Broker FD Capital issued a note on Kryso Resources PLC (AIM: KYS), reiterating its ‘buy’ stance on the Central Asia focused mineral exploration group.
It has reduced the target price of to 47pence per share from the previous 51p, completely due to the pound sterling which has strengthened from 1.406 to 1.46 when measured against the US dollar since it last published a note on Kryso.
Having visited the Pakrut deposit in Tajikistan, the broker believes Kryso will be able to meet its target of a JORC compliant resource of more than 2 million ounces of gold.
New drilling at Pakrut has delineated substantial ore zones outside existing resource models. The deposit may now sustain a higher production rate and longer mine life than was initially envisaged, FD Capital added.