CYL’s FY24 result was positive, with the company reporting its maiden positive profit result, driven by the strong production performance at Plutonic. We expect CYL to report improved production in FY25, with our forecasts calling for group gold production of 127koz at an AISC of A$2,542/oz. CYL has yet to release guidance for FY25 and we see this as a key near-term catalyst for the stock. The development and ramp up of the satellite deposits at Plutonic East and Trident drive further production growth towards 190koz over the next three years. We are reiterating our BUY rating on CYL, lifting our price target by 4% to A$2.70 after incorporating the FY24 result and recent movements in spot gold prices.
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