EMR has reported updated resources and reserves for its Okvau project. Increases to Ore Reserves were slightly better than our expectations of around 200koz. Ore Reserves have increased to 700koz at 1.5g/t representing a 57% upgrade in contained ounces (+245koz) after incorporating mining dilution of 103koz. Incorporating the updated Ore Reserve into our base case, we have extended open pit mining at Okvau from FY31 out to FY32. Planned higher waste movements and lower grades are expected for 3QFY25 however EMR remains comfortably on track to meet FY25 production guidance of 100-120koz. Mine life extensions and spot gold price movements lift our Price Target from $4.90 to $5.20 with a Buy recommendation maintained.
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