CYL has released some impressive grade control drilling results at Plutonic East, with the best high-grade intersection returning 9m @ 234g/t. Underground advancement at Plutonic East has progressed as planned with first ore on track for the 3QFY25. The project remains on schedule and on budget. Bringing Plutonic East and Trident into production will provide CYL with satellite ore feed for the Plutonic process plant, materially de-risking the production outlook for the project. CYL has commenced a major 180,000m drilling program, the results from which could provide significant positive catalysts for CYL, both through upgrades to reserves and delineation of new resources. We lift our price target 2% to A$5.50 due to the continued rise in spot gold prices and reiterate our BUY rating on CYL.
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