GOR has reported a Maiden Ore Reserve and PFS for its 100% owned Gilmore Project, located 65km by road from Gruyere. The Gilmore PFS proposes a 5-year mine life producing 50.3kozpa (A$2,004/oz AISC) from a combination of open pit and underground production. We have incorporated the Gilmore development into our base case from CY33 onwards which, combined with recent gold movements, lifts our Price Target from A$2.40 to A$2.80 (17% TSR). Our Buy Recommendation is maintained.
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