BTR has commenced ore haulage from the Second Fortune to Genesis Minerals’ (GMD AU, BUY, A$4.90 Price Target) Laverton Mill under the Ore Purchase Agreement. First gold pour is scheduled to occur in March, at which point we expect BTR to regularly report production through the 15-month term of the OPA. The Laverton and Menzies Definitive Feasibility Study is advancing and should be released before the end of FY25. Our base case forecasts for BTR assume an expansion and re-start of its existing mill at Laverton, with Menzies production assumed to be toll treated through the Paddington mill. Exploration results from Sandstone have the potential to provide positive catalysts for BTR and we reiterate our SPEC BUY rating and A$0.05 Price Target.
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