CYL has commenced early development works at the Plutonic East project, which is located just 2km from the Plutonic process plant. We have incorporated production from Plutonic East for the first time, with the mine forecast to add 300ktpa @ 3.6g/t. The ramp up at Plutonic East combined with the development of the Trident project should enable CYL to increase production at Plutonic from ~85kozpa to ~150kozpa by FY27. The increase in output at Plutonic and the ~30kozpa contribution from Henty should lift group production to 180kozpa by FY27. We are reiterating our SPEC BUY rating on CYL, with the inclusion of Plutonic East driving a 13% increase in our price target to A$1.70.
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