Benz Mining (ASX:BNZ) is advancing a 450,000-meter drilling campaign at its Glenburgh gold project in Western Australia, with infill drilling, resource expansion, and technical studies potentially supporting resource growth and a faster path to development, Euroz Hartleys said in a Tuesday note.
The investment firm said infill drilling is identifying additional high-grade structures that could lift the overall grade of the exploration target, while ongoing drilling beyond existing limits may further expand the project's resource base through additional gold and tungsten mineralization.
It noted that ongoing geotechnical, metallurgical, and geochemical work is strengthening feasibility assumptions and could accelerate development, while Glenburgh already holds key approvals for the original mining area.
Euroz Hartleys revised its valuation after the company's AU$150 million raise at AU$3.71 a share and pushed first production to fiscal 2030, assuming annual gold output of about 450,000 ounces at AU$1,400 to AU$1,500 an ounce in all-in sustaining costs.
The firm models peak-production earnings before interest, taxes, depreciation, and amortization of about AU$1.4 billion and values the company on a risked net present value split at a 12% discount rate, with dilution to full production at AU$4.91 a share.
Euroz Hartleys retained its buy rating on Benz Mining and raised the price target to AU$8.23 from AU$6.41.