Khoa Nickel Project - (90% Exclusive Option)
The Ta Khoa Nickel Project (TKNP) is located 160km west of Hanoi in the Son La Province in Vietnam. The TKNP is a 150km²
land package that includes the modern mechanised Ban Phuc nickel mine which successfully operated from 2013-16 before
being placed into care and maintenance after enduring the lowest nickel prices of the past 15 years. The project has had
some US$136m of capital invested in it including the international standard mine and 450ktpa processing plant.
The extensive land package lays within Song Da Rift Zone (SDRZ) and is host to more than 25 advanced high-grade massive
sulphide vein (MSV) targets and many large disseminated sulphide (DSS) targets. The large DSS zones are of significant
potential for bulk tonnage mining with a historic NI43 101 resource of 20Mt @ 0.5%Ni. The maiden diamond drilling
campaign is underway alongside Induced Polarisation (IP) surveys to discover high-grade chargeability signatures at the Ban
Phuc DSS orebody and delineate additional targets across the TKNP.
Previous Exploration and Production
The project’s former owners AMR Nickel Ltd focussed
the majority of exploration efforts on the MSV at Ban
Phuc, with 310 of the total of 381 holes drilled across
the TKNP targeting the depleted Ban Phuc MSV which
was mined for a total 1.22Mt @ 1.98%Ni, 0.89%Cu for
24kt of nickel and 10.8kt of copper. Hence the land
package remains highly prospective with advanced
MSV and large tonnage DSS targets to follow up. 3D
modelling of the Ban Phuc MSV suggests that the Ban
Phuc DSS orebody hosted by the large ultramafic
intrusion is genetically separate to the successfully
mined Ban Phuc MSV. This indicates that the large DSS
may represent a second MSV associated with the
ultramafic, highly analogous to the world class deposits
at Norilsk and Voisey’s Bay.
Ban Phuc MSV results:
9.2m @ 4.15% Ni, 1.33% Cu & 0.13% Co from 48.3m
Incl. 4.9m @ 6.49% Ni, 1.19% Cu & 0.20% Co
2.02m @ 4.64% Ni, 3.59% Cu, 0.15% Co from 258.7m
2.25m @ 3.88% Ni, 1.59% Cu, 0.12% Co from 322.9m
2.50m @ 3.98% Ni, 0.96% Cu from 167.9m
2.05m @ 4.33% Ni, 1.14% Cu from 189.7m
Existing Infrastructure
Existing infrastructure includes the modern
mechanised underground mine that was built to
international standards in 2012 and remains in
good condition for rapid restart with an improved
nickel price. The 450ktpa processing facility has
excess capacity expansion options for a bulk
tonnage DSS scenario. Other infrastructure
includes: a 250-man camp, fully permitted tailings
facility, internationally certified lab and access to
cheap local hydro grid power.
Figure 1: Ban Phuc Nickel Sulphides—Birds-eye view—Over
Ban Phuc DSS results:
74.0m @ 1.02% Ni, 0.20% Cu from 73m
71.3m @ 0.94% Ni, 0.13% Cu from 122m incl. 32m @ 1.54%Ni, 0.26%Cu
90.2m @ 1.1% Ni from 140m incl. 54.2m @ 1.50% Ni
130.7m @ 0.87% Ni from 80m incl. 83m @ 1.12%, 60.3m @ 1.35%
TA KHOA NICKEL PROJECT (NICKEL, COPPER, COBALT) - Vietnam
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BLACKSTONE MINERALS LIMITED
Figure 2: Ban Phuc International Standard Nickel Mine—Processing Plant
JP EQUITY PARTNERS | Equity Research BLACKSTONE MINERALS LIMITED
The Ta Khoa Project is an immense 150km² land package
hosting more than 25 advanced stage MSV targets and many
large DSS targets. Blackstone intend to initially define the
large Ban Phuc DSS resource and potential additional MSVs
before addressing both prospective MSV targets and DSS
targets throughout the entire Ta Khoa Nickel Project.
The maiden diamond drilling campaign is underway alongside
geophysics at the Ban Phuc DSS target. IP surveys conducted
by Blackstone strongly correlate high
chargeability, low resistivity and high-
grade MSV and DSS mineralisation. These
IP surveys will help delineate future high-
grade targets and aid precision drilling.
