We recently completed a site visit to RMS’s Mt Magnet Operations, which highlighted several growth opportunities across the three mining areas. The Eridanus cut-back is a key part of Mt Magnet’s growth plans and should deliver a stable baseload open pit feed to complement underground operations at Galaxy and Saturn. We see the Checkers Mill expansion as a good move that should optimise the economics of the Eridanus cutback along with opening up other resources for inclusion into the mine plan. Spot gold prices lift our price target from $2.60 to $2.70, with our BUY rating maintained.
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