CMM’s 1HFY25 result was solid with most key metrics within 5% of our forecasts. Guidance ranges for FY25 are unchanged and our forecasts are in the middle of the respective ranges for production and AISC. Work on the Karlawinda expansion, which will increase production from ~120kozpa to ~150kozpa has commenced and we expect to see increased production from the second half of 2026. Securing the final Federal and State Environmental approvals for the Mt Gibson Gold project remains a key near-term catalyst for CMM. We expect approvals to be granted in the next three months, allowing project construction to commence in the 1QFY26. Our base case forecasts assume first production from Mt Gibson in the 1QFY27, which underpins growth in group production to ~300kozpa by early CY27. We reiterate our BUY rating on CMM, trimming our price target 1% to A$11.00 due to recent movements in spot gold prices.
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view descriptions of the Morning Note, Companies covered and the Team.
If you would like to access our research please contact us to create an account.
