CMM’s 3QFY24 result was largely in line with our estimates as production and cash and bullion balances having been pre-released earlier this month. AISC were 4% lower than we had forecast, however this was offset by gold sales being below production. CMM has reiterated its FY24 production and cost guidance ranges. An update on the Mt Gibson Gold project approvals process is expected in May and presents a key near-term catalyst for CMM. Exploration results continue to define potential underground mineralisation at Mt Gibson, which presents upside risk to our estimates. An updated resource estimate for Karlawinda is due to be released in the 4QFY24. We reiterate our BUY rating on CMM, lowering our price target 4 % to A$6.70 due to recent declines in spot gold prices.
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