MAU continues to drill out its LJN4 discovery with assays pending for several key extensional holes recently completed. Mining Lease applications are pending, expected to be finalised in 2HFY25 following completion of a Native Mining Agreement. We expect MAU to report an Underground Study for LJN4 in the next few months which will highlight an increase to the Lady Julie production profile from 104kozpa to +150kozpa. Drilling onsite continues with two rigs focused on extensional and infill drilling of the Northern LJN4 shoot. MAU holds A$11.6m in cash as of 31st December. We have lifted our Price Target from $3.20 to $3.50 driven by gold price movements. Our Speculative Buy rating remains unchanged.
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