External broker reports(aggregated public sources), Argonaut

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Following the release of Musgrave’s Stage 1 pre-feasibility study we have updated our modelled base case mining scenario.</li><li>We no longer assume toll treating, and instead model our base case as a stand-alone project with the construction of a 500ktpa processing plant.</li><li>In this scenario, our modelled financing assumptions and resultant equity dilution is the largest driver of our valuation decreases to $0.33 (previously $0.40).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Following the release of Musgrave’s Stage 1 pre-feasibility study we have updated our modelled base case mining scenario.We no longer assume toll treating, and instead model our base case as a stand-alone project with the construction of a 500ktpa processing plant.In this scenario, our modelled financing assumptions and resultant equity dilution is the largest driver of our valuation decreases to $0.33 (previously $0.40).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Updated met results exceed our expectations and granting of mining leases is another tick towards development.</li><li>On our modelling we bump up our assumed average project metallurgical recovery from 92% to 93%, retaining plenty of conservatism.</li><li>We still assume processing through Dalga. Our valuation improves slightly to $0.40 per share, prior $0.38.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Updated met results exceed our expectations and granting of mining leases is another tick towards development.On our modelling we bump up our assumed average project metallurgical recovery from 92% to 93%, retaining plenty of conservatism.We still assume processing through Dalga. Our valuation improves slightly to $0.40 per share, prior $0.38.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div><div><div><ul><li>High-grade oxide ore with three under-utilised mills within trucking distance plus a JV partner with deep pockets.</li><li>Optionality abounds for Musgrave Minerals. With a Resource approaching critical mass for a development decision Musgrave is in an enviable position; go it alone or develop in partnership.</li><li>Either scenario will provide significant upside for shareholders, and there is plenty of search-space for further high-grade ounces. </li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

High-grade oxide ore with three under-utilised mills within trucking distance plus a JV partner with deep pockets.Optionality abounds for Musgrave Minerals. With a Resource approaching critical mass for a development decision Musgrave is in an enviable position; go it alone or develop in partnership.Either scenario will provide significant upside for shareholders, and there is plenty of search-space for further high-grade ounces. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Australia

Musgrave Minerals Ltd. explores for minerals in Australia.  The Company operates on the Musgrave Province in South Australia.

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Musgrave Minerals (MGV AU)

Musgrave Minerals (MGV) - Easy Digging

Following the release of Musgrave’s Stage 1 pre-feasibility study we have updated our modelled base case mining scenario.

Argonaut

Musgrave Minerals (MGV) - Good Met

On our modelling we bump up our assumed average project metallurgical recovery from 92% to 93%, retaining plenty of conservatism.

Argonaut

Musgrave Minerals (MGV) - Sweet Spot

High-grade oxide ore with three under-utilised mills within trucking distance plus a JV partner with deep pockets. Optionality abounds for Musgrave...

Argonaut

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