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Gascoyne Resources (GCY) - Site Visit To Dalgaranga

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Argonaut visited GCY’s Dalgaranga operations this week. The March Q will continue to be a hard grind for GCY, but many of the issues which plagued the operation in late 2018 should be largely mitigated near term. The appointment of key hires including Richard Hay (ex-EVN Mt Carlton GM) does give comfort for improved operational reliability, however high stripping, unplanned outages and reliance on low grade stockpiles will continue to see difficult conditions persist in the March Q. We retain our Speculative Buy recommendation but highlight the likelihood that whilst production conditions have improved vs the Dec Q, it does leave little room for error if further unplanned outages or issues arise. GCY remains a high risk/reward scenario until the June Q – Sept Q as ore availability and grades are forecast to improve. Speculative Buy maintained.  

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