SPR remains well positioned with a clear pathway towards production underpinned by a quality orebody which should deliver one of WA’s highest margin underground operations of scale. Cash position remains strong at A$272m, and SPR intends to continue its aggressive drilling programs throughout CY25 whilst simultaneously progressing feasibility work aimed at bringing Dalgaranga back into production. Gold price movements and an increased Pepper Lode mining inventory lift our price target from $1.80 to $1.90 with a Speculative Buy maintained
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