Intex Resources: Funding is fundamental

Depressed conditions in the nickel exploration sector and non-operative issues create an investment opportunity. The Mindoro Nickel project is on schedule and with two months remaining until the initial financing the likelihood for MCC8 to advance the project has increased further. We have increased the rating for Potential reward, due to the recent drop in share price. Our fair value is 21.5 NOK (21.8) per share. The short term share performance will be sensitive to company news flow.