NMG and Westgold Resources (ASX:WGX, BUY, PT: A$4.60) have entered into an Ore Purchase Agreement (OPA) for NMG to process its Crown Prince Ore through WGX’s Bluebird mill. The proposed terms of the OPA are broadly in line with our existing base case which would see NMG receive a realised gold price 70-75% of the relevant month’s spot gold price. Spot gold price increases lift our Price Target from $0.025 to $0.031 with a Speculative Buy maintained. With an OPA now in place, NMG will now target a Maiden Ore Reserve this quarter with first production, on-track, planned for mid-CY25.
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