DEG’s progress with Hemi remains on track with key permitting expected by 4QFY25 which would provide the remaining necessary permitting to commence full-scale construction. DEG remains subject to a Scheme of Arrangement with Northern Star Resources (ASX:NST, BUY, PT: A$24.60) whereby NST will acquire all DEG shares. The transaction represents a current implied price of A$2.21/sh for each DEG share. We retain our BUY Recommendation on DEG, expecting the transaction to complete later this year. Accordingly, we now align our DEG price target with our NST price target, which results in our DEG price target falling 12% to A$2.90.
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