Gruyere produced 59.6koz gold on a 100% basis for the March Q, down from 70.0koz in the previous quarter. The lower ounces were due to planned mill downtime and a weather event. All-in sustaining costs (AISC) were A$1,135/oz, up 3%. During the Q, GOR reported a 29% increase to Measured and Indicated Resources (+1.2Moz). The Company also completed 23,431m of air core (AC) and 1,214m of stratigraphic diamond drilling across several targets with some encouraging results from the Gilmour deposit. We maintain our BUY recommendation with a revised price target of 1.85ps.
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