CMM produced 26.8koz in the 4QFY24, within 2% of our estimates. The full-year result of 113.0koz was within the 112-115koz guidance range. Cash and gold on hand at the end of June was A$125m, which was 9% lower than we had forecast. The lower cash largely reflected higher spend on the accommodation village at the Mt Gibson Gold project. We have upgraded our medium-term earnings forecasts for CMM to incorporate the 3-5% rise in our gold price forecasts for FY25-FY28. CMM is generating strong cash flow from production at Karlawinda, which remains one of the lowest cost gold mines in Western Australia. We reiterate our BUY rating and lift our price target 2% to A$6.70, reflecting the upgrades to our earnings outlook.
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