BCN’s 1QFY25 preliminary production result of 5.2koz was in line with our estimate and up 34% QoQ. Improvements in milled head grades and recoveries were in line with our expectations and suggests the Jaurdi operation is back on-track after a difficult two quarters. We maintain our Speculative Buy recommendation with our price target unchanged at $0.05. BCN is guiding to 6.5koz of production in the 2QFY25 which, combined with record gold prices, should see a return to stronger positive FCF generation.
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