TOK’s activities during 2QFY25 included continued ramp-up activities at Tolukuma with a number of significant milestones achieved including delivery and installation of the gravity plant and recruitment of former K92 Geologist – Chris Muller. Mr Muller was central in K92’s MRE growth to 18MozAuEq and the discovery of the Kora North deposit, one of the highest grade MREs globally. A strategic review of current road designs has resulted in a redesign of the existing access route with first road access now shifted back from January to mid-CY25. We lift our Price Target from $1.80 to $1.90 after spot gold price increases and FY25/FY26 production adjustments. Speculative Buy Rating maintained.
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