CYL’s earnings result beat our estimates, although this was largely due to lower non-cash expenses at the Ebitda line. Guidance for FY25 is unchanged at 105-120koz at an AISC of A$2,300-2,500/oz. Our forecasts are towards the upper end of the respective ranges. CYL is accelerating its exploration spend in 2025, and results from this program have the potential to provide positive catalysts for the stock. The development of satellite ore feed from Trident, K2 and Plutonic East should see CYL’s production rise from ~115kozpa to over 180kozpa by FY27. We are reiterating our BUY rating and A$5.90 price target.
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view descriptions of the Morning Note, Companies covered and the Team.
If you would like to access our research please contact us to create an account.
