CMM’s 2QFY25 preliminary result was solid with gold production and cash generation broadly in line with our forecasts. Guidance ranges for Karlawinda remain unchanged and our estimates are within the respective ranges. The design for the Karlawinda process plant expansion has been awarded with the project expected to lift production from ~115kozpa to +150kozpa. Work on the Mt Gibson Gold Project is progressing with the accommodation camp expected to be completed shortly. Securing the final environmental approvals for Mt Gibson are expected before the end of FY25 and present a key derisking catalyst for CMM. CMM boasts a strong organic growth profile, with production forecast to more than double over the next two years, driven largely by the development of the Mt Gibson project and we are reiterating our BUY rating and A$10.00 price target on CMM.
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