WH Ireland kicked off coverage of Noble Investments(UK) (LON:NBL) this morning with a “buy” rating of the rare coin investment specialist. The broker said that while there were other collectibles businesses on the market (namely Stanley Gibbons Group (LON:SGI) and Avarae Global Coins (LON:AVR) ), Noble’s net asset position “is substantially understated” in the accounts and pretty much underpins the current market capitalisation (116p per share/£18m). It said there was room for 50% upside, or 174p per share, when taking into account the value of Noble’s freehold property in central London its and 11.35% shareholding in Avarae.

Meanwhile, Northland Capital Partners (which this week changed its name from Astaire Securities) described yesterday’s drilling update from Sunrise Resources (LON:SRES) as “encouraging”. The company announced the findings of test work and colour testing for samples from within old workings at its 100% owned Derryginagh barite mine in County Cork, south west Ireland, where it operates a prospecting licence. Test results produced high value ‘filler-grade’ barite and confirmed saleable concentrate can be produced via low cost gravity processing. Northland said the key next step would be to establish commercial parameters, which should take place in the coming months, and that more clarity on project economics could provide a catalyst for valuation on both a project and corporate level. Elsewhere, Northland remained cautious on waste management group Shanks Group (LON:SKS) , which announced that interim revenues had risen by 4% to £348m with underlying PBT up 2% to £16.8m. The broker described the company’s reorganising and restructuring as “a long haul process” and noted that further progress in reducing debt and raising cash by selling equity its PFI contracts to John Laing were balanced by tough market conditions and an uncertain macro-economic outlook.

FinnCap responded to this morning’s “eagerly awaited” results from Mariana Resources (LON:MARL) of a geophysical survey of its wholly owned Las Calandrias project in Patagonia. The current drilling programme is now to extend by 5,000m to 15,000m after the survey results identified numerous high priority drill targets…

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