Extensive Pipeline of Exploration:
• Ban Phuc DSS Resource
• Ban Khang DSS anomaly
• Suoi Phang High-Grade MSV
• Kingsnake MSV/IP chargeability
• Ban Chang MSV drilling
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Song Da Rift Zone
The TKNP is located within the northwest to southeast -
trending Song Da Rift zone of northern Vietnam. The Song Da
Rift is a major crustal suture zone which forms part of a great-
er system of deep continental rifting. This major structure
continues north into China where it is associated with a series
of comparable magmatic Ni-Cu-PGE deposits. The Song Da
Rift zone’s structural setting and geotectonic address is con-
sidered identical to that of Norilsk (Russia), the largest nickel
system in the world.
The continental rifts to the NW through China have been sig-
nificantly explored and mined for Ni-Cu-Co metals with very
little effective exploration done through Vietnam.
Mineralisation
The Ta Khoa corridor has an extensive system of mafic-
ultramafic intrusions, a remarkable number of which have
veins of high-grade massive Ni-Cu-Co sulphide in metasedi-
mentary wall rocks adjacent to ultramafic intrusions, with
locally developed low-grade disseminated copper-nickel min-
eralisation marginal to the MSV; and disseminated low-grade
nickel-copper mineralisation (DSS) in basin-shaped cumulate
layers, often near the base and walls of ultramafic intrusions.
Magmatic Sulphide Mineralisation
A 2017 technical review by BM Geological Services, highlights
the nature of the TKNP mineralisation as magmatic sulphide
with regular occurrence of MSV associated with the DSS in-
trusions. This presents significant upside to DSS exploration in
high-grade MSVs alongside the bulk tonnage potential of DSS.
EXPLORATION POTENTIAL
THE SONG DA RIFT ZONE
Figure 4 above: DSS (purple) & associated massive sulphide | Figure 5: Ni Sulphide Prospects
Figure 3: The Song Da Rift Zone—structures extend NW into China
JP EQUITY PARTNERS | Equity Research BLACKSTONE MINERALS LIMITED
Class 1 Nickel Processing
Only class 1 nickel is required to service the Li-ion battery
industry which is predominantly sourced from sulphide
deposits and processed through a highly capital intense high
pressure acid leach. Significant nickel sulphide deposits are
rare and will need to be in production soon to service the
expected Li-ion battery boom.
Blackstone are investigating downstream processing
infrastructure in Vietnam, as it presents an ideal location to
establish processing infrastructure to deliver nickel and
cobalt sulphide feed into Asia’s growing Lithium Ion battery
industry.
Korean chemical giant LG Chem recently formed a
partnership with Vinfast, a local electric vehicle
manufacturer, to establish battery manufacturing industry in
the low-cost Vietnamese environment.
The Albion Process
The Albion process is a form of oxidation leach that combines
ultra fine grinding and leaching at atmospheric pressure, to
replace the capital intensive Pressure Oxidation leach (POx).
Blackstone could potentially only need to acquire the
US$8million IsaMill, ultra fine grinder and process media
input to cut operational expenditure by up to 40%.
4
The Vietnamese Mining Industry is an established mining
industry with 22 open cut mines and 23 underground mines
throughout the country. The government has emphasised
recent focus on improving Vietnam’s operating environment
to entice foreign investment into the industry through a se-
ries of tax reforms.
Mining Master Plan
In July 2018, the approved Vietnamese Mining Master Plan
(2020-2035) specifically identifies the Ban Phuc Nickel mine
as a project of top 10 national economic significance, likely to
streamline key permitting and approval obstacles.
The government recently halved the Mining Licence Grant
Fee for new nickel mines and announced a new-generation
Foreign Direct Investment (FDI) attraction and orientation
strategy for 2018-2030.
Through the Trans-Pacific Partnership, the government has
committed to eliminating existing export taxes in Vietnam.
Pointedly improving the operating environment for multina-
tional mining companies in Vietnam.
As well as a low cost manufacturing industry throughout
Vietnam, it is an ideal location to establish downstream pro-
cessing for nickel sulphide feed into the battery industry.
