Hambledon Mining - Efficiencies Reflected in Interims

Hambledon Mining Efficiencies Reflected in Interims Hambledon Mining announced Interim Results for H1 2013 on 23rd September 2013. These showed increased revenues y-o-y due to recommencement of underground mining, and a stronger gross margin due to processing higher grade ores and from efficiency measures. The company will close open-pit operations in 2015, when the higher-grade underground mine will be the sole source of ore. Hambledon is also conducting drill programmes at Sekisovskoye and considering early stage acquisitions to leverage the scale offered by infrastructure in place. 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 ($m) 33.3 38.9 38.7 54.9 EBITDA ($m) 3.6* (5.7)* 8.1 14.5 PBT ($m) (2.8)* (11.1)* 1.9 8.0 EPS ($¢) (1.37) (2.36) 0.15 0.64 Source: GECR and company Notes: * Adjusted for Tailings dam leak expenses Speculative Buy Target price 4.4p Key data Share Price 1.925p 52 week high/low 2.625p / 1.075p Primary exchange AIM EPIC HMB Shares in issue 979.72m Market Cap £18.9m Sector Mining Valuation 2014 P/E* 4.8 NAV* £16.2m TNAV* £16.2m *Translated at $1 = £0.625 Important: All disclaimer information can be found on the last page of the document

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