CMM’s 1QFY25 preliminary production result was softer than we had expected due to increased waste movements in the quarter. Importantly the accelerated waste movements will open sufficient work areas to enable CMM to deliver into its guidance ranges, which remain unchanged. The Public Environment Report (PER) for Mt Gibson is due to be submitted later this year, in line with previous guidance. Advancing the Mt Gibson Gold project presents a key near-term catalyst for CMM. We have made only minor adjustments to our production and AISC forecasts after incorporating the 1QFY25 preliminary result, which drives a 5% cut to FY25 earnings. Our A$9.00 price target is unchanged, and we reiterate our BUY rating on CMM.
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