Crusader Resources Ltd (“Crusader”, “the Company”) is an Australian mining company focused on Brazil. It operates the Posse Iron Ore Mine (100%) in Minas Gerais state, cash flow from which is used to advance a portfolio of exploration to development stage gold and lithium assets. Crusader’s gold assets include the Borborema Project (100%), located in Rio Grande do Norte state, and the Juruena Project (100%), located in Mato Grosso state. The Company’s lithium asset is a Joint Venture (50%) incorporating the Manga Project, located in Goias state.

Crusader Resources Ltd offers speculative exposure to gold and iron ore markets through a diversified portfolio of operating and development assets in Brazil. Its track record of mine development, the scale of gold resources at Borborema, and near-term cash flow opportunity at Juruena is attractive qualities. Conversion of existing ‘inferred’ resources at Juruena into higher confidence categories and capital demands associated with Borborema are principal risks. With our valuation of $0.20/share representing a premium to recent trade, we are initiating coverage for Crusader’s ability to unlock value within its portfolio