CYL’s reserve growth to 1.0Moz is positive and underpins the ramp-up of production from 100koz to ~200koz by FY27 driven by the development and ramp up of the satellite deposits at Plutonic East and Trident. The production guidance was largely as forecast, while AISC guidance was better than expected driving upgrades to our earnings profile in FY26 and FY27. A key catalyst is exploration results (A$25m budgeted for FY25) which is targeting LOM extension to 5 years from Plutonic East, K2 and Trident. We are reiterating our BUY rating on CYL, lifting our price target by 11% to A$3.00 after incorporating the three-year guidance and recent movements in spot gold prices.
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