WC8 has released the results from Stage 2 Whole of Ore flotation test work. The recovery rates achieved in Stage 2 of the test work present upside risk to our long-term recovery assumption of 68.8%. The company has also released shallow drilling results at Tabba Tabba. The drilling should enable WC8 to complete additional metallurgical test work on these shallower pegmatites and potentially reduce the strip ratio of the Leia open pit. Work on the Tabba Tabba pre-feasibility study is ongoing and is due for release in early FY26. The Mt Adrah gold project boasts a resource of 770koz that was calculated using a gold price of A$1,350/oz. We see scope to upgrade this resource, with WC8 most likely to look to sell the project as part of the Tabba Tabba funding solution over the next 12 months. We reiterate our SPEC BUY rating ahead of the release of the PFS and keep our price target unchanged at A$0.55.
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