Argonaut has initiated research on New World Resources (NWC) with a $0.07 per share valuation and Speculative Buy recommendation. NWC’s value is underpinned by the high-grade Antler Cu-Zn-Pb-Ag-Au sulphide deposit and proposed development. Once operational, the project will be capable of producing 16kt of copper per annum at a low net-byproduct unit cost. We anticipate strong news flow in the coming periods with the Antler PFS due this quarter and ongoing regional drilling underway. Exploration success could surprise in the short to medium term, catalysing a rapid share price rerate. We provide an analysis of the Antler development in its current form and discuss upside.
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