The development of the Fish underground is a key de-risking pathway for BTR as it will increase its ore sources that feed the Laverton process plant to three, joining the Second Fortune underground and stockpiles from Lord Byron. During the 1HFY25, BTR signed an Ore Purchase Agreement with Genesis Minerals to process up to 500kt of ore over CY25 and 1QCY26. Completing the Laverton & Menzies study presents a key near-term catalyst for BTR. Cash flow from the Ore Purchase Agreement should enable BTR to refurbish its Laverton process plant and develop the Lord Byron and Cork Tree Well open pits. These projects have the capacity to produce ~45kozpa for 5-6 years. Sandstone remains BTR’s core project, containing over 50% of BTR 3.0moz of resources. Exploration is at an early stage, and advancing Sandstone towards production remains the key value creation opportunity for BTR in our view. We reiterate our SPEC BUY rating and A$0.05 price target on BTR.
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