Spitfire Materials Limited (ASX:SPI, FSE:4SF)
Spitfire Materials Limited(ASX:SPI, FSE:4SF)October 2017
WHO IS IIR?Independent Investment Research, “IIR”, is an independent investment research house based in Australia and the United States. IIR specialises in the analysis of high quality commissioned research forBrokers, Family Offices and Fund Managers. IIR distributes its research in Asia, United States and the Americas. IIR does not participate in any corporate or capital raising activity and therefore it doesnot have any inherent bias that may result from research that is linked to any corporate/ capital raising activity.IIR was established in 2004 under Aegis Equities Research Group of companies to provide investment research to a select group of retail and wholesale clients. Since March 2010, IIR (the Aegis Equitiesbusiness was sold to Morningstar) has operated independently from Aegis by former Aegis senior executives/shareholders to provide clients with unparalleled research that covers listed and unlistedmanaged investments, listed companies, structured products, and IPOs.IIR takes great pride in the quality and independence of our analysis, underpinned by high caliber staff and a transparent, proven and rigorous research methodology.INDEPENDENCE OF RESEARCH ANALYSTSResearch analysts are not directly supervised by personnel from other areas of the Firm whose interests or functions may conflict with those of the research analysts. The evaluation and appraisal of researchanalysts for purposes of career advancement, remuneration and promotion is structured so that non-research personnel do not exert inappropriate influence over analysts.Supervision and reporting lines: Analysts who publish research reports are supervised by, and report to, Research Management. Research analysts do not report to, and are not supervised by, any salespersonnel nor do they have dealings with Sales personnelEvaluation and remuneration: The remuneration of research analysts is determined on the basis of a number of factors, including quality, accuracy and value of research, productivity, experience, individualreputation, and evaluations by investor clients.INDEPENDENCE – ACTIVITIES OF ANALYSTSIIR restricts research analysts from performing roles that could prejudice, or appear to prejudice, the independence of their research.Pitches: Research analysts are not permitted to participate in sales pitches for corporate mandates on behalf of a Broker and are not permitted to prepare or review materials for those pitches. Pitch materialsby investor clients may not contain the promise of research coverage by IIR.No promotion of issuers’ transactions: Research analysts may not be involved in promotional or marketing activities of an issuer of a relevant investment that would reasonably be construed as representingthe issuer. For this reason, analysts are not permitted to attend “road show” presentations by issuers that are corporate clients of the Firm relating to offerings of securities or any other investment bankingtransaction from that our clients may undertake from time to time. Analysts may, however, observe road shows remotely, without asking questions, by video link or telephone in order to help ensure that theyhave access to the same information as their investor clients.Widely-attended conferences: Analysts are permitted to attend and speak at widely-attended conferences at which our firm has been invited to present our views. These widely-attended conferences mayinclude investor presentations by corporate clients of the Firm.Other permitted activities: Analysts may be consulted by Firm sales personnel on matters such as market and industry trends, conditions and developments and the structuring, pricing and expected marketreception of securities offerings or other market operations. Analysts may also carry out preliminary due diligence and vetting of issuers that may be prospective research clients of ours.INDUCEMENTS AND INAPPROPRIATE INFLUENCESIIR prohibits research analysts from soliciting or receiving any inducement in respect of their publication of research and restricts certain communications between research analysts and personnel from otherbusiness areas within the Firm including management, which might be perceived to result in inappropriate influence on analysts’ views.Remuneration and other benefits: IIR procedures prohibit analysts from accepting any remuneration or other benefit from an issuer or any