Arrow Minerals' (ASX:AMD) maiden resource was "very encouraging," with a total of 185 million tonnes at 42.3% aluminum oxide and 2.7% silicon dioxide, said Euroz Hartleys in a Thursday note.
The maiden resource includes higher-grade subsets of 138 million tonnes at 44% aluminum oxide and 2.8% silicon dioxide, inclusive of 48 million tonnes at 48.2% aluminum oxide and 2.6% silicon dioxide.
Apart from the company's resources, Euroz Hartleys said it likes its management team with "excellent" development experience. The company also has a "supportive" valuation of AU$28 million market cap.
The research firm also noted that the stock should be considered "very high risk" because the project is still only under an option to acquire.
Euroz Hartleys kept Arrow Minerals' speculative buy rating with an AU$0.08 price target.
The company's shares rose 2% on market close.
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