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From fitzy article on Livewire:


Re-rating of Echo underway, more to come
It was mentioned here back in early August that Yandal gold developer Echo Resources (EAR) was overdue a re-rating on its near-term production potential.
Echo was 17.5c at the time and it has since moved up to 24c. So the re-rating is underway. But there is still some way to go.
Canaccord for one reckons that Echo is headed off to 40c. It has just initiated coverage of the $94m company and reckons that with a maiden reserve estimate pending, Echo can be expected to rapidly move through a feasibility study and into development within six months.
As mentioned previously, Echo has done the right thing by ensuring it has a supporting reserve base before turning the idled Bronzewing processing plant back on.
Canaccord believes Echo will be pretty much there after the maiden reserve is released for its Orelia deposit, 10km south-west of the hungry Bronzewing.
It is assuming about 480,000oz based on a 50% conversion of the indicated resource. Add in the Julius deposit, and Echo’s restart should be good for an initial 5-years at an annual rate of 100,000ozs from late 2018, after a refurbishment of Bronzewing costing an estimated $20m.
That would be the starting point, with Canaccord saying the exploration potential is genuinely exciting.