Australia's De Grey Mining jumps on 'outstanding' growth potential at Pilbara project

De Grey Mining

08/09/2022 02:00

** Gold explorer De Grey Mining Ltd  DEG.AX  rises as much
as 6% to A$0.975, their biggest intraday pct jump since Aug. 31
    ** Pre-feasibility study at Mallina gold project in Pilbara
raises its average total annual gold output estimate to 540,000
ounces (oz) per year over the first 10 years, compared with
prior estimate of 427,000 oz (https://bit.ly/3RJbqq7)
    ** Increased production in the PFS is driven by increased
resources at the Hemi deposit
    ** Says Hemi in production will be in the top five
Australian gold mines
    ** Expects output of 6.4 million ounces over a 13.6 year
life of mine (LOM)
    ** PFS also hikes LOM EBITDA view to A$7.1 bln ($4.79 bln),
as against A$4.8 bln in scoping study
    ** DEG among top 10 performers in the ASX 200 benchmark
index  .AXJO 
    ** Down 24.3% this year as of last close, vs a 9.6% decline
in the ASX 200 benchmark index  .AXJO 


($1 = 1.4832 Australian dollars)
    

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))