DEG’s 2QFY25 report has outlined key progress across various aspects of the project, the most significant being the Hemi Underground Conceptual Study where DEG provided the first indications of Hemi’s Underground potential beyond its 14-year open pit mine life. The Scheme Meeting under which NST proposes to acquire 100% of DEG is scheduled for April 2025 and remains fully supported by the DEG board, in the absence of a superior proposal. We note that the NST offer implies a price of A$2.02/share under the current metrics. Increases in spot gold prices lift our DEG Price Target from $3.20 to $3.30 with a Buy Recommendation maintained.
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