GMD’s 3QFY24 result was solid, with in line production and a beat in AISC offsetting lower gold sales. Key guidance ranges remain unchanged, and the ramp up of Admiral open pit feed and the development of the Ulysses underground will de-risk the production outlook for Leonora going forward. We believe GMD has scope to expand production beyond the 300kozpa target, organically, with a new process plant at Leonora a potential option to deliver higher volume growth in the medium-term. The strong mining performance at Admiral also presents GMD with the potential to re-start the Laverton mill earlier than we currently assume in our base case. We reiterate our BUY rating and A$3.00 price target.
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