SPR continues to build its high-grade Never Never and Pepper discoveries with a recent MRE update bringing the total underground resource to 2.37Moz at 8.66g/t Au. We have increased our Price Target from A$1.60 to A$1.80 following an uplift in Argonaut’s Mining Inventory driven by strong resource growth at Pepper. SPEC Buy recommendation maintained. We see the Pepper Lode as an exceptional orebody which will likely be mined at a +10g/t mined grade.
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