Sandfire Resources (SFR) reported June Q results with 17.9kt Cu and 9.5koz Au at US$0.80/lb C1 costs beating Argonaut’s forecast of 18.8kt Cu and 9.4koz au at US$1.08/lb. SFR finished FY18 with 64.9kt Cu and 39.3koz Au, within the revised guidance range of 63-66kt Cu and 38-40koz Au. Monty decline development slowed during the Q and has fallen behind schedule as a result of poor ground conditions requiring addition ground support. SFR’s cash balance increased by $55m QoQ to $243m at 30 June. Interestingly, the Company stated that it is considering a rights issue to fund permitting and a BFS on the Black Butte Project in Montana. We expect this raise will be within Sandfire Resources America Inc (formerly Tintina Resources).
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