Euro Hartleys: BNZ – Is This the Next Tropicana?

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# Euro Hartleys: BNZ – Is This the Next Tropicana?

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# Euro Hartleys: BNZ – Is This the Next Tropicana?
PROACTIVE | PUBLISHED ON 07 AUGUST 2025
BNZ: Is this the next Tropicana? Upgrade to BUY.
BNZ.ASX | BENZ MINING CORP. | MATERIALS | OTHER
PRICE TARGET PRICE RECOMMENDATION
A$0.76/sh A$1.01/sh BUY
(FROM A$0.81/sh) (FROM SPECULATIVE BUY)
Event Analyst
Model changes see our price target and investment rating go up. Kyle De Souza
kdesouza@eurozhartleys.com
Impact
MARKET STATS
Grades and thicknesses like those seen recently continue to demonstrate the capability Share Price 0.76 A$/sh
for this project to exceed expectations, with grades and thicknesses only seen most Price Target 1.01 A$/sh
Valuation EH Deck 0.52 A$/sh
recently at Spartan Resources (SPR) except this has a halo zone that is well
SptUS$3371FX0.65 1.54 A$/sh
mineralised and multiple repeat structures yet to be tested. Issued Capital
Shares on issue 258 m
Find me another gold project in Western Australia with this;
Performance shares - m
Total Dil. FPOrd 258 m
Outcrops on Surface: The Glenburgh project would have been mined 50 years
ago had it 'looked' like all the other gold deposits in WA. But thanks to its Market Cap (dil) $196 m
metamorphosed geology (like Tropicana) it is hard to identify visually. It is why no Enterprise Value $181 m
one has drilled it in the 10 years prior to BNZ's ownership. Cash and Bullion $15 m
Debt $0 m
With an 18km long mineralised corridor - could this also apply to the other Directors
known deposits? Details on what this could look like are in our full research report. Evan Cranston EC
Mark Lynch-Staunton CEO
Metallurgy: The metamorphism has recrystallised the gold such that historical Nick Jolly NED
test-work demonstrates a high gravity recovery up to 98%. Why is this Nick Tintor NED
Mathew O'Hara NED
important? Lower capex and opex for any processing solution.
Peter Williams NED
Major Shareholders
Granted Mining Permits: Native Title approved. Water Extraction approved..
Ramelius Resources 15.0%
Surface clearances approved. This really is shovel ready - but management Jupiter AM 10.9%
understands there is a bigger opportunity here in the near term through the drill bit.
We have increased the diluting share price to full production from $0.42/sh to $0.76/sh
(current price) - we have kept all other assumptions the same (which are still
conservative) noting we are still relying on historical results to guide our assumptions on
resource and only modelling a 650koz inventory (when there is likely a multiple of this in
ground already).
Action
The real value in exploration is picking companies with assets that have the Performance
potential to sustain production profiles >100kozpa for >10 years. In our view BNZ
is one of them and their recent announcement of a discovery should not be overlooked
(particularly in the context of the existing 0.5Moz resource) which underscores the current
valuation. We model an average 102kozpa and 7-year LOM based on what we
believe the company has in the ground - and thus, a 10 year LOM at +100kozpa
doesn't seem unreasonable. Glenburgh has thick (average 8m), from surface, high-
grade (1.0-1.5g/t) and open deposits (most drilled to just 200m below surface) with high-
grade underground kickers like Zone 126.
We increase our recommendation from a Speculative Buy to a BUY, and increase
our Price Target from $0.81 to $1.01/sh. FY25 is set to be a transformational year
for BNZ, well funded with $15m cash to support strong catalysts in CY25.
Source: IRESS
Catalysts
Drill results from two rigs (Ongoing); Surface interpretation and structural mapping
(Ongoing); Resource upgrades and timelines (TBC); M&A
Euroz Hartleys Limited. All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility or
liability on any account whatsoever on the part of Euroz Hartleys Limited or any member or employee thereof. Refer to full disclaimer at the end of this document.
