Saracen (SAR) produced 89.2koz gold at an all-in sustaining cost (AISC) of A$1,035/oz for the March Q, beating Argonaut’s forecast of 87.0koz @ A$1,100/oz. Group production has now averaged ~89koz for three quarters highlighting the stability of operations. Thunderbox was the standout for the Q, generating record production of 40.2koz at an AISC of A$972/oz. The Company added $3.3m cash and bullion for the quarter, after investing $58m in growth, improvements and exploration. Revenue was buoyed by a 2% QoQ increase in the realised gold price to A$1,766/oz. This is the highest average AUD price for many years. Unaudited NPAT was between $26m to $29m. Argonaut maintains a HOLD recommendation with a $2.50 price target.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
