Thanks for sharing the updated research note from Canaccord.
Main points from the note:
- current resource of 14.3Mt (over 3km of strike)
- (smaller) resource upgrade due shortly, in JUN/JUL (from the 14.3Mt to, up to 20Mt)
- (bigger) resource upgrade due in DEC QTR (to 25-30Mt)
- exploration target (ET) of 50-100Mt (over 43km of strike)
--- ET is on top of current resource of 14.3Mt
--- ET is based on depth of 150m (excl anything deeper than 150m)
--- ET excludes the carbonatites
- they might release a maiden resource from C3 in H2 of this year
- their 24c price target is based off just the ironstones
--- excludes the Ni-Cu-PGE JV with AUD$26B+ JV Partner (First Quantum)
--- excludes the gold potential at Star of Mangaroon & the rest of the historical mines at Mangaroon
--- excludes the Kimberley Orion (+ 13 look-a-likes) discovery (16m @ 2.2% Cu, 6.6g/t Au, 38.7g/t Ag, 0.4% Co, from 83m (i.e. 16m @ 13.4g/t AuEq))
--- excludes the whole Central Yilgarn project
--- excludes the whole Bresnahan project
--- excludes anything else that they might find across the ~5,000sqkm at Mangaroon
But yeah, it's just a broker report, right?
Cheers,
GB.
DRE Price at posting:
5.1¢ Sentiment: Buy Disclosure: Held
(20min delay)