Western Areas (WSA) released March Q results with 5.4kt Ni in concentrate at C1 costs of A$2.82/lb (before payability), roughly in line with Argonaut’s forecast of 5.4kt @ A$2.75/lb. Unit costs declined 10% QoQ on lower mining costs and higher feed grades. Early development of the Odysseus project continued with 2,033m of the decline now rehabilitated to a depth of 236 vertical metres. Cash and receivables increased $6.1m QoQ to $149.9m. Argonaut maintains a BUY recommendation with a revised target price of $2.70 (previously $2.75).
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