CMM has lifted the reserve at Mt Gibson by 41% which underpins an increase in LOM in the PFS from 11-years to 17-years. CMM is also funded to drive the lift in production at Karlawinda and develop Mt Gibson which should see production increase from 113koz in FY24 to over 300kozpa. There remains LOM upside at Karlawinda (which currently has a 13-year LOM) and there is underground potential at Mt Gibson beyond the current open pit (17-year LOM) base case. Executing Karlawinda growth, Mt Gibson permits and approvals and continued drilling/resource updates are key catalysts for CMM. We reiterate our BUY rating on CMM and lift our price target 2% to A$9.60.
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