Base Resources’ three new pockets of mineralisation at Kwale East are within a few kilometres (1-4) of the existing pits 199, 200 and Bumamani, suggesting that it will be relatively easy to open up mining operations assuming landholder consent can be secured.
These results suggest that mining operations may be extended into 2025; particularly if strong mineral sands prices are sustained through this period.
Buy with a 17p target price is Peel Hunt’s recommendation.