SPR reported a cash balance of A$273.1m for 2QFY25 following an A$220m equity placement completed in December. Exploration activities and decline development costs amounted to A$17.9m for 2QFY25. Key achievements during 2QFY25 included an update to the Pepper Lode MRE which resulted 99% increase in contained gold to 873koz at 10.3g/t Au. SPR remains well funded to execute its infill and extensional drill programs along with continued study work targeting a Maiden Ore Reserve Mid-CY25. Our Price Target remains unchanged at $1.80 with a Speculative Buy maintained.
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