Emerging potash play Highfield Resources could replicate its substantial share price re-rating in the first two weeks of May after last week’s announcement that it had raised $32 million at a minimal discount to its last trading price of 52¢.

Cornerstone investor EMR Capital subscribed for 25 million shares at 51¢ a share, accounting for $12.75 million of the raising. But this could be a bargain compared with where Highfield will be trading come 2018 if Foster Stockbroking is on the mark. It expects a valuation of $5.63 a share could be justified, based on peer comparisons.