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GOLD! De Grey Mining

28th Sep '23 by Anton Crabbe
7 comments375 reads
De Grey Mining (ASXEG) today announced their much anticipated definitive feasibility study (DFS) for their, Pilbara based, Hemi gold reserve. Based on this DFS findings, DEG believe they are sitting on a tier-1 gold mine that will rank 5th largest in Australia based on annual production rates at present. They are targeting first gold production from the mine in the second half of FY26 and expect to start construction and move to a final investment decision (FID) in FY24. To help fund this process, DEG also announced a $300m share placement as well.
For me this is a great time to revisit Elio's article on June 21st 2023 Riding the cycle - The Lassonde Curve to see where DEG sit in the life cycle of a mining company and what investors can expect from here. To put DEG's announcement into prospective, the ground that formed the De Grey IPO back in 2003 remains the ground on which Hemi was ultimately discovered in 2020 and in August this year DEG passed the 1.1 millionth metre drilled milestone on the project. There has been a lot of time, effort, luck, and funding to get Hemi to this stage!

Looking at the Lassonde Curve, we can see that DEG are at the Financing and Construction Stage and have de-risked the project through their drilling and exploration efforts and hopefully if the financing, development, and construction stages go smoothly they will become a producing mine in the not to distant future and ,looking at the red value line, this is the most rewarding stage for investors.