MetalNRG - Initiation of Coverage

Well-positioned to create substantial shareholder value by developing highly compelling green energy, gold & uranium projects

MetalNRG is the previous NEX-listed ZimNRG which in 2016 was rebranded and adopted a new investing policy with greater focus on projects within the natural resources and/or energy sectors. A proven management team has adopted a really sound corporate strategy of investing in advanced stage exploration and development projects where they can use their know how to establish cash flow relatively quickly. Recent months have seen BritNRG become problematic and resolving this issue could free up capital that could be better used elsewhere. In any case, oil had always only been seen by the team as merely a stepping stone on the way towards green energy.

  • Green energy joint venture with leading technology partner EQTEC

    MetalNRG is working with EQTEC developing ‘shovel-ready’ green energy infrastructure projects with the potential to deliver sustainable revenues over the long term. Deal #1 sees MNRG holding a 26.66% interest in an Italian project that is rapidly expected to become a strong dividend payer.

  • Brownfield gold project in Arizona which spans three historic mines

    The Gold Ridge Project just begs attention using modern exploration techniques and the latest Au mineralisation models. With a 100% interest, MNRG is in the driving seat as there is clearly scope to joint venture the project to advance exploration and development at no cost to the company.

  • Uranium price surges on green credentials

    MetalNRG can gain a 51% stake in a uranium project in Kyrgyzstan by putting in place the funding. In the past, this project had been granted a Mining Licence which looks likely of being re-instated, so the game is on.

  • Financial modelling & industry metrics suggest 250% upside

    Our conservative valuation highlights the potential. We initiate coverage of MetalNRG with a target price of 1.2p and Speculative Buy stance.


    MetalNRG is a research client of Align Research. Full details of our Company & Personal Account Dealing Policy can be found on our website 

    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.

Table: financial overview
Year to Dec 2019A¹ 2020A 2021E 2022E
Revenue (£'000) - - 88 50
Pre-tax (£'000) (585) (810) (1,136) (888)
EPS (p) (0.22) (0.22) (0.15) (0.07)
Source: Company accounts & Align Research ¹10 month period