Evolution Capital Pty Ltd

Evolution Capital Pty Ltd is proud to have supported Raiden Resources Limited (ASX:RDN) in their $10M Placement. As Joint Lead Manager and Sole Bookrunner, the Placement was primarily supported by several new and existing, domestic and international, institutional investors. We are pleased to announce that Raiden is now well capitalised to accelerate and expand the drilling program at Andover South from 5,000m up to 15,000m. Raiden is a lithium, base metal and gold exploration and development company focused on the Andover, Mt Sholl, and Arrow lithium projects in the Pilbara region of Western Australia, with ongoing JV partnerships covering gold and base metal projects. The decision to expand to drill program was made following the identification of additional high-grade drill targets by Raiden’s geologists (who previously worked on Azure Minerals Limited’s Andover lithium discovery). The Andover South project features seven target zones with pegmatites extending over 4.2 km of strike, displaying high fractionation levels that indicate strong potential for lithium mineralization. A second diamond drill rig is scheduled to arrive this week, with plans to bring on additional rigs as needed. With the expanded drilling program, significant news flow is expected over the coming months. We congratulate Dusko Ljubojevic, Michael Davy and the team on their exciting explorational progress.

Evolution Capital Pty Ltd is pleased to continue their support for Vection Technologies (ASX:VR1) via a $2M Placement. As Sole Lead Manager, the Placement was primarily supported by several new and existing, domestic and international, institutional investors. We are pleased to announce that Vection is now funded to support the acquisition of The Digital Box S.p.A. (“TDB”) and continue on their high-growth trajectory - Vection have increased revenue by 11x in the last 4 years to ~A$34M. TDB is a generative AI company that develops and markets 3D and AI platforms based on advanced natural language processing technology and will add $10M to Vection's top line. Vection is a growing Australian-based software company, operating in the field of extended reality (XR), which encompasses immersive technologies such as augmented reality, virtual reality, and mixed reality. The Company helps organisations leverage their 3D data via powerful XR interfaces that collectively make up the INTEGRATEDXR ecosystem. These products combine to provide powerful solutions, solving real challenges faced by businesses. We congratulate Gianmarco Biagi, Gianmarco O.a and the team on the exciting acquisition and commercial progress.

Evolution Capital Pty Ltd has initiated research coverage on Anax Metals Limited (ASX: ANX), a West Australian company advancing the Whim Creek project, a potential major processing hub for copper and base metals. The project benefits from fully permitted infrastructure, including an SX-EW treatment plant and heap leach pads, which reduce initial capital expenditure and enhance operational efficiency. Its brownfield status also minimizes regulatory and environmental risks. A Definitive Feasibility Study (DFS) completed in April 2023 confirmed the project's economic viability with a pre-tax NPV of A$270 million and an IRR of 55%. Evolution Capital values Anax Metals Limited at A$79 million or A$0.10 per share, implying an upside of approximately 334% from the last close price of A$0.023 per share. The valuation remains strong across various scenarios due to robust infrastructure and high-grade mineralization. For more details, view the recent ANAX management webinar from August 28, 2024: https://lnkd.in/gdm3aCkq . #copper #westernaustralia #basemetals #mining #exploration #ASX #resources #WhimCreek #investment #Australia #metals #electrification

Evolution Capital Pty Ltd is proud to have continued our support for Anteris Technologies (ASX:AVR) following their A$30M Placement. As Joint Lead Manager, the Placement was supported by new and existing institutional and sophisticated investors. We are pleased to announce that Anteris is funded to continue development of DurAVR®, a novel, first-in-class biomimetic transcatheter aortic valve replacement (TAVR) for the treatment of aortic stenosis. Anteris is a structural heart company developing and seeking to commercialise innovative medical devices. DurAVR®, the company's lead product, is being designed in partnership with the world's leading interventional cardiologists and cardiac surgeons. It is the first TAVR to use a single piece of bioengineered tissue and it is uniquely shaped to mimic the performance of a healthy human aortic valve. The tissue is made using ADAPT®, Anteris' FDA approved and patented anti-calcification tissue technology. The Company continues to progress towards achieving FDA approval for the DurAVR® global Phase 3 pivotal study, which will include approximately 80 sites across the US, EU, and Australia. To date, 64 patients have been treated with DurAVR®, and FDA EFS clinical results have demonstrated superior haemodynamics to competing products. We congratulate Wayne Paterson, Matthew McDonnell, Debbie Ormsby, MBA (Exec), MRPharmS, GAICD and the team on their exciting progress.

