Doray: Recent production above guidance

Doray Minerals’ Deflector mine recently moved into processing of transitional ore, which saw further improvements in overall gold and copper recoveries. The rampup continues with annualised gold production in the last two months (including gold in native copper concentrate) >40% above Deflector’s FY17 gold production guidance. Deflector is expected to move to 100% sulphide underground mining by early CY17, which should simplify the operation, deliver more consistent production, lower opex and provide cost clarity. An exploration program at Deflector has commenced with drilling at several regional gold targets. BUY recommendation maintained. Livewire readers can access our research update here: (VIEW LINK)