Beacon Minerals (ASX:BCN) is a small WA based gold producer that’s been a quiet achiever since bringing its Jaurdi Operation into production in late 2019. Since 2019, BCN has achieved a 28kozpa production profile combined with steady positive operating cash flows. From the generated cash build, BCN has paid out a total of ~A$41.6M in dividends and reinvested into project acquisitions that will extend the Jaurdi mine life out to at least FY31. With 7-year mine life in place, we look for a production profile increase as BCN brings on higher grade ore sources into its mine plan. Argonaut initiates coverage with a Speculative Buy recommendation and a $0.035 price target.
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