NE Bankan remains the cornerstone, but regional results continue to hint at further discovery potential. Still waiting for infill at depth to bolster our confidence in the NE Bankan high-grade tongue, the presence of two mineralised structures in BNEDD0129W2 shows there may be more to uncover at NE Bankan itself. We update assumptions used in our model, namely pushing out first production to mid-2025, admittedly still aggressive. After this haircut, applying our updated long-term AUD:USD exchange rate results in a slightly lowered valuation of 35cps, prior 36cps, maintain Spec Buy.
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