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Sandfire Resources (SFR) - Consolidating Monty

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Sandfire Resources (SFR) has reached an in-principle agreement with Talisman Mining (TLM) to acquire TLM’s 30% interest in the Springfield Joint Venture (JV) for $72m cash and a 1% net smelter return (NSR) royalty. Springfield incorporates the Monty deposit which is currently under development and due to contribute ore to the DeGrussa processing plant from Q2 FY19. Argonaut believes the price paid for TLM’s 30% of the JV is fair relative to our valuation of $250-300m for the Monty Project. Argonaut upgrades SFR to HOLD from SELL.

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