other party in respect of the publication of research and from offeringor accepting any inducement (including the selective disclosure by an issuer of material information not generally available) for the publication of favourable research. These restrictions do not preclude theacceptance of reasonable hospitality in accordance with the Firm’s general policies on entertainment, gifts and corporate hospitality.DISCLAIMERThis publication has been prepared by Independent Investment Research (Aust) Pty Limited trading as Independent Investment Research (“IIR”) (ABN 11 152 172 079), an corporate authorised representative ofAustralian Financial Services Licensee (AFSL no. 410381. IIR has been commissioned to prepare this independent research report (the “Report”) and will receive fees for its preparation. Each company specifiedin the Report (the “Participants”) has provided IIR with information about its current activities. While the information contained in this publication has been prepared with all reasonable care from sources that IIRbelieves are reliable, no responsibility or liability is accepted by IIR for any errors, omissions or misstatements however caused. In the event that updated or additional information is issued by the “Participants”,subsequent to this publication, IIR is under no obligation to provide further research unless commissioned to do so. Any opinions, forecasts or recommendations reflects the judgment and assumptions of IIR asat the date of publication and may change without notice. IIR and each Participant in the Report, their officers, agents and employees exclude all liability whatsoever, in negligence or otherwise, for any lossor damage relating to this document to the full extent permitted by law. This publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for anyinvestment. Any opinion contained in the Report is unsolicited general information only. Neither IIR nor the Participants are aware that any recipient intends to rely on this Report or of the manner in which arecipient intends to use it. In preparing our information, it is not possible to take into consideration the investment objectives, financial situation or particular needs of any individual recipient. Investors shouldobtain individual financial advice from their investment advisor to determine whether opinions or recommendations (if any) contained in this publication are appropriate to their investment objectives, financialsituation or particular needs before acting on such opinions or recommendations. This report is intended for the residents of Australia. It is not intended for any person(s) who is resident of any other country. Thisdocument does not constitute an offer of services in jurisdictions where IIR or its affiliates do not have the necessary licenses. IIR and/or the Participant, their officers, employees or its related bodies corporatemay, from time to time hold positions in any securities included in this Report and may buy or sell such securities or engage in other transactions involving such securities. IIR and the Participant, their directorsand associates declare that from time to time they may hold interests in and/or earn brokerage, fees or other benefits from the securities mentioned in this publication.IIR, its officers, employees and its related bodies corporate have not and will not receive, whether directly or indirectly, any commission, fee, benefit or advantage, whether pecuniary or otherwise in connectionwith making any statements and/or recommendation (if any), contained in this Report. IIR discloses that from time to time it or its officers, employees and related bodies corporate may have an interest in thesecurities, directly or indirectly, which are the subject of these statements and/or recommendations (if any) and may buy or sell securities in the companies mentioned in this publication; may affect transactionswhich may not be consistent with the statements and/or recommendations (if any) in this publication; may have directorships in the companies mentioned in this publication; and/or may perform paid servicesfor the companies that are the subject of such statements and/or recommendations (if any).However, under no circumstances has IIR been influenced, either directly or indirectly, in making any statements and/or recommendations (if any) contained in this Report. The information contained in thispublication must be read in conjunction with the Legal Notice that can be