PRU’s June quarter production was down slightly with 120.9koz produced during 4QFY24 which was below our forecasts by 8%. Waste stripping at Yaouré, behind schedule, resulted in delayed access to higher grade ore and was the key reason for the softer 4QFY24 production result. Despite softer production numbers, operating cashflow across the three operations remains strong with a notional cashflow of US$117M for the 4QFY24 at an AISC of US$1,173/oz. We retain our Buy Recommendation with a slight drop in our Price Target from $3.00 to $2.90 after capex adjustments to CMA Underground and gold price movements.
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