BENZ MINING CORP. | PROACTIVE | PUBLISHED ON 07 AUGUST 2025 PAGE 2
MARKET STATS FORECAST PRODUCTION
Share Price 0.76 A$/sh Yr End 30 June (A$m) 2026F 2027F 2028F
Price Target 1.00 A$/sh Attrib. Gold Prod'n (koz)
Valuation EH Deck 0.52 A$/sh (+) Glenburgh - - -
SptUS$3371FX0.65 1.54 A$/sh (+) Egerton - 10 -
Issued Capital Total Attrib Gold (koz) - 10 -
Shares on issue 258 m
Performance shares - m Prices (A$/oz, A$/lbs)
Total Dil. FPOrd 258 m Avg Spot Gold Price 4,205 3,934 3,693
Avg Gold Price Rec'd na 3,897 na
Market Cap (dil) $196 m AUDUSD 0.66 0.68 0.70
Enterprise Value $181 m
Cash and Bullion $15 m AISC$/oz
Debt $0 m (+) Glenburgh na na na
VALUATION (+) Egerton na 1,694 na
A$m A$/sh Avg AISC $/oz na na na
(+) Glenburgh 149 0.31 AIC (Inc. Growth and Exp)
(+) Egerton 14 0.03 PROFIT & LOSS
(+) Other 0 0.00 Yr End 30 June (A$m) 2026F 2027F 2028F
(+) Eastmain 48 0.10 Gold revenue - 40 -
(-) Tax -26 -0.05 Hedging Revenue - - -
(-) Corporate -13 -0.03 Interest Income - - -
(+/-) Hedging 0 0.00 Other Revenue - - -
(+) Undeveloped Resources 44 0.09 Total Revenue - 40 -
(+) Cash 16 0.03 Operating Costs - 17 -
(+) Exploration 0 0.00 Dep/Armort - 3 -
Corp O/H 2 2 2
Total Valuation 232 0.49 Writeoff (expl'n) - - -
SptUS$3371FX0.65 736 1.54 Other - - -
Price Target 1.01 EBITDA (2) 20 (2)
BALANCE SHEET EBIT (2) 17 (2)
Yr End 30 June (A$m) 2026F 2027F 2028F Interest Expense - - -
Assets NPBT (2) 17 (2)
Cash 15 51 59 Tax - 4 -
Current Receivables 0 0 0 Minority Interest - - -
Other Current Assets - - - Net Profit (2) 13 (2)
Non-Current Assets - 2 202 Net abnormal - - -
Total Assets 15 52 260 Net profit After Abnormal (2) 13 (2)
Balance Sheet CASHFLOW
Borrowing(s) - - - Yr End 30 June (A$m) 2026F 2027F 2028F
Current Liabilities 0 6 6 Net Profit (2) 13 (2)
Non-Current 6 - - (+) WC adj. - - -
Total Liabilties 6 6 6 (+) Dep/Amort - 3 -
Net Assets 9 46 254 (+/-) Provisions & Other - - -
(+) Egerton na 1,694 na (+) Tax Expense - 4 -
Avg AISC $/oz na na na (-) Deferred Revenue - - -
AIC (Inc. Growth and Exp) (-) Tax Paid - 4 -
RATIO ANALYSIS Operating Cashflow (2) 17 (2)
Yr End 30 June (A$m) 2026F 2027F 2028F (-) Capex + Dev. - 5 200
Operating Cashflow (2) 17 (2) (-) Exploration 20 20 10
Cashflow Per Share (0) (0) (0) (-) Asset Purchased - 6 -
Cashflow Ratio na na na (+) Asset Sale - - -
(+/-) Other - - -
Earnings (2) 13 (2) Investing Cashflow (20) (31) (210)
Earnings Per Share (1) 3 (0) (+) Equity Issues (rts,plc,opts) 30 50 70
EPS Growth -26% -643% -112% (+) Loan Drawdown/receivable - - 150
Earnings Ratio (x) (122) 22 (182) (+) Loans from(to) other entities - - -
(-) Loan Repayment - - -
Enterprise Value 229 243 305 (-) Lease Liabilities - - -
EV/EBITDA (114.3) 11.9 (152.5) (-) Dividends - - -
EV/EBIT (114.3) 14.3 (152.5) Financing Cashflow 30 50 220
Net Cashflows 8 36 8
Net Debt/(Net Debt + Equity) na na na (+/-) FX Adj. - - -
Interest Cover na na na EoP Cash Balance 15 51 59
EBIT Margin na 43% na
Return on Equity -22% 28% -1%
Return on Assets -13% 25% -1%
Dividend per Share - - -
Dividend Payout Ratio 0% 0% 0%
Euroz Hartleys Limited. All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility or
liability on any account whatsoever on the part of Euroz Hartleys Limited or any member or employee thereof. Refer to full disclaimer at the end of this document.
