De Grey’s recent A$600M equity raise completes another key milestone required to start construction of the +10.4Moz Hemi Gold Project. DEG has flagged that debt funding will be concluded mid CY2024 which will allow for project construction to commence later this year, pending approvals. We make small adjustments to our modelled debt package from A$900M to A$766M and update our valuation to incorporate the recent equity raise. Price Target adjusted from $2.40 to $2.20 with a Buy Recommendation maintained. DEG remains our key gold developer pick as a potential +530koz producer ramping up into a record gold price.
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