Dropped their PT slightly from $5.60 to $5.50 . If I'm reading the report correctly its due to a slight remodelling of end of life gold extraction at Okvau.
We model first mine build start in late 1H25, the second in 2H25for total combined US$200m capex
If they are saying 2 mines for US$200M, that seems very much under to me. Anyone recall how much the Okvau mine capex was ?
US$6.5m of Sprottdebt principal was repaid (US$6.5m at quarter end) with a further 4.35koz paid into the gold facility for areceived price of US$1,100/oz (4.35koz remaining).
Nice to see the figures laid out. Assuming POG of say $2700, that means after the current quarter, EMR will have an extra US$13.5M (AUD $21.7M), each quarter. When you consider that their gold income last month was circa US$57M (31.5oz x (2669-855)), that means they get to keep 20%+ more of the income from the gold than in prior quarters.
EMR Price at posting:
$4.33 Sentiment: Buy Disclosure: Held
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