Gruyere production was within guidance, delivering a record free cash flow for the quarter of A$51.7M from 44koz of production. Gruyere’s simplicity is one of its key strengths and continues to deliver to plan with sector leading margins. We believe GOR’s next move in the M&A sphere is likely to be the most material share price catalyst aside from gold price movements. We retain our HOLD recommendation as the stock looks fully valued on our gold price outlook, while recognising the quality of the asset base.
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