TCG’s progress during 2QFY25 included reporting a Maiden JORC Resource for its Afema gold project which was acquired in November 2023 from Endeavour Mining. The Afema MRE encompassed three deposits – Woulo Woulo, Jonction and Anuiri for a combined 64Mt at 1.2g/t for 2.5Moz. TCG remains highly active at Afema with three drill rigs double shifting planned for the March quarter. Drill results over the six months will include a combination of resource definition, extensional and first-pass exploration drilling. An updated MRE is targeted for 3QFY25/4QFY25. TCG ended 2QFY25 with a cash position of A$32.8m. Spot gold price movements lift our Price Target from $0.56 to $0.64 with a Speculative Buy rating maintained.
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