located at aimer.aspx.THIS IS A COMMISSIONED RESEARCH REPORT.The research process includes the following protocols to ensure independence is maintained at all times:1)The research process has complete editorial independence from the company and this included in the contract with the company;2)Our analyst has independence from the firm’s management, as in, management/ sales team cannot influence the research in any way;3)Our research does not provide a recommendation, in that, we do not provide a “Buy, Sell or Hold” on any stocks. This is left to the Adviser who knows their client and the individual portfolio of the client.4)Our research process for valuation is usually more conservative than what is adopted in Broking firms in general sense. Our firm has a conservative bias on assumptions provided by management ascompared to Broking firms.5)All research mandates are settled upfront so as to remove any influence on ultimate report conclusion;6)All staff are not allowed to trade in any stock or accept stock options before, during and after (for a period of 6 weeks) the research process.For more information regarding our services please refer to our website www.independentresearch.com.au.Independent Investment Research
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)ContentsBuilding an Australian Gold Developer - The Pilbara Team is Back. 1Key Points. 1SWOT Analysis. 2Overview. 3Strategy and Project Overview. 3Financial Position. 4Merger and Acquisition Details. 4Mulwarrie Gold Project, Western Australia. 6Alice River Gold Project, Northeast Queensland.11Aphrodite Gold Project - Western Australia. 15Other Projects. 19Peers. 20Capital Structure. 21Risks. 21Board and Management - Merged Entity. 21Independent Investment Research
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)Initiation - October 2017Note: This report is based oninformation provided by the companyas at October 27 2017Investment Profile - Post Merger Pro-FormaShare Price - 26 October 2017A 0.115Issued Capital:Ordinary Shares467.5mEscrow Shares54.5mPerformance Rights20.0mOptions35.9mFully Diluted522.4mMarket Capitalisation 53.8m12 month L/H - SPI 0.046/ 0.18Cash and Liquid Investments 3.39 millionBoard and Management - Post MergerMr Peter Buttigieg: Non-Executive ChairmanMr John Young: Managing DirectorBUILDING AN AUSTRALIAN GOLD DEVELOPER - THEPILBARA TEAM IS BACKSpitfire Materials Limited (“Spitfire” or “the Company”) sees the re-emergence of thehighly-regarded founders of ASX lithium developer Pilbara Minerals (ASX: PLS), now a 1.2billion company, in the Australian junior gold sector. Spitfire is undertaking a transformationalstrategy aimed at building a significant Australian gold developer and, down the track,producer.Most recently, the Company has announced a merger with Aphrodite Gold Limited (ASX:AQQ, “Aphrodite Gold”), owners of the Feasibility-level 1.26Moz Aphrodite Gold Project(“Aphrodite”), located adjacent to infrastructure just 65km north-west of Kalgoorlie in WesternAustralia. The merger is expected to be finalised in December 2017.Previously, the Company had acquired Admiral Gold, a private company associated withPilbara Minerals founders John Young and Neil Biddle, resulting in the injection of twoprojects, the Mulwarrie Gold Project Joint Venture (“Mulwarrie”), just 65km from Aphroditeand the Alice River Gold Project (“Alice River”) on Cape York in Queensland. Mulwarriehas returned excellent drilling results recently, demonstrating its potential as a satellitedevelopment to Aphrodite, while a maiden drilling program was completed recently atAlice River, which has an Exploration Target of between 105,000 and 250,000oz of gold andsignificant historical work. Active exploration programmes are underway or planned for allprojects, ensuring strong news-flow into the New Year.Mr Neil Biddle: Executive DirectorMr Roger Mitchell: Non-Executive DirectorMr Alan Boys: Non-Executive Director (until mergeris completed)Mr Russell Hardwick: CFO/Company SecretaryMajor Shareholders - Pre MergerMr John YoungStarchaser Nominees (Mr Alan Boys)8.11%6.79%Top 2046.60%Board and Management19.50%Price ChartKEY POINTSAdvanced gold projects: The Company is developing a portfolio of advanced exploration todevelopment projects in world class mining jurisdictions - these have the potential to developinto significant producers.High grades and open: The underground resource at Aphrodite contains 662,665oz of goldat the relatively high grade of 