The Dalgaranga Gold Project MRE update was a stronger than expected, increasing 46% to 2,485koz. The size and grade of Pepper at 1.78mt @ 7.66g/t for 4381koz was particularly encouraging and supports our production scenario. We make no changes to our production forecasts but do ascribe additional value to resources not currently in the mine plan. SPR ended the quarter with a cash position of $93.0m following the capital raising. Additionally, with competitive tension likely removed by the RMS investment, we maintain our HOLD recommendation.
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