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Western Areas (WSA) - Magnificent Seven

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Western Areas (WSA) continued its impressive streak of stable production and low costs with June Q production of 6.0kt Ni in concentrate at C1 costs of $2.42/lb (before payability), broadly in line with Argonaut’s forecast of 6.1kt Ni at $2.45/lb. WSA finished FY17 with 26.0kt Ni at $2.38/lb, at the upper end of production guidance (25-26kt) and at the lower end of cost guidance ($2.35-2.50/lb). The Company strengthened its balance sheet to $140.3m cash (no debt), following the sale of its remaining interest in Bluejay mining Plc for $26.8m. BUY recommendation maintained with a $2.70/sh target price.

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