Macquarie says Chalice Mining’s recent 70% upgrade for Gonneville’s indicated resources demonstrates the world-class potential of the site.
The larger mining inventory extends Macquarie’s mine life from FY54 to FY56. The broker expects a scoping study will be published within two months, which could prove a near-term catalyst.
Target price rises to $7.50 from $7.30. Outperform rating retained.
Sector: Materials.
Target price is $7.50.Current Price is $4.01. Difference: $3.49 – (brackets indicate current price is over target). If CHN meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges – negative figures indicate an expected loss).
