GGP has released its inaugural resource estimate for Telfer. The resource of 154mt @ 0.64g/t Au and 0.08% Cu lifts GGP’s total resources including Havieron to 10.2moz of gold and 387kt of copper. The bulk of the resource increase has come from West Dome, and we have incorporated additional cutbacks into our base case. A larger mining inventory extends the life of Telfer through to 2030, and we see scope for further extensions through the conversion of additional exploration targets into resources. GGP’s inaugural reserve for Telfer is expected to be released in the next few months, providing a key near-term catalyst for the stock. The larger resource based underpins material upgrades to our production and earnings forecasts for GGP and drives a 22% upgrade in our price target to £0.22 and we reiterate our BUY rating.
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