A1M has reported strong First Half results, broadly consistent with Argonaut’s cash flow model. EBITDA was $24.7M, up from $7.8M in the same period last year and consistent with the prior period. The company was profitable with an NPAT of $2.2M driven by $12.9M in positive mine cashflow. Jericho development and expansion the Eloise process plant in coming years is expected to underpin the projects future. Near Resource or regional exploration success could act as medium-term catalysts. A solid second quarter would provide investors with further confidence in A1M’s stewardship of Eloise. We retain our Speculative Buy recommendation and maintain our $0.53 Price Target.
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