CMM’s 4QFY24 result was mixed with in line production and a beat in gold sales offset by higher AISC. Guidance for FY25 had been pre-released and we have left our production, cost and earnings forecasts for FY25 and beyond largely unchanged. The approval pathway for Mt Gibson has become clear, with CMM expected to lodge the Public Environmental Report by the end of 2024, with the approval likely to occur within six months of lodgement. We have left our development scenario for Mt Gibson unchanged, which assumes project construction commences in early FY26. Exploration results at Mt Gibson have been encouraging, with more underground mineralisation being defined. The addition of underground mining presents upside to our base case for Mt Gibson. We are reiterating our BUY rating on CMM and lift our price target 4% to A$7.00 due to the rise in gold prices.
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