Argonaut visited the Wyndham Port and the surrounding area to get a better understanding of the mine to port logistics chain. We were very impressed by the quality of the local infrastructure in terms of port, roads and local towns. We were also able to observe a trans shipping operation in action that is similar to what AMN is planning. We maintain our SPEC BUY recommendation. Our price target of $0.89 p/s is increased from $0.85 p/s due to the updating of some of our debt and future capital raising assumptions.
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