BCN had pre-reported its 2QFY25 production result of 6.9koz which was up 31% QoQ. The stronger production result was enabled by the recent addition of a secondary crusher to the Jaurdi mill which lifted throughput rates. Gold sales totalled 6.6koz during 2QFY25 at an average sales price of A$4,060/oz. An AISC of A$3,314/oz for 2QFY25 was slightly higher than our estimates as a result of higher processing costs versus our estimates. Our $0.09 Price Target is unchanged with a Speculative Buy Rating maintained. BCN remains well-positioned to benefit from record gold prices with a large resource base all within haulage distance of its 0.9Mtpa Jaurdi mill.
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