The bulk of CMM’s key data was in line with our expectations as had been pre-released. The new data point was AISC which were within 2% of our forecasts. We have left our production, AISC and earnings forecasts for CMM largely unchanged after incorporating the 2QFY25 result. The expansion at Karlawinda has been approved, which will lift mine production to ~150kozpa. Development of the Mt Gibson project is progressing ahead of receiving key environmental approvals, with CMM having spent A$30m of the A$260m budget to date. Securing the final environmental approvals is expected to occur in the next few months, enabling CMM to commence construction on the project in early FY27. CMM boasts an impressive organic production growth outlook, and we reiterate our BUY rating. Our price target rises 6% to A$10.60 due to further rises in spot gold prices.
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