SMI’s key milestone in 2QFY25 was the reporting of its PFS for the Bendigo-Ophir Gold Project (BOGP) which outlined a 9-year mine life producing 125kozpa at an AISC of A$1,416/oz. With a PFS now in place, SMI intends to submit the project for permitting late this quarter via the ‘Fast-Track’ approvals process which has been enacted into NZ legislation. Receipt of required permitting to commence mining at BOGP remains our key catalyst. A decision from the Fast-track approvals panel is expected between 4QFY25/1QFY26. Our Price Target is unchanged at $1.00 with a Speculative Buy recommendation maintained.
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