WIA continues its Kokoseb Scoping Study which is targeted for 1QFY26 and should outline a large-scale open pit development with an open pit mining inventory estimated at around 1.75-2.0Moz. Upon delivery of the Scoping Study, Kokoseb will progress straight into a DFS which is targeted for mid-CY26. Drilling continues to delineate various high-grade shoots across the Kokoseb deposit, highlighting additional underground production potential although further drilling is still needed. Spot gold prices and mining inventory increases lift our price target from $0.40 to $0.50. Speculative Buy maintained.
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