Regis Resources Ltd (RRL.AU) shares are soaring 5.71% in intraday trading, following positive news about the company's Duketon gold-mining operation. The surge comes as the Australian gold miner announced significant increases in its mineral resource assessments, potentially extending the life of its key asset.
According to a report from Macquarie, Regis Resources has raised its mineral resource assessment for the Duketon open pit by 979,000 ounces and the Duketon underground mine by 110,000 ounces. This substantial increase has led Macquarie to extend their projected asset life for Duketon's operations by an average of three years for both the open pit and underground mines.
The extension of Duketon's mine life is expected to boost production from fiscal year 2029 to 2032 by approximately 100,000 ounces per annum. This positive outlook has prompted Macquarie to raise its price target on Regis by 7% to A$4.60 per share. The market's enthusiastic response to this news is evident in today's sharp stock price increase, with Regis trading at A$4.76 per share, already surpassing Macquarie's new target.
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