UBS lowers PT on Aussie miner De Grey after discounted interim equity funding

De Grey Mining

04/10/2023 01:16

** Analysts at UBS lower Price Target on Australia's De Grey
Mining  DEG.AX  to A$1.50/share from A$1.75/share
    ** The miner on Monday completed a discounted A$300 million 
($189.21 million) placement and released a definitive
feasibility study for its Hemi project in Pilbara 
    ** UBS forecasts a further A$500 mln raise and A$800 mln
debt to complete total project financing of A$1.6 bln
    ** Says recent capex estimate increase for the project was
7% higher than UBS estimates
    ** Stock has fallen 17.1% this year as of last close
    
($1 = 1.5855 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))