External broker reports(aggregated public sources), Argonaut

Argonaut

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Ausgold recently announced that its upcoming DFS (scheduled for Q4 CY23) will be based on a 5Mtpa processing facility (prior 3Mtpa) following the outcomes of an ‘Options Study’.</li><li>We have adjusted our model to reflect these changes. Our valuation has been most heavily impacted by changes in our assumptions rather than changes to the Katanning project, including assumed first production in Q1 CY26 (prior Q4 CY24) as well as a change in our debt-to-equity financing assumptions.</li><li>As a result, our valuation decreases slightly to 12cps, prior 13cps. We maintain our Speculative Buy recommendation.</li></ul></div></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>

Ausgold recently announced that its upcoming DFS (scheduled for Q4 CY23) will be based on a 5Mtpa processing facility (prior 3Mtpa) following the outcomes of an ‘Options Study’.We have adjusted our model to reflect these changes. Our valuation has been most heavily impacted by changes in our assumptions rather than changes to the Katanning project, including assumed first production in Q1 CY26 (prior Q4 CY24) as well as a change in our debt-to-equity financing assumptions.As a result, our valuation decreases slightly to 12cps, prior 13cps. We maintain our Speculative Buy recommendation.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.

Ausgold Ltd

Ausgold Limited (AUC) - Super-Size