Ann: Completion of Bookbuild for Fully Underwritten $300 million, page-20

An edited note by Bell Potter. Nothing unknown in it:

DEG - DE GREY MINING LIMITED

Bell Potter rates DEG as Buy (1) - De Grey Mining has released the Definitive Feasibility Study for its Hemi project, with the results largely as expected by Bell Potter. The broker considers the release of the report to be a key de-risking milestone for the project, and confirms Hemi as a global Tier 1 asset.

The study outlines five open-pit ore mines, with combined reserves of 120.8m tonnes, to be processed over a twelve year mine life. Pre-production capital costs are estimated at $1,345m, with development including the construction of a 10m tonne per annum processing plant.

The Buy rating is retained and the target price decreases to $1.80 from $1.93.

Target price is $1.80 Current Price is $1.06 Difference: $0.735 If DEG meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges). Current consensus price target is $1.70, suggesting upside of 59.6%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY23:

Current consensus EPS estimate is -1.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A.

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PS "Hemi" in OVish means money.