We adjust our quarterly production to 20.1koz at US$1,350/oz AISC. Given timing, we alsoadjust our Dingo Range build start by 2 quarters to calendar Q4 this year from Q2, with Memot moved onequarter to calendar 1Q26 build start. The overall SCPe NAV impact is -2.4% to US$2.33bn.
So they are pushing dingo range start to end of this year. As a reminder, all thru 2024, EMr was signalling that there would be a DFS and final decision by end of that year. The original delay was fully explained by the extended time it took for the bullseye takeover to be completed, but there has been zero comment from EMR relating to any reason why things have been pushed back since then.
Sprott does come to the same conclusion as I did in another post, that EMR can basically fully fund both mine developments from money coming in from Oakvau, although it appears they do expect them to take on some debt.
And good ole justin's chart on page 4 is still entirely inconsistent with the corresponding table immediately above it. Table estimates 384Kozs in 2027, whereas chart shows around 280Kozs. Its been updated to take account of the delay in building out the mines, but its more wrong than ever !
EMR Price at posting:
$4.00 Sentiment: Buy Disclosure: Held
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