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Saracen Minerals Holdings (SAR) - Bursting Out Of The Gate In Q1

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Saracen (SAR) released September Q results with group production of 80.3koz, in line with the June Q, with an 11% decrease in all-in sustaining costs (AISC) to A$1,008/oz. Annualised production is tracking at 321koz, well above the 300koz guidance for FY18. However, SAR is resisting an early upgrade, taking a wait-and-see approach on the performance from the high/grade nuggetty Kailis pit which comes on line in the current Q. Cash and bullion increased by $15.3m QoQ to $60.5m. Argonaut maintains a HOLD recommendation and a $1.35 target price.

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