CYL has released resource estimates for the Plutonic East and K2 deposits. The combined resources total 2.9mt @ 2.8g/t containing 262koz and should provide CYL with additional satellite ore feed for Plutonic. CYL has now identified resources at four satellite deposits at Trident, Plutonic East, K2 and Cinnamon, which combined contain ~900koz in resources. We include developments of Trident and Plutonic East in our base case forecasts for Plutonic. CYL has also commenced extensional drilling within the Plutonic Main underground mine. Delivering stable production at the Plutonic Main operation combined with the commissioning of the Plutonic East and Trident satellite mines should lift group production to +190koz in the next three years. We are reiterating our BUY rating and A$2.60 price target on CYL.
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