VAU has outlined a likely expansion of the process plant capacity at King of the Hills to 6.0mtpa and we have lifted our throughput assumptions to match. Reserves and resources have been updated, with King of the Hills estimates largely unchanged after mine depletion, Deflector reporting a material reserve increase due to the addition of Spanish Galleon, Mt Monger seeing solid increases in resources, while Sugar Zone saw a material reduction in reserves and resources post the major infill drilling program. The increase in mill capacity at King of the Hills and one year life extension at Deflector underpins upgrades of 5-21% to our FY25-FY30 production forecasts. Our price target rises 4% due to the improved outlook and stronger gold and we reiterate our BUY rating.
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