Evolution Capital Pty Ltd has initiated research coverage on Sovereign Metals (ASX: SVM), an Australian exploration and development company focused on the Kasiya Rutile Project in Malawi, which is set to become the largest natural rutile deposit globally, with significant graphite by-product credits. The Kasiya Project stands out for its high-grade mineralization and vast scale, positioning it as a key global source of natural rutile, a critical titanium dioxide feedstock. The project benefits from strategic investment by Rio Tinto and its proximity to essential infrastructure, including power, water, and transport networks. Recent advancements include the publication of a Pre-Feasibility Study (with an optimization study ongoing) that confirms the project’s economic viability. Evolution Capital's financial analysis suggests a pre-tax NPV of USD$1.9 billion and an IRR of 35% for Kasiya, with potential for further upside depending on rutile and graphite prices and remains economically robust due to its large scale and high-grade nature. Evolution Capital values SVM at A$647 million or AUD$1.05 per share (Price Target). Risks to this valuation are viewed as favorable, given the growing global demand for rutile and graphite, coupled with the strategic importance of the Kasiya Project. #criticalmetals #titanium #resources #ASX #rutile #graphite #batteries #Africa #mining #metals #riotinto ---------------------- The information contained in this report is only intended for the use of those persons who satisfy the Wholesale definition, pursuant to Section 761G and Section 761GA of the Corporations Act 2001 (Cth) (“the Act”). Evolution Capital and/or its associates may hold interests in the entities mentioned in any posted report or recommendation. Evolution Capital, or its representatives, may have relationships with the companies mentioned in this report – for example, acting as a corporate advisor, dealer, broker, or holder of principal positions. Evolution Capital and/or its representatives may also transact in those securities mentioned in the report, in a manner not consistent with recommendations made in the report.

Evolution Capital Pty Ltd is proud to have continued our support for Anteris Technologies (ASX:AVR) following their A$30M Placement. As Joint Lead Manager, the Placement was supported by new and existing institutional and sophisticated investors. We are pleased to announce that Anteris is funded to continue development of DurAVR®, a novel, first-in-class biomimetic transcatheter aortic valve replacement (TAVR) for the treatment of aortic stenosis. Anteris is a structural heart company developing and seeking to commercialise innovative medical devices. DurAVR®, the company's lead product, is being designed in partnership with the world's leading interventional cardiologists and cardiac surgeons. It is the first TAVR to use a single piece of bioengineered tissue and it is uniquely shaped to mimic the performance of a healthy human aortic valve. The tissue is made using ADAPT®, Anteris' FDA approved and patented anti-calcification tissue technology. The Company continues to progress towards achieving FDA approval for the DurAVR® global Phase 3 pivotal study, which will include approximately 80 sites across the US, EU, and Australia. To date, 64 patients have been treated with DurAVR®, and FDA EFS clinical results have demonstrated superior haemodynamics to competing products. We congratulate Wayne Paterson, Matthew McDonnell, Debbie Ormsby, MBA (Exec), MRPharmS, GAICD and the team on their exciting progress.

Evolution Capital Pty Ltd is proud to have supported Recce Pharmaceuticals Ltd (ASX:RCE) in their A$8M Placement. As Co-Lead Manager, the Placement was primarily supported by several new and existing, domestic and international, institutional investors. NorthStar Impact Fund, a leading Sydney-based positive impact fund, committed c. A$2M. We are pleased to announce that Recce is now funded to advance clinical trials for intravenous use of R327, topical applications of R327G (including phase III clinical activities in Indonesia), and Investigational New Drug (IND) application enabling activities. Recce is an emerging developer of Synthetic Anti-Infective medicines designed to address the urgent global health problem of antibiotic-resistant superbugs and evolving viral pathogens. The Company’s pipeline includes three patented, broad spectrum, synthetic polymer anti-infectives: RECCE®327 as a broad-spectrum intravenous and topical therapy that is being developed for the treatment of serious infections due to resistant bacteria; RECCE®435 as an orally administered therapy; and RECCE®529 for viral infections. Through their multi-layered mechanisms of action, Recce’s anti-infectives have the potential to overcome the hypercellular mutation of bacteria and viruses. The Share Purchase Plan (SPP), currently open to eligible shareholders, will raise an additional A$2M. Subsequently, Recce will be fully funded through to FY2026, facilitating IND-enabling clinical trials in Australia, covering intravenous and topical treatments for UTI/Urosepsis and ABSSSI including Diabetic Foot Infections (DFI); as well as the US Department of Defence Burn Wound Program, continued development of the pre-clinical portfolio and manufacturing expansion. We congratulate James Graham and the team on their exciting clinical progress. 

