Exploration drilling in the 1QFY25 has been largely focused on testing for underground potential at the Mt Gibson Gold project, while a large regional drilling program has commenced at Karlawinda. Results from drilling below the key Orion and Lexington pits at Mt Gibson continue to demonstrate underground potential. We note that our development scenario for Mt Gibson is based solely on open pit feed. Unmined targets including Capricorn also present upside to our base case development scenario. CMM expects to release updated reserve and resource estimates for the Mt Gibson project later this year. Spot gold prices continue to surge, and we have lifted our price target 4% to A$9.40 to reflect the rising gold price and reiterate our BUY rating on CMM.
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