GOR’s 3QCY24 production result of 68.8koz showed an improvement QoQ but was 14% below our estimate. GOR should deliver a strong quarter to finish CY24 as improving head grades at Gruyere lifts gold production however we still see risk in GOR being able to meet the lower end of its 290-305koz Gruyere production guidance. Accordingly, we lower our CY24 production estimate from 290koz to 281koz to reflect this. Our Price Target increases from A$2.10 to A$2.20 as lower CY24 earnings are offset by higher spot gold prices and increases in GOR’s investment portfolio. Buy recommendation is maintained.
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