SMI has reported a PFS for its Bendigo-Ophir Gold Project which saw an increase in the average annual production profile from 110kozpa to 125kozpa. Pre-production capital costs for the project increased to A$340m but were in line with Argonaut’s estimates. We have adjusted our base case to align with the PFS production schedule. Our Price Target is unchanged at $1.00 after factoring in the changes to our production scenario. Our Speculative Buy recommendation is maintained.
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