7g/t (enough to carry the processing required for the refractorymaterial), and in addition drilling at Mulwarrie has intersected grades of up to 43g/t, againhighlighting the potential for a high grade discovery. Identified mineralisation at all three keyprojects is also open, highlighting significant potential for resource expansions and furtherexploration success.Western Australian synergies: The two key projects in Western Australia, Aphrodite andMulwarrie are only 65km apart, and should a suitable resource be defined at Mulwarrie andthe economics of Aphrodite stack up they have the potential to be treated through a commonplant, thus significantly decreasing capital costs, and hence the resource inventory at eachdeposit that would otherwise be required for standalone operations.Third party treatment options: There is also the potential to treat Aphrodite ore at anearby plant, and to that end Aphrodite Gold has signed an memorandum of understanding(“MoU”) with Poseidon Nickel (ASX: POS, “Poseidon”) with regards to using the Black Swanconcentrator, which is currently under care and maintenance.Ready access to infrastructure: The Western Australian projects have ready access to powerand transport infrastructure, and a resident workforce and services in Kalgoorlie.Senior Analyst – Mark GordonStable, well respected mining jurisdictions: Both Queensland and Western Australia havea long history of mining with both ranking well in the 2016 Fraser Institute Survey of MiningCompanies, with Western Australia coming in at 3rd and Queensland 10th globally, andrespectively 1st and 2nd in Australia.Positive outlook for gold: Our view is that the Australian denominated gold price will remainat around current historically high levels or higher for the foreseeable future.The investment opinion in this report is current asat the date of publication. Investors and advisersshould be aware that over time the circumstancesof the issuer and/or product may change whichmay affect our investment opinion.Independent Investment ResearchStrong management and technical team: The Company has management and technicalpersonnel with extensive experience in the junior resources sector, and a proven history oftechnical success and delivering value to shareholders; in addition key personnel hold 20%of the Company, thus aligning their interests with those of other shareholders.Active Exploration Programmes: Comprehensive exploration programmes are currentlyunderway or planned over all projects, leading to significant news flow over the short tomedium term. Given the results of historical work we would expect positive results fromthese programmes.1
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)SWOT ANALYSISStrengths Advanced, high quality gold projects: The three key projects are advanced, withthe results of work to date highlighting the quality of them and the potential to hostsignificant resources. Potential synergies: The proximity of the Aphrodite and Mulwarrie projects means thatthere are potential development and operational synergies should they progress that far. On Mining Leases: Key mineralised areas on all three key projects are on grantedMining Leases; this should shorten and simplify permitting activities should they head toproduction. Well regarded jurisdictions: Both Western Australia and Queensland are well regardedmining jurisdictions, with long histories of successful mining. Close to infrastructure: Aphrodite and Mulwarrie are both close to infrastructure,which will decrease costs of any potential developments; this includes being close toKalgoorlie, thus precluding requirements for fly in/fly out (“FIFO”) operations. Experienced people with skin in the game: Company personnel have significantexperience and success in the junior resources sector, and also have significant holdingsin Spitfire - this success has included listing and growing lithium developer PilbaraMinerals Ltd (ASX: PLS). Frankfurt Stock Exchange listing: This secondary listing gives Spitfire ready access toEuropean investors and capital markets.Weaknesses Refractory mineralisation at Aphrodite: The presence of refractory mineralisation atAphrodite will result in higher cost capital and operating costs, and as it stands our viewis that the project is currently very marginal as a standalone operation. However thereare a number of options that potentially improve the economics, including third partytreatment, synergies with Mulwarrie and the