Mincor Resources has confirmed the existence of ore grade mineralisation at Cassini North, considered encouraging by Macquarie who believes both Cassini North and Cassini offer upside risk through exploration success which could imply mine life extensions.
The broker notes securing finance so as to approve the Kambalda re-start presents a near term catalyst.
The Outperform rating is maintained. The target price is raised to $1.05 from $1.00.
Sector: Materials.
Target price is $1.05.Current Price is $0.91. Difference: $0.14 – (brackets indicate current price is over target). If MCR meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
