Argonaut new research on MAU. Target $3.50.

• MAU continues to drill out its LJN4 discovery with assays pending for several key extensional holes recently completed.
• Mining Lease applications are pending, expected to be finalised in 2HFY25 following completion of a Native Mining Agreement.
• We expect MAU to report an Underground Study for LJN4 in the next few months which will highlight an increase to the Lady Julie production profile from 104kozpa to +150kozpa.
• Drilling onsite continues with two rigs focused on extensional and infill drilling of the Northern LJN4 shoot.
• MAU holds A$11.6m in cash as of 31st December.
• We have lifted our Price Target from $3.20 to $3.50 driven by gold price movements.
• Our Speculative Buy rating remains unchanged.
• Valuation & Recommendation
• We have lifted our Price Target from $3.20 to $3.50 driven by gold price movements.
• Our Speculative Buy rating remains unchanged.
• Upcoming catalysts for MAU include further extensional results from the LJN4 Northern Shoot along with an Underground Study which should highlight a +150kozpa potential at the Lady Julie Project.