Hartleys Research maintains a “speculative buy" on gold producer Beadell Resources and a price target of 48¢.

“For CY14, we estimate production of 176koz at total cash costs of about $835/oz (based on the 1H14 earnings release, we have increased our operating expenses to around $146 million per annum). We expect EBITDA of $104.2 million. We assume a token, unfranked, CY14 dividend of 0.5cps."