Ausgold recently announced that its upcoming DFS (scheduled for Q4 CY23) will be based on a 5Mtpa processing facility (prior 3Mtpa) following the outcomes of an ‘Options Study’. We have adjusted our model to reflect these changes. Our valuation has been most heavily impacted by changes in our assumptions rather than changes to the Katanning project, including assumed first production in Q1 CY26 (prior Q4 CY24) as well as a change in our debt-to-equity financing assumptions. As a result, our valuation decreases slightly to 12cps, prior 13cps. We maintain our Speculative Buy recommendation.
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