CMM’s 1QFY25 result was largely pre-reported. Production exceeded sales in the quarter, with an unwind at higher prices in the next quarter a positive. AISC for the quarter was above the guidance range (guidance unchanged) and thus an increase in production and reduction in costs are expected over the remainder of FY25. The approval pathway for Mt Gibson has become clear, with CMM expected to lodge the Public Environmental Report by the end of 2024, with the approval likely to occur within six months of lodgement. Exploration results at Mt Gibson have been encouraging, with more underground mineralisation being defined. The addition of underground mining presents upside to our base case for Mt Gibson. We are reiterating our BUY rating on CMM and maintain our price target of A$9.40.
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