GOR reported a strong quarter with free cash flow of $23.9m after Gruyere produced 71.8koz Au at an AISC of $1,233/oz. The mine remains on track to meet CY20 annual guidance of 250koz to 285koz on a 100% basis. $55.4m of revolving credit was repaid during the quarter and post quarter the remaining $25m was repaid, leaving GOR debt-free with $85m of liquidity on the balance sheet. Exploration in the Gruyere JV and Yamarna Project continued with ongoing drilling programs. Argonaut’s target price is upgraded to $2.00ps (from $1.85ps) and we maintain our BUY recommendation.
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