TOK’s restart activities at Tolukuma continue at a steady pace which should see road access and a new gravity plant in place before the end of CY2024. Our price target increases from $1.60 to $1.80 after spot gold price movements, and a Speculative Buy rating is maintained. We continue to see further upside to our valuation which factors in only a small portion of production from Tolukuma’s potential endowment.
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