Spot gold prices have surged to new records, touching A$3,250/oz. We are upgrading our price targets for our Western Australian Gold Miner coverage universe by 3-8% to reflect the recent strength in gold prices, in line with our 50/50 spot/base case price target methodology. Our key preferences remain GMD, RMS and CMM, with all three stocks offering key near-term catalysts on production outlooks and project approvals. NST is our key large cap preference, while WGX offers the greatest valuation leverage to rising gold prices.
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