When Raleigh Finlayson commences as MD this quarter he is going to have a few puzzles to contend with. We are leaning into this puzzle metaphor so please humour us. The Puzzle North discovery continues to provide broad, high-grade results. We think there is potential for a large deposit here but more work will be required, both to define the edges of mineralisation and resolve the internal geometry. The other puzzle facing Finlayson in the near term is what to do with his newly acquired vehicle, we discuss some options herein. We have elected to factor Puzzle North into our mining model we use to value GMD, a higher throughput and increase ounce profile has resulted in a revised target price of $2.41, which remains at a subjective premium to our valuation.
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