NMG completed 2QFY25 with a number of key achievements namely a MRE Upgrade at its Crown Prince Project lifting the MRE to 279koz at 3.9g/t. Another key achievement was the announcement of an Ore Purchase Agreement with Westgold Resources (ASX: WGX, BUY, PT: $5.40) to treat the Crown Prince ore through Westgold’s Bluebird Mill. NMG is currently finalising a Maiden Ore Reserve Statement for its Crown Prince Project which is expected to enter production mid-CY25 producing ~162koz over a 2.5-year period. Our key short term catalyst for NMG will be the release of its Maiden Ore Reserve statement due imminently which will be the first time NMG has published financials on what could be achieved on this low capex, high-grade open pit development. Our $0.030 Price Target is unchanged, and we maintain a Speculative Buy.
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