Bardoc, with a large and prospective land holding, and a strong team with a background in developing and operating mines within the Kalgoorlie district, will be amongst the next wave of mid-tier gold producers. An increased mining inventory to draw upon is a matter of more drilling as its namesake project advances towards planned first gold in the December quarter 2022. Given a backdrop of increasing costs in WA, we present a development scenario with higher assumed capex and opex than the DFS. Despite this conservatism, our valuation is at a 50% premium to the current price and has risk to the upside. We assign a speculative buy recommendation and a valuation of $0.12 per share.
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