The LJN4 discovery continues to grow with today’s MRE update adding another 550koz, taking the total LJN4 resource to 1.49Moz at 2.02g/t Au. We continue to see good drill results at depth with a clear pathway to drill out a significant underground resource at LJN4 to complement the existing high-grade open pit resource. We maintain our Speculative Buy with a Price Target increase to A$2.70 ($2.10 prior). Our Price Target increase is driven by the inclusion of additional underground mining inventory (211koz) into our mining scenario and 3-5% increase in Argonaut’s FY25-FY27 gold price assumptions. Further drill results at depth represent a clear upside catalyst to our valuation.
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