BGL’s 2QFY24 result was solid, with its maiden production result ahead of our estimates. Cash draw-down for the 2QFY24 was lower than we had forecast due to the stronger gold sales and a favourable working capital move. Production guidance for the 2HFY24 of 75-85koz was in line with our 78koz forecast. Cost guidance remains stale, with BGL likely to provide FY24 cost guidance once commercial production is declared in the next few months.
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