Blenheim was the old coffee roasting business Coburg Group, which has been repositioned as a natural resources investor. An acquisition spree in 2017 saw the company emerge with substantial interests in a series of compelling projects in the battery metals, cobalt and lithium fields. Intriguingly, the company also has a stake in BrandShield, which is revolutionising the way brand names are fighting online scams and fraud.

• Increased investment in blockchain/AI business with an ICO

  Blenheim has just topped up its stake in BrandShield via an additional $200,000 investment. The timing looks impeccable as this business is launching MyShield, a de-centralised anti-scam platform which uses the business’ proven AI skills. The recent publication of a White Paper heralds the expected Initial Coin Offering (ICO).

• Drilling begins on licence next door to a world class lithium project

  The company’s Mali licences border ASX-listed Birmain’s Bougouni Lithium Project, with its world class Goulamina lithium deposit, as well as AIM-listed Kodal Minerals. Drilling is set to begin on previously identified lithium pegamitites, which could attract further attention to the stock.

• Battery metals portfolio expanded with the granting of cobalt licences

  Three exploration licences in Cameroon were recently granted to BNR’s 25%-owned CBH. Cameroon is a highly prospective area for cobalt and is contiguous with the 59.8Mt @ 0.24% cobalt at the Nkamouna and Mada deposits.

• Peer comparisons and ICO performance suggests an upside in excess of 250%

  In updating our coverage of Blenheim we have revisited and increased our target price to 1.47p and maintained our Conviction Buy stance.

• RISK WARNING & DISCLAIMER

  Blenheim Natural Resources is a research client of Align Research. Align Research & a Director of Align Research hold interests in BNR. For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

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