Further high-grade drilling results from Dacien’s Morgans underground prospect suggest potentially meaningful upside for the scoping study. The broker believes Mt Morgans can become a significant underground operation, with upside offered from surrounding exploration.
Target rises to $2.80 from $2.20. Outperform retained.
Target price is $2.80.Current Price is $2.37. Difference: $0.43 – (brackets indicate current price is over target). If DCN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).