Figure 6: Northern Vietnam’s mining industry and regional mines
VIETNAM—TKNP OF NATIONAL SIGNIFICANCE
Figure 7: Ta Khoa Nickel Project—Vietnam
DOWNSTREAM PROCESSING
JP EQUITY PARTNERS | Equity Research BLACKSTONE MINERALS LIMITED
Battery Demand - Millions of Tonnes Added Battery Cathode Chemistry
Driven by increasing adoption of higher nickel cathode chemistries in passenger Electric Vehicles (EVs), battery demand for
nickel is projected to increase 16-fold by 2030. The high energy density characteristics of Nickel, alongside voltage retention
and a cheap relative price is resulting in Nickel cathode dominance. The current highest performing and reliable EV battery is
the NMC 811 (Nickel-Manganese-Cobalt 80%-10%-10%). BloombergNEF project the NMC 811 will hold >50% share of the
passenger EV battery market by 2030.
EV batteries are to become the biggest driver of Class 1 nickel demand for the foreseeable future. Growing consumption of
Class 1 nickel, which is converted to nickel sulphate for the production of cathodes in batteries, is predominantly sourced
from sulphide and limonite deposits. However, the highly capital intense HPAL process of limonite conversion to nickel sul-
phate presents nickel sulphide as the economic alternative.
Nickel Price Drivers
• Nickel price increase of 20% in July.
• Record low LME stockpiles.
• Increased prevalence of class 1 nickel to
supply EV boom.
• Decreasing number of undeveloped nickel
sulphide deposits globally.
Cobalt Price Forecasting
Current cobalt supply and production is forecast to service the EV industry safely
until 2024. China controls a majority of the world’s cobalt, however ~72% of global
production is sourced from the politically unstable DRC. Recent militant activity and
rumoured cannibalism is forecast to stall DRC copper and cobalt production in the
near term. New socially responsible and stable sources are likely to become highly
sought after and increase the cobalt price.
Cobalt is mainly processed as a by-product of nickel or copper, with the exception of
the CTT Bou-Azzer mine in Morocco, where it is produced as the main product. This
means the price of cobalt does not always translate directly into supply-side signals
for expansion of cobalt capacity. Instead, price dynamics in the much larger copper
and nickel markets distort investment decisions.
Figure 6: Battery Metal Demand—Millions of Tons Added—BloombergNEF Figure 7: Battery Cathode Chemistry Projections—BloombergNEF
5
Figure 9: Global DRC Cobalt Supply—BloombergNEF
ASIA’S BURGEONING BATTERY METAL MARKET
Figure 8: Kitco.com—6month Nickel Price
JP EQUITY PARTNERS | Equity Research BLACKSTONE MINERALS LIMITED
The BC Cobalt Project - (100% interest)
The BC Cobalt Project (335 km² of tenure), formerly the Little Gem Project, is located 180 km north of Vancouver in British
Columbia, Canada. The Project was discovered in the 1930’s by prospectors identifying a pink cobalt-bloom on weathered
mineralisation that led to three adits being developed. Blackstone acquired the BC Cobalt Project in October 2017 at peak
Cobalt prices and has since completed an extensive maiden exploration program including drilling, geochemical and geo-
physical surveys, with the early indicators for the project to host a potential world-class Cobalt Belt.
Historical BC Cobalt Drilling Results:
• 1.8 m @ 2.4% cobalt & 112 g/t gold;
• 3.3 m @ 1.4% cobalt & 12 g/t gold;
• 4.1 m @ 1.4% cobalt & 11 g/t gold;
• 3.3 m @ 1.4% cobalt & 80 g/t gold.
Jewel Prospect (Copper-Gold-Cobalt)
During the 2018 field season Blackstone identified a
number of major Copper-Gold-Cobalt targets cen-
tred on the Jewel Prospect’s +1.5km soil anomaly.
The soil anomalies coincide with several significant
IP targets, which indicate a large sulphide bearing
body at depth. The Jewel prospect has had no his-
toric drilling and is a high priority target.
Bou-Azzer Primary Cobalt District, Morocco
The geological model for the Jewel Prospect suggests the Copper-Gold-Cobalt prospect is favourably located in close proxim-
ity to a granodiorite body and serpentine contact. This is a replica geological setting to the underground mines of the world
class Bou-Azzer primary Cobalt district in Morocco.
Blackstone continues to unlock the potential for multiple deposits in a region with geology analogous to the Bou-Azzer pri-
mary Cobalt district in Morocco (>50 deposits and over 75 years of Cobalt production). Whilst the potential of the BC Cobalt
project is undeniable, the immediate exploration activity and expenditure on the project is likely to be minimal, as cobalt
prices remain near all time lows. The expenditure required to progress the advanced Ta Khoa Nickel Project in a thriving
nickel market should remain Blackstone’s sole focus.