Evolution Capital Pty Ltd is proud to have supported Tivan Limited (ASX:TVN) in their A$4.5M Placement. As Co-Lead Manager, the Placement was primarily supported by a number of new and existing, domestic and international, institutional investors. We are pleased to announce that Tivan is now funded to further de-risk the flagship Speewah project, publish the maiden Pre-Feasibility Study (PFS) and initiate a drill program at Sandover. Tivan is an emerging critical minerals company with a portfolio of 100% owned projects in Western Australia and the Northern Territory. Tivan’s Speewah Project in WA hosts two mineral deposits: The flagship Speewah Fluorite Project, containing the only JORC compliant Fluorite resource in Australia, along with Australia’s largest reported vanadium titanomagnetite resource, and one of the largest globally. Such projects have attracted Sumitomo Corporation, where the Company recently agreed a Strategic Alliance for the development and financing of the Speewah Fluorite Project. Similarly, the Company is working in collaboration with the CSIRO, under a strategic partnership, on TIVAN+, a unique processing technology that extracts vanadium from hard rock ore bodies with reduced environmental impacts. We congratulate Grant Wilson and the team on their on-ground and strategic activities to date and look forward to continuing the partnership. 

Evolution Capital Pty Ltd Capital has initiated research coverage on Tesoro Gold (ASX: TSO), a gold exploration and development company, focused on the El Zorro Gold Project in Chile, which has a current mineral resource of 1.3 million ounces at a grade of 1.18 g/t Au. The project has garnered strategic interest from Gold Fields Ltd, a major shareholder that increased its stake from 14% to 19% in January 2024. The El Zorro project is characterized by its district-scale potential, with a 20km confirmed gold corridor and significant exploration upside beyond the current resource estimate. The project benefits from readily available key infrastructure, low altitude, access to water, and power, which are crucial for ore processing. A scoping study released in April 2023 confirmed the economic viability of the project, and Evolution Capital's financial modelling suggests a post-tax NPV of US$230 million to US$482 million, depending on the gold price. The project's valuation is highly leveraged to the gold price, but the IRR remains robust across various scenarios due to low capital intensity and operating costs. Evolution Capital's sum-of-the-parts valuation for TSO amounts to $106 million or $0.067 per share. The risks to this valuation are considered to be on the upside, given renewed investor interest in the gold sector, the high probability of further exploration success, and the strategic position of Gold Fields. ---------------------- The information contained in this report is only intended for the use of those persons who satisfy the Wholesale definition, pursuant to Section 761G and Section 761GA of the Corporations Act 2001 (Cth) (“the Act”). Evolution Capital and/or its associates may hold interests in the entities mentioned in any posted report or recommendation. Evolution Capital, or its representatives, may have relationships with the companies mentioned in this report – for example, acting as a corporate advisor, dealer, broker, or holder of principal positions. Evolution Capital and/or its representatives may also transact in those securities mentioned in the report, in a manner not consistent with recommendations made in the report.

Evolution Capital Pty Ltd is proud to announce its continued supported for Venture Minerals Limited (VMS.ASX) through the facilitation of a A$6M Placement and A$1M Share Purchase Plan (SPP). Evolution acted as Joint Lead Manager to the transaction, cornerstoned by NorthStar Impact Fund, who possess an environmental and social impact investing perspective, and Lion Selection Group, a well-known and respected mining investment house. Funding will be focused on executing the major objectives at the flagship Jupiter REE project, in particular the Maiden Resource Estimate and subsequent exploration programs. Importantly, Venture has now secured 100% ownership of Jupiter after acquiring the residual 30% held by the JV partner. This follows the rationalisation of the broader portfolio to maximise shareholder value, including the divestment of Tasmanian assets, which positions the Company with $12M in cash, pro-forma. Jupiter’s value proposition lies within its broad, continuous and high-grade mineralisation, positioned over a total 40km2. 80m mineralised widths are proven, with several +2,000ppm TREO (23% MREO) assays over 25m, with high-grade continuity seen over 7km wide cross sections. Also, the asset is established in a Tier 1 mining precinct, proximal to existing REE refineries at Mt Weld (Lynas) & Eneabba (Iluka).