VAU’s group production of 97.5koz for 1QFY25 was soft, down 10% QoQ and 5% below our estimates as lower KOTH head grades weighed on production, partly offset by a better-than-expected quarter at Deflector. Post-merger VAU’s liquidity position remains strong with A$523.4m of cash and bullion at the end of the 1QFY25 after paying down the last of its A$92.9m debt during the quarter. Our Price Target is unchanged at A$0.55 and we reiterate our BUY rating.
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