Saracen Mineral Holdings (SAR) released its latest round of exploration results, highlighting the organic growth benefits from its $56m exploration expenditure in FY19. The results show tangible Resource/Reserve extensions to Karari/Dervish and Million Dollar, along with further long intercepts at the Atbara discovery. The Company is imminently due to release its annual Reserves and Resources update along with a 7-Year Plan. While SAR has been a standout performer in the gold sector, we believe the stock is expensive relative to peers and therefore we maintain a SELL recommendation.
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