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MZI Resources (MZI) - Production Improving, Debt Looming

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MZI Resources (MZI) released June Q production with a significant improvement in ore mined and processed (+13% and +14% respectively QoQ). The Company also achieved record sales 23.4kt of mineral sands products generating proceeds of $14.8m. Operations at the Keysbrook mine appear to be stabilising following the installation of the Mining Field Unit (MFU). Balance sheet risk remains our key concern with a US$21m debt repayment to Resource Capital Fund (RCF) due in the first week of December. MZI is currently exploring options to achieve a simpler and more efficient capital structure. Argonaut maintains a HOLD recommendation with a revised target price of $0.38/sh.  

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