Legend Mining secures speculative buy recommendation from Euroz Securities

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Legend Mining Ltd (ASX:LEG) is a nickel explorer, focused entirely on the emerging Fraser Range province in Western Australia.

It is the second largest tenement holder behind Independence Group NL (ASX:IGO) in the belt with over 3,000 square kilometres under licence.

Euroz Securities has initiated coverage on Legend with a speculative buy recommendation and an 8 cents per share price target.

Following is an extract from Euroz research report on Legend:

Key points

  • We like the Nickel thematic: Growing battery demand at the margin adding fundamental supply-demand imbalances driven by traditional consumption but a lack of upstream discovery and development;
  • This is further nuanced by economic bias towards Nickel Sulphide as the ore source for battery grade Nickel Sulphate;
  • LEG represents a concentrated Nickel Sulphide exploration strategy, focused exclusively on the emerging Fraser Range belt;
  • LEG is the second largest tenement holder with nearly 3,100km2 of ground;
  • Mark Creasy and Independence Group NL (ASX:IGO) account for over 40% of LEGs register and are key JV partners in several of LEGs permits;
  • Consequently, LEG benefits significantly from the respective in-house technical capabilities of IGO and Creasy Group;
  • We unashamedly point to the SIR.ASX success story as evidence of exploration leverage for junior explorers;
  • Regional discovery by either LEG or other active operators in the Fraser Range Read More – Source