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Figure 11: IP Chargeability at The Jewel Prospect—BC Cobalt
BC COBALT PROJECT (COPPER - COBALT - GOLD), Canada
Figure 10: BC Cobalt—Geochemistry and IP Chargeability
JP EQUITY PARTNERS | Equity Research BLACKSTONE MINERALS LIMITED
KEY MANAGEMENT
Scott Williamson
Managing Director
• Mr Williamson is a Mining Engineer with a Commerce degree from the West Australian School of Mines and Curtin University.
• He has over 10 years experience in technical and corporate roles in the mining and finance sector.
Hamish Halliday
Non-Excutive Chairman
• Mr Halliday is a Geologist with over 20 years corporate and technical experience
• Hamish was founder of Adamus Resources Limited, a A$3M float which became a multi-million ounce emerging gold producer and was subject to takeover by Endeavor
Andrew Radonjic
Technical Director
• Mr Radonjic is a Mine Geologist and Mineral Economist with over 25 years experience with a focus on gold and nickel exploration.
• He was instrumental in three significant gold discoveries north of Kalgoorlie and was Managing Director of Venture Minerals Limited and co-lead the discovery of the Mount Lindsay Tin-Tungsten-Magnetite deposits.
• MAIDEN DRILLING RESULTS FROM THE BAN PHUC DISSEMINATED SULPHIDE
DIAMOND DRILLING PROGRAM
• FOLLOW UP IP SURVEY TARGET DIAMOND DRILLING CAMPAIGN AT BAN
PHUC DISSEMINATED SULPHIDES
• MAIDEN RESOURCE ESTIMATES FOR BAN PHUC NICKEL DEPOSIT
• DRILL TESTING OF ADVANCED MSV AND DSS TARGETS ACROSS THE
TA KHOA NICKEL PROJECT
• DOWNSTREAM PROCESSING INFRASTRUCTURE POTENTIAL AT BAN PHUC
NICKEL MINE
• BAN PHUC NICKEL MINE RESTART PLANS & SCOPING STUDY
Figure 12: Silver Swan South Project—Gold Prospects
The company also owns several prospective, Western Australian and Canadian gold
and base metals projects, mostly located near existing operations of other ASX/TSX
listed miners. These projects include:
• Silver Swan South (Gold/Nickel)
• Cartier (Nickel-Cobalt)
• Middle Creek (Gold)
Silver Swan South Project (100% interest)
Silver Swan South covers an area of 38.5 km² in the eastern goldfields region and is
prospective for massive nickel sulphides and high-grade gold. The Project sits along
trend of the massive nickel sulphide Silver Swan Deposit (10.4 Mt at 1.0% Nickel), and
just 8km immediately along strike to the northeast of the Kanowna Belle Gold Mine
(+5 Moz gold endowment).
Highlights of the Project include:
• Silver Swan South sits along
the interpreted northern
extension of the Fitzroy Shear
Zone which hosts the +5Moz
Kanowna Belle Gold mine
• Promising high-grade shallow
gold results to date include:
- 10m @ 3.2g/t from 68m
- 3m @ 3.5g/t Au from 60m
Initial exploration by Blackstone was
testing for basement hosted
mineralisation along the interpreted
strike of the Fitzroy Shear Zone,
which returned promising high-grade
AC results. This combined with
geochemistry to improve target
definition of gold and base metal anomalies.
7
SILVER SWAN SOUTH (NICKEL - GOLD) - Western Australia
Steve Parsons
Non-Executive Director
• Geologist with corporate and technical experience, a proven track record of mineral discoveries, corporate growth, international investor relations and creating shareholder wealth.
• He was the founding MD of Gryphon Minerals Ltd which became an ASX 200 company with a multi-million ounce gold discovery in West Africa and is currently Managing Director of Bellevue Gold Limited.
