The De Grey Mining share price is up 4% to $1.39. This may also have been driven by a broker note out of Bell Potter. It was pleased with the company's mineral resource update and continues to believe the gold developer could be a takeover target. It said: "DEG remains a likely takeover target in our view, with Gold Road (GOR, Buy, TP$2.40/sh) not in a position to become active on DEG. We expect its 17% shareholding is becoming non-core and the first port-of-call for a potential acquiror of DEG. We update our exploration valuation and apply our latest (higher) gold price forecasts to our risk-adjusted NPV-based valuation of the HGP. Our valuation lifts 18%, to $2.15/sh. We retain our Speculative Buy recommendation."
GOR Price at posting:
$1.74 Sentiment: Buy Disclosure: Not Held
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