DEG has provided a quarterly update on the development of its Tier 1 Hemi Gold Project located in the Pilbara region of WA. Our development scenario and timeline remain unchanged with first gold poured in the SQ of FY27. Our base case for Hemi is a 530kozpa operation but we are confident this may expand to 650-700kozpa from additional underground and regional production sources. Argonauts’ valuation for De Grey increases from $1.69 to $2.00 on the back of more bullish gold price forecasts.
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