GOR’s annual Resource and Ore Reserve statement was largely in line with our expectations with higher gold prices and updated economics providing a +1.1Moz increase in contained MRE ounces at the Gruyere JV. Ore Reserves at the Gruyere JV were largely unchanged after 290koz of mining depletions. GOR’s attributable Ore Reserves saw a small +5% increase YoY as a result of new additions from the 100% owned Gilmour Project. Our $2.80 Price Target is unchanged with a Buy Recommendation maintained.
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