CMM’s 1HFY24 earnings result was a record for the company. Revenue, Ebitda and Ebit were in line with our estimates, with a slight variance in finance and tax expenses results in reported earnings coming in 6% below our forecasts. Cash flow generation was broadly in line with our forecasts, as was net cash of A$106.3m. Production and AISC guidance ranges are unchanged, and we reiterate our BUY rating and A$6.00 price target on CMM. Updates on the environmental permitting pathway for the Mt Gibson Gold project present a key near-term catalyst for CMM.
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