Magnetic Resources moved its Lady Julie Gold Project one step closer towards production with the release of its PFS study that outlined a 9-year mine life producing 87kozpa with a LOM AISC average of $1,445/oz. Whilst a standalone scenario is presented by MAU, Argonaut’s considers a toll treatment or project acquisition by existing operators as the most likely development scenario. We update our mining scenario and retain a Speculative Buy recommendation with an $1.80 price target. Underground potential at LJN4 remains the big upside catalyst for MAU. Drilling is ongoing.
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