UBS Securities LLC, 22 June 2023 SSR Hod Maden is (very) high...

UBS Securities LLC, 22 June 2023
SSR Hod Maden is (very) high grade/margin in contrast to the WA gold sector
We like SSR's Hod Maden and value SSR's 40% share at ~A$890m which implies an
attractive transaction P/NAV ~0.40x. This high grade and high margin project contrasts
to a WA gold sector that is challenged by ageing orebodies and struggles to generate
FCF. It also upgrades the quality of the portfolio, reduces group costs and SSR can
comfortably fund its share of development capex from cashflows.

Note UBS has increased its 12m price target from A$26.5 to A$28.1.
UBS expects to receive or intend to seek compensation for investment banking services from SSR within the next three months.