BCN produced 6.86koz during 2QFY25 which was up 31% QoQ and 6% above our estimates. Recent upgrades at the Jaurdi mill were the key driver behind the stronger production result delivering a +28% QoQ increase in mill throughput. BCN sold 6.5koz during 2QFY25 at an average sale price of A$4,060/oz, ending 2QFY25 with cash and bullion of A$25m, in line with our estimates. Our Price Target is increased from $0.060 to $0.090 after the incorporation of the Lady Ida open pit into our base case which provides a material extension to BCN’s long-term production outlook. Speculative Buy maintained.
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