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Finnish nickel producer Talvivaara Mining’s third quarter production results were mixed but considered an overall negative by Numis Securities senior analyst Cailey Barker. He described the performance as “another disappointing update” and remained wary of the stock.
“Production of 4030t nickel and 7184t zinc is overall better than our forecast 3600t nickel and 7800kt zinc,” Barker said in a morning note.

West African Resources (ASX: WAF): Hartleys.
Recommendation: Speculative buy.
Price target: A0.39c over 12 months.
Watch for new results in coming months as West African Resources’ Boulsa Project drilling builds to a maiden resource.

The return of market interest in ASX-listed junior explorers after the aggressive sell-downs of risk stocks for much of 2012 is a positive for companies such as Dourado Resources as it recommences exploration at its Mooloogool-Diamond Well tenements in Western Australia.

The latest results from resource drilling at Australian miner Tanami Gold’s Central Tanami project in the Northern Territory has encouraged broker Hartleys Limited to rate the stock a speculative buy with a 12-month price target of $A1.49.
The drilling at the flagship Groundrush deposit intersected more wide zones of high-grade mineralisation in multiple holes. After recently updating the resource estimate for Groundrush to 5.1Mt @ 4.5g/t Au for 743,000oz, Tanami’s next resource upgrade is due late 2012/early 2013.

The early success of Galaxy’s lithium carbonate plant in China set to provide substantial profitability next year, underwriting a big jump in its target share price.

MZI Resources Ltd (ASX: MZI): Hartleys Ltd
Recommendation: SPECULATIVE BUY
Price target: $A0.09
Good cash-flow from current production, ahead of flagship Keysbrook project’s start up early CY 2014

The signing of a series of offtake agreements with Anglo American subsidiary Anglo Ferrous Amapá over iron ore and gold on both companies’ tenements in the state of Amapá, Brazil could place Beadell Resources in the lowest quartile of cash costs of gold stocks on the ASX, broker DJ Carmichael considers.

The announcement of a maiden resource at its 100%-owned Magnum deposit provides a solid foundation for a significant resource base at junior explorer Antipa Minerals’ Citadel project in the Paterson province of Western Australia, according to broker Taylor Collison.

Spitfire Resources is potentially Australia’s next manganese miner, on the back of its flagship Woodie Woodie South manganese project in the eastern Pilbara of Western Australia.

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