Ten Sixty Four Limited

Section 1: Company Overview and Fundamentals

1.1 Company Overview:

Ten Sixty Four Limited (ASX: X64) is engaged in the gold exploration, which is focused on growth in the Philippines and the Asia Pacific Region. The company commenced listing on ASX in December 2003.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders: The top 10 shareholders together form ~45.03% of the total shareholding. Ruffer LLP and Arbiter Partners Capital Management, LLC hold a maximum stake in the company at ~14.69% and ~12.31%, respectively.

1.4 Key Metrics:

During FY22, the company recorded an EBITDA margin of 39.5% against 36.4% of the industry median. In addition, it recorded asset turnover ratio of 0.63x as compared to 0.62x of the industry median. Below captured the trend of current ratio and debt-to-equity ratio:

Section 2: Business Updates, Financial Highlights and Production Summary

2.1 Business Updates:

2.2 Insights of FY22: During FY22, the company continued its acquisition strategy and acquired Queensland exploration assets. It recorded gross profit from operations of USD 38.7mn against USD 73.9mn FY21.

Section 3: Key Risks and Outlook:

The following picture gives a broader idea of the company’s growth objects moving forward:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

4.2 Technical Commentary

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is September 27, 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.

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