BGL has confirmed the discovery of a new high-grade shoot at Deacon. New shoot was intersected as part of grade control drilling and BGL has indicated that a further six areas have been identified that could also contain higher grades. Results included 10.8m @ 66.8g/t and 8.9m @ 71.1g/t compare favourably to the Deacon Main resource of 1.3mt @ 13.4g/t. The volume of additional ounces is difficult to quantify, however we have increased our exploration value for Bellevue to reflect this upside, which drives a 6% lift in our price target to A$1.70. Life of mine AISC guidance for BGL of A$1,000-1,100/oz is stale, and we believe cost guidance for FY25 is a potential negative catalyst for BGL and reiterate our HOLD rating.
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