Desert Gold Ventures’ 16 September construction update confirms meaningful progress at Barani East and supports our positive view of the company’s transition from exploration to initial gold recovery. The 200 tonne-per-day gravity plant and 650 kVA generator have both reached the site in western Mali, removing a major delivery uncertainty identified in our May research comment. The revised schedule, however, is materially later than previously expected: commissioning is now planned through late October, followed by ramp-up and initial processing in November. We maintain our Buy recommendation and C$0.93 target price, while recognizing that the potential start of cash generation has moved back.
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