UPCOMING CATALYSTS
JP EQUITY PARTNERS | Equity Research BLACKSTONE MINERALS LIMITED
1. Company Logo—www.blackstoneminerals.com.au
2. Blackstone Minerals Limited, ASX Announcement— Annual Report, 30th October 2018
3. http://www.blackstoneminerals.com.au/investors—investor presentation May 2019
4. https://www.minexconsulting.com/publications—Long-term forecast of Australia’s mineral production and revenue
5. Blackstone Minerals Limited, ASX Announcement— Quarterly Activities and Cash Flow Report, 30th of January 2019
6. Ta Khoa Technical Report, AMR limited, mar 3rd 2017
7. BloombergNEF research - 2H 2019 Battery Metals Outlook – Demand Realities, 2nd July 2019
8. Cannacord Genuity – Blackstone Minerals Research Report, May 2018
9. Blackstone Minerals Limited, ASX Announcement— Quarterly Activities Report—31/07/2019
10. Blackstone Minerals Limited, ASX Announcement— Drilling Commences at Ta Khoa Nickel Project—08/07/2019,
11. Blackstone Minerals Limited, ASX Announcement— Ta Khoa - Investor Site Visit Presentation—11th June 2019
12. Blackstone Minerals Limited, ASX Announcement— Blackstone to Explore Advanced Nickel Sulfide Project—8th May 2019
13. Blackstone Minerals Limited, ASX Announcement— Quarterly Activities Report, 31st March 2019
14. Blackstone Minerals Limited, ASX Announcement— Major Cu-Au-Co Targets Identified in BC Cobalt Belt—16th October 2018
15. Blackstone Minerals Limited, ASX Announcement— High Grade Assays Confirm Co-Au Discovery in BC Cobalt Belt
16. Blackstone Minerals Limited, ASX Announcement— Emerging Gold Discovery Along Strike of 5Moz near Kalgoorlie
DISCLAIMER | This document has been prepared by the Sales, Trading and Investment Advisory department and not by a Research department. JP Equity Holdings Pty Ltd
seeks to and does business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this as only a single factor in making their investment decisions. The company featured in this document should be consid-
ered speculative in nature and carry a high degree of investment risk. Please consider if investments in these types of companies are appropriate for your personal circum-
stance.
This document accurately expresses the personal view of the Author at the time of writing. JP Equity Holdings Pty Ltd (ABN 98 626 933 364) is a Corporate Authorised Rep-
resentative (CAR 001265594) of JP Equity Partners Pty Ltd (AFSL 512529), its directors, associates and employees advise that they may hold securities, may have an inter-
est in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions arising from any advice mentioned in publications to clients.
Directors, associates and employees of JP Equity Holdings Pty Ltd from time to time may hold shares in the security/securities mentioned in this Research document and,
therefore, may benefit from any increase in the price of those securities.
This research note has been prepared for and is intended for Wholesale Investors only as defined by Section 761G of the Corporations Act, 2001. In accordance with Section
949A of the Corporations Act 2001, this document contains unsolicited general financial information only. In preparing this document JP Equity Holdings Pty Ltd did not con-
sider the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person and no recommendation (whether express or
implied) contained in this document should be considered reliable. Accordingly, before acting on any information contained in this document, you should assess whether the
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contained in this publication and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied
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JP EQUITY HOLDINGS PTY LTD CAR: 001265594 ABN: 98 626 933 364
SUITE 5, 29 THE AVENUE, NEDLANDS, WA 6009, AUSTRALIA
T: +618 9386 2801 E: [email protected] WWW.JPEQUITY.COM.AU
Exploration Risk: Mineral exploration is inherently high risk and there is the potential that Blackstone Minerals’s exploration
programs may not yield economically feasible mining at the Ta Khoa Nickel Project.
Market Risks: Declines in equity markets may put adverse pressures onto base metals and precious metals markets. Potential
unseen/uncontrollable market conditions, global market tensions could have large impacts on global commodities expenditure.
Funding: The Company awaits mine restart costings, significant capital expenditure is required and funding for the Ta Khoa Nickel
project is not guaranteed. Unwanted/unforeseen expenditure issues may occur over time adversely effecting company outcomes.
Commodity Risks: Blackstone are in the market for gold and base metals, any adverse prices are likely to impact the company’s
revenues and financing, therefore sentiment towards the company and its projects.
Operational: Any future operations of the Company may be delayed or adversely affected by factors which are beyond the control
of the Company, including but not limited to; potential partnership delays, unforeseen expenditure, access to equipment and
logistical issues.
General Advice: This report may contain general, personal opinions of JP Equity which, while believed to be accurate at the time
of publication, are not appropriate for all persons or accounts and should not be considered as advice.
KEY RISKS
SOURCES
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