Report Cover Page

Contents

Where are we in the Cycle?
Cyclical positioning remains unchanged. Global credit markets are playing an important role in improved resources sector returns. Australia’s declining profit share is a critical constraint on the local market. More...

Market Directions
Market conditions continue to rely heavily on central bank liquidity as a slowly growing US economy provides an additional constraint on a Federal Reserve interest rate rise. More...

Portfolio Performance and Positioning
Modest portfolio gains during the week were ahead of the benchmark. The July macro model result was the strongest in nine months and the second strongest in 24 months. More...

Stock Reviews and Rating Analysis
Bannerman Resources Limited (BMN:AU), developing uranium assets in Namibia, has been classified as a late stage Phase I company and rated ‘3’ on the five point PortfolioDirect rating scale where a ‘5’ is the highest rating on the risk adjusted quality scale. Bannerman Resources is relatively well positioned on the resource quality rating scale with particularly strong locational attributes due to its position in a major global uranium province. The company offers strong leverage to an improvement in uranium market conditions with a high likelihood of project completion adding to the value proposition. An on-site small scale demonstration plant simulating the heap leach process should add to confidence about the development potential and enhance the funding capacity of the company. Uranium market conditions are dominating the timing of the Etango development.
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