Says Initial MRE is inline with expectations, and expects grades in Oz to be 1.7g per tonne with more drilling. Looking for 140-150koz production per year. Now saying construction will start Q1 2025, and also memot will be within 3-6 months of Oz.
I think their $871/oz ASIC is somewhat optimistic for Oz. Also their US$120M for capex to get the mine up and running looks a bit low to me.
Target price is $4.45, but that's based on AU @ $2060 in 2026.
However the standout statement for me in the report is 350-400Koz per year across all mines by mid 2026. Even allowing for an average $900 ASIC across all mines, that's US$600-680M a year, or in the ballpark of AUD $1B
EMR Price at posting:
$3.25 Sentiment: Buy Disclosure: Held
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