Hambledon Mining - Production Optimisation Delivering Results

Hambledon Mining Production Optimisation Delivering Results Hambledon Mining, the Kazakhstan-based gold miner, announced a Q1 2013 production update in April 2013 and FY2012 final results on 6th June 2013. The new management team in place (post-African Resources’ partial tender offer) has pioneered numerous efficiency driven changes that were evident through, for example, the Q1 y-o-y gold and silver production increases of 4.4% and 28.2%, respectively. Underground mining will also resume shortly and an entire strategic review of the group is underway, both of which augur well for future growth, we feel. Our stance is Speculative Buy with a 4.4p target price. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2011A 2012A 2013E 2014E Revenue ($m) 33.3 38.9 43.9 68.6 EBITDA ($m) 3.6* (5.7)* 9.9 17.6 PBT ($m) (2.8)* (11.1)* 3.4. 10.2 EPS ($¢) (1.37) (11.1) (0.49) 10.2 Dividend (p) 0.0 (2.36) 0.26 0.77 Source: GECR and company Notes: * Adjusted for Tailings dam leak expenses Speculative Buy Key data Share Price 1.575p 52 week high/low 2.625p / 1.075p Primary exchange AIM EPIC HMB Shares in issue 979.72m Market Cap £15.43m Sector Mining Valuation 2014E P/E* 3.3 NAV £18.3m TNAV £18.3m   *Translated at $1 = £0.625 Affiliations: None.     Analyst details: Andrew Noone +44 (0)207 562 3361 andrew.noone@gecr.co.uk Important: All disclaimer information can be found on the last page of the document

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