BGL’s 4QFY24 gold production and sales was 8% and 5% below our estimates. The softer volumes resulted in BGL delivering 2HFY24 production in the middle of its guidance range. We estimate that AISC for the 4QFY24 averaged A$1,778/oz, while AIC, which includes capex and corporate costs were A$2,284/oz. We note that BGL has yet to release formal cost data and will provide a multi-year production and cost guidance outlook at the end of July 2024. We believe the cost guidance is likely to come in above market expectations and reiterate our HOLD rating and A$1.90 price target ahead of the multi-year outlook.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