potential to significantly expand resources. Funding: As of September 30, 2017 Spitfire and Aphrodite Gold had A 3.39 millionin cash between them; given the planned exploration programmes there will be therequirement to go to the market in the near term.Opportunities Resource expansion: This is the key opportunity at Aphrodite, with mineralisation beingopen at depth, with the deepest drilling some 150m below the base of the currentresource, and mineralisation still open below that. Drilling success: These apply to Mulwarrie and Alice River, with, like at Aphrodite,mineralisation being open beyond the deepest intersection at these two projects. Other acquisitions and farm-ins: Spitfire will be looking at other opportunities,particularly those that provide synergies with existing projects.Threats Lack of drilling success: This particularly applies to Mulwarrie and Alice River, and is akey threat for any junior explorer. Merger not proceeding: Given the friendly nature of the transaction we would considerthis a minor threat only, however a threat none the less. Markets and metals prices: A key perennial threat facing juniors are falls in the stockand gold markets, particularly when it comes to having to raise funds in a bad market –this will also impact with investors selling down the more risky juniors before other lessrisky investments.Independent Investment Research2
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)OVERVIEWSTRATEGY AND PROJECT OVERVIEW Spitfire’s strategy is to build a significant Australian gold developer and producer, andto that end has recently completed a number of acquisitions and is in the process ofcompeting a merger with Aphrodite Gold. Acquisitions include the England Gold Project in Western Australia (completed in October2016), the Yoda Gold Project in the Northern Territory, (completed in December 2016);and the acquisition of the unlisted Admiral Gold Limited, announced in March 2017 andcompleted in June. Admiral Gold is earning up to 70% of Mulwarrie some 150km northwest of Kalgoorlie inWestern Australia and is earning up to 100% of the Alice River Gold Project, located westof Cooktown 460km northwest of Cairns in northeast Queensland. The Company is currently in the process of merging with Aphrodite Gold, with the mainasset being the advanced 1.26Moz gold Aphrodite Gold Project, on which a JORC-2012compliant resource upgrade and updated PFS were recently completed - Aphrodite islocated 65km northwest of Kalgoorlie (Figures 1 and 2). Spitfire has also listed on the Frankfurt Stock Exchange (FSE: 4SF); this gives thecompany greater exposure to European investors and capital markets.Figure 1: Project location mapSource: SpitfireIndependent Investment Research3
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)Figure 2: Western Australian projectsSource: SpitfireFINANCIAL POSITION As of September 30, 2017, Spitfire had cash of A 2.86 million, with Aphodite holdingA 0.53 million in cash. Over the twelve months to June 30, 2017, Spitfire raised A 4.5 million through theplacement of 75 million shares at A 0.06/share; over the same period Aphrodite raisedA 4.477 million through a placement (A 2.026 million) and SPP (A 2.251 million) withthe issue of shares at A 0.019/share - there was 75% take-up in the SPP. Over the same period Spitfire spent A 0.254 million on exploration and A 0.830 millionon staff and administration costs; Aphrodite expended A 2.577 million on exploration andA 1.010 million on administration. The low exploration expenditure for Spitfire during FY17 was due to activities largelyconcentrating on identifying acquisition opportunities - expenditure accelerated from latein the June 2017 quarter with drilling programmes underway.MERGER AND ACQUISITION DETAILSSpitfire/Aphrodite Gold Merger The planned friendly merger between Spitfire and Aphrodite Gold, which is expected tobe completed in December 2017, was announced to the market on August 14, 2017. The merger, through a Scheme of Arrangement, will involve Spitfire acquiring all shares(except for the 74.13 million that it already owns) through the issue of one Spitfireshare for every 2.9 Aphrodite shares - this will result in the issue of 220.8 million newSpitfire shares to the shareholders of Aphrodite, with existing Spitfire shareholders andAphrodite shareholders each holding approximately 50% each of the surviving Spitfireentity.Independent Investment Research4
