The Gediktepe pre-feasibility study was weaker than Macquarie expected, with softer production in the early years along with higher processing costs. Still, the broker notes the project is non-core.
The mineral resource for Ardich is positive, with indicated resources nearly doubling to 639,000 ounces, and this has become the top development priority.
Macquarie maintains an Outperform rating and $4.90 target.
Sector: Materials.
Target price is $4.90.Current Price is $3.77. Difference: $1.13 – (brackets indicate current price is over target). If AQG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