BENZ MINING CORP. | PROACTIVE | PUBLISHED ON 07 AUGUST 2025 PAGE 3
Summary
Figure 1: Market Statistics for the company. Figure 2: Various scenarios evaluated by EH
Source: Euroz Hartleys Source: Euroz Hartleys
Figure 3: EH Valuation and Price Target production profile at Figure 4: Valuation and Price Target from Base Case
102kozpa at steady state for a 7 year LOM AISC A$2100/oz Production profile of 102kozpa for 6 years.
Source: Euroz Hartleys Source: Euroz Hartleys
Figure 5: EH Bull Case Valuation production profile at Figure 6: EH Bull Scenario Valuation, where production is
130kozpa for a 10 year LOM AISC of A$2300/oz with UG. increased to +130kozpa over the 10 year LOM
Source: Euroz Hartleys Source: Euroz Hartleys
Euroz Hartleys Limited. All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility or
liability on any account whatsoever on the part of Euroz Hartleys Limited or any member or employee thereof. Refer to full disclaimer at the end of this document.
BENZ MINING CORP. | PROACTIVE | PUBLISHED ON 07 AUGUST 2025 PAGE 4
The Latest Results
Figure 7: As the company starts to understand the surface structures, we are starting to see the impact of what it means for
exploration and for multiple zones of high grade mineralisation to occur connected by a lower grade halo.
Source: BNZ
Figure 8: The scale of this project is hard to comprehend, holes have ended in mineralisation. The zone between the higher
grade 1g/t zones is 0.3g/t. We'll leave you to determine what this could look like and what this halo zone could mean.
Source: BNZ
Euroz Hartleys Limited. All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility or
liability on any account whatsoever on the part of Euroz Hartleys Limited or any member or employee thereof. Refer to full disclaimer at the end of this document.
BENZ MINING CORP. | PROACTIVE | PUBLISHED ON 07 AUGUST 2025 PAGE 5
Figure 9: Big drill results confirm that grade is heading up - simply a factor of a known shallow open pit resource and more
high grade hits. A mining study completed in 2013 by Gascoyne Resources on Zone 126 highlighted an open pit mining
inventory of 4.3Mt @ 1.6g/t Au and an underground mining inventory of 426kt @ 4.6g/t Au. When you factor in these NEW drill
results you quickly see how quickly this can grow. A THIRD lense confirms our view this could become a multi-million ounce
camp.
Source: BNZ
Figure 11: A plan view of the historical results at Zone 126,
Figure 10: Original drill results at Zone 126 are thick, high-
and the new results which clearly define the fold plane of the
grade and continuous. This all says 'minable' to us.
mineralisation, and potential for repeats.
Source: SPR Source: BNZ
Euroz Hartleys Limited. All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility or
liability on any account whatsoever on the part of Euroz Hartleys Limited or any member or employee thereof. Refer to full disclaimer at the end of this document.
BENZ MINING CORP. | PROACTIVE | PUBLISHED ON 07 AUGUST 2025 PAGE 6
Figure 12: The ore-bodies are offset from each-other in a way that makes mining from both underground and open pit easy.
Note this does not consider the broad halo zone which sits around the ore-bodies.
Source: BNZ
Figure 13: The lenses are semi vertical which is excellent for both open pit and underground mining.
Source: Euroz Hartleys
Euroz Hartleys Limited. All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility or
liability on any account whatsoever on the part of Euroz Hartleys Limited or any member or employee thereof. Refer to full disclaimer at the end of this document.
BENZ MINING CORP. | PROACTIVE | PUBLISHED ON 07 AUGUST 2025 PAGE 7
Where to now for exploration
CEO of BNZ, Mark Lynch-Staunton has a reputation in pre-production preparedness - and
what is his focus? Geology. Having held previous senior management positions at Barrick
overseeing project studies on Bulyanhulu (FY25 guidance 500kozpa) and Reko Diq
(Barricks largest project in development

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