BMO Capital Markets - Outperform. Target price 30p15 Feb 2024 15:14
Upside Scenario £0.30
Our upside scenario for Pan African is based on a weighted blend of 1.2x P/NAV (50%) and 6.0x 2024E CFPS (50%) at BMO metal prices. This reflects a steady operational outlook alongside a positive FID on the Royal Sheba project, which is currently not included in our valuation, in addition to the Mintails Project construction being delivered on time and budget.