NMG has published a Maiden Ore Reserve Statement and Feasibility Study for its Crown Prince project that will see it produce ~130koz over a 2.5-year period beginning mid-June 2025. The Feasibility Study considers a 4.8g/t open pit mined grade over the LOM with ore to be processed at the nearby Bluebird Mill under an Ore purchase Agreement with Westgold Resources (ASX:WGX, BUY, PT:$5.70). We have adjusted our production scenario to match the NMG Feasibility Study which results in a Price Target adjustment from $0.030 to $0.027 as a result of lower contained ounces versus our estimates. Speculative Buy rating maintained.
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