June quarter production was down 20% month on month, because of the planned shutdown of the mill in June. The company has upgraded the resource estimate for Ranger 3 Deeps.
UBS notes the company continues to hold discussions with the traditional owners and the Commonwealth in regard to mining lease duration. At this stage the broker does not expect Ranger 3 Deeps will progress and it is removed from the investment thesis.
Sell rating and 9c target retained.
Target price is $0.09.Current Price is $0.39. Difference: ($0.30) – (brackets indicate current price is over target). If ERA meets the UBS target it will return approximately -333% (excluding dividends, fees and charges – negative figures indicate an expected loss).