SPR has taken the first cut at its new Juniper Decline which marks a key milestone for the project and sets in motion work programs to restart Dalgaranga. We update our mining inventory to capture underground material directly below the Gilbeys pit which while much lower grade than Never Never does boost our production profile to 200kozpa. SPR already commands a healthy market cap of A$1.5B for a developer with no reserve. Our Price Target is unchanged at $1.40 with a HOLD recommendation.
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