They have dropped they PT from $5.50 to $5.30 based it appears on the following:-
Model changes: We update our model for the updated reserves: Key changes are we lift LOM recovery to86% from 84%. We adjust our modelled open pit LOM grade to 1.7g/t (prev 1.98g/t) and adjust our UGassumptions to 360ktpa (~1,000tpd) at 5.5g/t Au from previous 500ktpa at 5.0g/t. We forecast steadystate (OP + UG) annual production of 135kozpa at US$934/oz AISC (prev 151kozpa at US$836/oz).
Note also it assumes a POG of $2300.
They expect dingo range to start building mid-year and memot in H2.
EMR Price at posting:
$4.45 Sentiment: Buy Disclosure: Held
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