AMN has released a positive DFS for Lake Mackay with an increased production rate, improved operational costs, longer mine life and similar capex to the May 2018 PFS. The overall mine economics have improved, and we value Lake Mackay on a fully-funded basis at $1,007m and on an 80% risked basis at $803m. We maintain our SPEC BUY recommendation with a revised price target of $1.16 from $0.89.
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