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Saracen Mineral Holdings (SAR) - Positive cashflow still around corner

Saracen (SAR) released March Q results with group production of 65.1koz gold at an all-in sustaining cost (AISC) of $1,510/oz (previously announced), vs Argonaut’s forecast of 68koz at $1,380/oz. Production was impacted by heavy rainfall and a gearbox failure at Carosue Dam, which offset the benefit of higher mined grades across all operations. Cash outflow was higher than Argonaut anticipated, declining by $13.3m Q-on-Q to $30.6m. HOLD maintained with a $1.05 target price.

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