Spitfire Materials Limited (ASX: SPI, FSE: 4SF) As mentioned previously, Aphrodite Gold’s main asset is the 100% held Aphrodite GoldProject. Two Spitfire Board members John Young and Neil Biddle will remain, with AphroditeBoard members Peter Buttigieg and Roger Mitchell joining the Spitfire Board. At the time of the announcement the Spitfire share price was A 0.13/share, and that forAphrodite was A 0.024/share, with the implied transaction value of A 0.045/Aphroditeshare representing a premium of 85% to the then share price. The pro-forma capital structure, using current share prices, is shown in Table 1.Table 1: Pro-forma Spitfire/Aphrodite merged entity capital structureTable 1: Pro-forma Spitfire/Aphrodite merged entity capital structureParameterSPIAQQMergeCoShare PriceA 0.115A 0.035A 0.115Current, MergeCo based on SPIShares on Issue246.7 m714.4 m467.5 m220.8 new SPI shares issued - nonew shares issued for 74.2 millionAQQ shares already held by SPISPI Performance Rights20.0 mSPI Options22.1 m20.0 m-22.1 m-40.0 m13.8 mA 28.37 mA 25.00 mA 53.76 mUndilutedAQQ Options/ReplacementMarket CapitalisationNotesReplaced at 1 for 2.9CashA 2.86 mA 0.50 mA 3.36 mSeptember 30, 2017Enterprise ValueA 25.51 mA 24.50 mA 50.39 mUndilutedSource: Spitfire, IRESS, IIR analysisAdmiral Gold Acquisition The Admiral Gold acquisition was announced to the market on March 27, 2017, withcompletion announced on June 30, 2017. At the time of acquisition Admiral Gold’s principals and major shareholders wereJohn Young and Neil Biddle, with the major assets, as discussed earlier, being earn-inarrangements into the Mulwarrie and Alice River Gold Projects. The acquisition of Admiral included the following (now completed):––The issue of 59.5 million fully paid ordinary Spitfire shares to the shareholders ofAdmiral Gold, of which 49.5 million will be escrowed for 12 months,––The appointment of Messrs Young and Biddle to the Board of Spitfire, and,––Shareholder approval. Details of the asset earn-in agreements are given below.Alice River Gold Project, NE Queensland Admiral has the right to earn up to an initial 51% interest in the tenements (“Stage 1Interest”) from the vendors Tinpitch Pty Ltd (“Tinpitch”) by:––Expending a minimum of 1,000,000 on exploration expenditure on or in relation tothe tenements by 14th March 2018 (“Year 1 Expenditure Requirement”), includingsatisfying a minimum expenditure commitment of 750,000;––Expending a minimum of 5,000,000 on exploration of the tenements, which shallinclude any amounts spent in satisfying the Year 1 Expenditure Requirement by 14thMarch 2019; and––Completing a Scoping Study on the tenements. Subject to Admiral earning the Stage 1 Interest, Admiral has the right to earn up to anadditional 24% interest in the tenements (“Stage 2 Interest”) by undertaking additionalexpenditure on exploration of the tenements of not less than 5,000,000 by 14th March2021. Upon Admiral earning a 75% interest in the Alice River Gold Project, there are a numberof elections available to Tinpitch with respect to its remaining 25% interest and, uponcompletion of a Bankable Feasibility Study, Admiral has a call option to acquire Tinpitch’sremaining 25% interest. Subject to the acquisition of that remaining 25% interest,Admiral would then hold a 100% interest in the Alice River Gold Project.Independent Investment Research5
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)Mulwarrie Gold Project, Western Australia Admiral has entered into a binding term sheet with Goldfield Argonaut Pty Ltd in relationto the Mulwarrie Gold Project. Under the terms of the agreement, Admiral has the rightto earn up to an initial 51% interest in the tenements (“Stage 1 interest”) by:––Expending a minimum of 200,000 on exploration of the tenements and completinga total of 2,000m of Reverse Circulation (RC) and/or Diamond Drilling (DD)) on thetenements by 31st July 2017 (“Minimum Commitment”, completed); and––Expending a minimum of 1,000,000 on exploration of the tenements, which shallinclude any amounts spent in satisfying the Minimum Commitment, on or prior tothe 31st January 2018. Subject to Admiral earning the Stage 1 Interest, Admiral has the right to earn up to anadditional 19% interest in the tenements (“Stage 2 Interest”) by undertaking additionalexpenditure on exploration of the tenements of not less than 1,000,000, on or prior tothe 31st January 2019.Yoda and England Gold Prospects The completion of the acquisition of 100% of the Yoda Prospect (EL30834) in theNorthern