Broad brushes, Ausgold’s Katanning PFS published last week was in line with our expectations. Overall, the demonstration of the ability to front-end high-grades in the mine plan means that Katanning outperforms our previous mining-scenario we used to value the project, but a later build than anticipated has netted out against our prior assumptions. A Pre-Feasibility Study is just that though, this week’s drill results show room remains to grow the project, and mining parameters can also be tweaked to improve efficiencies. Our valuation is unchanged at 11cps, we maintain our Spec Buy recommendation.
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