SCP Raises GGP Price Target from 22p To 25p and Maintains BUY Rating
Posted: Wed Apr 30, 2025 8:47 pm
Top picks: We consistently prefer quality teams and assets with catalysts. G Mining, Emerald and Greatland stand out as companies clearly on the path to mid-tier status.
Greatland Gold: maintain BUY rating, lift Price Target from 22p/sh to 25p/sh
Greatland has had a strong start to life as a producer, producing 90koz Au at A$2,126/oz byproduct AISC, generating A$253m in their first quarter of Telfer owner-operatorship. Their 2-year outlook maintains production at 300-340koz in FY26 and 260-300koz in FY27 and we think Telfer’s 2.7Moz resource base shows good visibility on further mine life extensions from there. Updating our LT gold price to US$3,000/oz lifts NAV from A$4.61bn to A$7.13bn which assumes Telfer mining exclusively through FY27, Telfer open pit plus Havieron UG in FY28 and Havieron UG at 2.8Mtpa thereafter. Given the higher gold price, we trim our P/NAV5% multiple to 1.0x from 1.2x and maintain our BUY rating and lift our price target from 22p/sh to 25p/sh. We think Greatland will continue to re-rate vs peers given their imminent ASX listing and robust FCF, which is well outperforming vs peers with similar production."
https://bpd-space.nyc3.cdn.digitalocean ... update.pdf
Greatland Gold: maintain BUY rating, lift Price Target from 22p/sh to 25p/sh
Greatland has had a strong start to life as a producer, producing 90koz Au at A$2,126/oz byproduct AISC, generating A$253m in their first quarter of Telfer owner-operatorship. Their 2-year outlook maintains production at 300-340koz in FY26 and 260-300koz in FY27 and we think Telfer’s 2.7Moz resource base shows good visibility on further mine life extensions from there. Updating our LT gold price to US$3,000/oz lifts NAV from A$4.61bn to A$7.13bn which assumes Telfer mining exclusively through FY27, Telfer open pit plus Havieron UG in FY28 and Havieron UG at 2.8Mtpa thereafter. Given the higher gold price, we trim our P/NAV5% multiple to 1.0x from 1.2x and maintain our BUY rating and lift our price target from 22p/sh to 25p/sh. We think Greatland will continue to re-rate vs peers given their imminent ASX listing and robust FCF, which is well outperforming vs peers with similar production."
https://bpd-space.nyc3.cdn.digitalocean ... update.pdf