We initiate on Gladiator Resources with a Speculative Buy recommendation and ascribe a Price Target of C$1.00 (TSR 61%). Gladiator’s Whitehorse Copper Project appears ripe for deposit discovery and resource definition. There appears a high likelihood that an inventory of sufficient tonnes and grade will be defined to support a standalone development. We scope 2Mtpa operation producing upwards of 20ktpa of copper and significant byproduct credits from 2033. Ongoing exploration drilling should provide a steady stream of base and precious metal results during the short to medium term.
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