Territory was announced to the market on December 5, 2016, with theconsideration being 3,000,000 fully paid ordinary shares in Spitfire. The completion of the acquisition of 100% of the England Gold Project (E38/2869)in Western Australia was announced to the market on October 27, 2016, with theconsideration being 2,000,000 fully paid ordinary shares in Spitfire.MULWARRIE GOLD PROJECT, WESTERN AUSTRALIALocation and Tenure Mulwarrie includes two granted contiguous ML’s, located 10km from the DavyhurstMining Centre and readily accessible from either Kalgoorlie or Coolgardie by 150km ofsealed highway and formed dirt roads. Both tenements, which cover a total of 179.67ha are in good standing, with expiry datesin 2028.Figure 3: Mulwarrie tenements and geologySource: SpitfireIndependent Investment Research6
Spitfire Materials Limited (ASX: SPI, FSE: 4SF)Exploration and Mining History Mulwarrie has seen significant historic drilling from 1983 to 1998, with Admiral Goldcompiling a database 453 drillholes, including rotary air blast (“RAB”) and reversecirculation (“RC”). Previous explorers include Pancontinental Mining and Consolidated Mining N.L., withPancontinental defining reserves of 83,000t @ 4.17g/t Au - the Central West Pit wassubsequently mined by Callion Mining Pty Ltd, with 3,037oz of gold reportedly beingproduced from 24,344 tonnes of oxide ore at a grade of 3.88g/t Au. Historical underground production from the broader Mulwarrie area is reportedly 26,344oz of gold from 19,728 tonnes at an average grade of 41.5g/t Au.Work by Spitfire Work by Spitfire has included two RC/diamond drilling programmes for 5794.5m; thisincludes an initial programme of 3,014.6m in 27 holes (26 RC, one diamond) completedin the June 2017 quarter, and 2,780m from 23 RC holes completed in the September2017 quarter. This drilling has retu
Spitfire Materials Limited (“Spitfire” or “the Company”) sees the re-emergence of the highly-regarded founders of ASX lithium developer Pilbara Minerals (ASX: PLS), now a 1
Build Your Own Paper Spitfire redwhiteblueday.co.uk. On 5 March 1936, the Spitfire took to the skies for the very first time. An icon of British resilience and defiance due to its role during World War II, today the Spitfire has become
The Aerodynamics of the Spitfire J. A. D. Ackroyd Abstract This paper is a sequel to earlier publications in this Journal which suggested a possible origin for the Spitfire’s wing planform. Here, new material provided by Collar’s drag comparison between the Spitfire and the Hurric
The new ASX 24 Trading Platform (Trading Platform) will support all ASX 24 markets previously operated on ASX Trade 24. The Trading Platform offers a common set of interfaces to all ASX 24 products and a suite of functionality replicating and enhancing those offered on the platform that it succeeded. 1.1. Document Information
The support and marketing staff of Ricoh Sales companies, including Ricoh family group . B264 Aficio 3035 SP/SPF/Spi/G 8035 SP/SPF/Spi/G DSm735 SP/SPF/Spi/G LD235 B265 Aficio 3045 SP/SPF/Spi/G 8045 SP/SPF/Spi/G DSm745 SP/SPF/Spi/G LD245 B276 Aficio MP 1600 9016 DSm716 LD316 B277 Aficio MP 2000 9021d DSm721d LD320 .
152-158 St George's Terrace Perth WA 6000 BY EMAIL: james.rowe@asx.com.au Dear James PILOT ENERGY LIMITED - ASX PRICE QUERY We refer to your letter of 10 February 2021 (Price Query Letter) and respond to your questions as follows: 1) Is Pilot Energy Limited (ASX: PGY) (PGY or Pilot) aware of any information concerning
The objective of this lecture is to learn about Serial Peripheral Interface (SPI) and micro SD memory cards. 2. SPI Introduction Serial Peripheral Interface (SPI) communication was used to connect devices such as printers, cameras, scanners, etc. to a desktop computer; but it has largely been replaced by USB. SPI is still utilized as aFile Size: 741KB
C8051F700 Serial Peripheral Interface (SPI) Overview. 2 . C8051F700 device features SPI operation overview SPI module overview Where to learn more. 3 Introducing The C8051F700 New patented capacitive touch sense True capacitance-to-digital converter Robust and responsive . SPI USB Configurati
These have been graded as Very Easy (Level 1), Easy (Level 2), and Standard (Level 3). Penguin Readers/Pearson English Readers Penguin Readers and Pearson English Readers have a large selection of genres across 7 levels – Easystart to Level 6. CDs are included with some titles. Level Headwords CEFR Easystart 200 A1 Level 1 300 A1
