Ann: Becoming a substantial holder, page-15

wonder what Black Rocks target price is ???
interesting from last week???
'An asset they can't afford not to own': The ASX 200 gold share with 70% upside

This gold miner could be a takeover target for the big players according to one broker.
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James Mickleboro❯
Published October 5, 10:00 am AEDT
DEGNCMNEM
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If you're interested in gaining exposure to the gold sector, then it could be worth checking out De Grey Mining Limited (ASX: DEG).
That's the view of analysts at Bell Potter, which see huge upside ahead for the ASX 200 gold share.
Why this ASX 200 gold share?

According to the note, Bell Potter has responded positively to the company's definitive feasibility study (DFS) for its 100% owned Hemi Gold Project in Western Australia.
It believes the DFS points to the Hemi Gold Project being a tier one project. The broker said:
The DFS outcomes were in-line with our expectations. Overall, we view the HGP DFS as a key de-risking milestone for DEG and the project. It is a high confidence, comprehensive evaluation of the project and, in our view, confirms it as a global Tier 1 asset.
Potential takeover target?

Given the size and location of the project, the broker has suggested that the ASX 200 gold share could be an attractive option for Newcrest Mining Ltd (ASX: NCM) suitor Newmont Corporation (NYSE: NEM). In fact, it feels that the big gold miners can't afford to not acquire it. Bell Potter explains:
It also fits with Newmont Corporation's definition as follows: a gold project producing +500koz gold equivalent ounces per annum, with average AISC/oz in the lower half of the industry cost curve and a mine life >10 years in countries that, on average, are classified in the A and B credit rating ranges.
In our view, competitive advantage in the mining sector is built primarily on asset quality. This study shows the HGP is relevant to the world's largest gold mining companies and to be an asset they can't afford not to own.
Big upside ahead

Bell Potter has a speculative buy rating and a $1.80 price target on the company's shares. This implies a potential upside of 70% from current levels.