Explaurum (EXU) is an ASX listed, gold exploration business with a large and highly prospective 330km2 ground position. EXU’s flagship Tampia Gold Project is located 240km east of Perth near the town of Narambeen in Western Australia’s Wheatbelt and 100km south of Ramelius Resources (RMS) Edna May mine. The Company owns a 90% interest in two mining leases and a surrounding exploration licence through a joint venture, and 100% interest in a further seven exploration licences that complement the original tenure. In November 2017, EXU released a Scoping Study demonstrating gold production of 94kozpa over the first five years, capex of A$95m and all-in sustaining costs of A$888/oz. Next steps involve the completion of a Feasibility Study in the March Q and drill testing of the high priority gravity anomalies to the south, west and north of Tampia. We initiate coverage with a SPECULATIVE BUY recommendation and target price of $0.21ps.
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