Hambledon Mining - Interim results and Production update

Hambledon Mining Interim results and Production update Hambledon Mining, the Kazakhstan-based gold miner, released interim results for the six months to 30th June 2012 on 14th September. Highlights included a 9.6% increase in gold production from 9,769oz in 1H 2011 to 10,710oz in 1H 2012, total gold sales in the period of 10,532oz at an average price of $1,656/oz, and total silver sales of $354,000. The group has experienced a challenging six months both operationally and financially, however, significant funding from high-calibre sources has been secured. As such, management has temporarily scaled back operations in order to build cash reserves for investment, which should ultimately make Hambledon more self sufficient and reduce reliance on external capital. With the shares trading at 1.325p, we recommend them as Speculative Buy with a 5.50p target price. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Revenue ($m) 29.1 33.3 34.1 49.9 EBITDA ($m) 9.5 3.6* 1.9 8.5 PBT ($m) 3.3 (2.8)* (4.8) 1.7 EPS ($¢) 0.59 (1.37) (0.49) 0.18 Dividend (p) 0.0 0.0 0.0 0.0 Source: GECR and company Notes: * Adjusted for Tailings dam leak expenses Speculative Buy Target price 5.50p Key data Share Price 1.325p 52 week high/low 4.125p / 1.075p Primary exchange AIM EPIC HMB Shares in issue 979.72m Market Cap £12.98m Sector Mining Valuation NAV $50.8m TNAV $50.8m Affiliations: None. Important: All disclaimer information can be found on the last page of the document

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