We are initiating coverage on St Barbara (SBM) with a SPEC BUY rating and set a A$1.20 price target. SBM offers leverage to rising gold prices through its Simberi Oxide project in PNG, which is currently producing ~70kozpa at an AISC of +A$3,500/oz. The development of the Simberi Sulphides project should lift group gold productionRead more
RRL’s 1QFY25 had largely been pre-released, with AISC the only new key data point, which was in line with our forecasts. We have made only minor changes to our estimates and note that our production and AISC forecasts for Duketon and Tropicana remain within guidance ranges for FY25. RRL’s resource base offers significant leverage toRead more
BOE’s September quarterly indicates ramp-up of uranium production at the 100% owned Honeymoon project is progressing well. Production during the period was ahead of our physicals model. Production statistics suggest both well field extraction and ionic exchange processes are operating efficiently. The sale of 200,000 lb of U3O8 during the quarter (Honeymoon production + Inventory)Read more
NST’s 1QFY25 result was solid with the company reporting modest beats in gold sales and AISC vs our estimates. Pogo was the standout performer on volumes, while Pogo, Carosue Dam, Kalgoorlie and Thunderbox all reported lower AISC. KCGM delivered a softer performance vs our expectations, however the key mill expansion project remains on track. WeRead more
WAF’s 3QCY24 production, pre-reported, totalled 47.8 Koz with unhedged gold sales of 49.6 Koz at an average price of US$2,493/oz. Sanbrado reported an ASIC of A$1,939/oz for 3QCY24 which was in line with our numbers. Solid quarter by WAF as Sanbrado continues to perform to plan and Kiaka’s progress remains on track. WAF’s growth outlookRead more
PRU produced 121.3koz during the 1QFY25 which was flat QoQ and 7% below our estimates. Costs were flat QoQ and broadly in line with our estimates with another strong quarter at Edikan which helped offset higher AISCs from Yaouré. We retain our Buy Recommendation with a slight adjustment to our Price Target from $3.60 toRead more
LOT released its 1QFY25 quarterly report which highlighted the recent completion of FEED for Kayelekera which has seen first production from restart being accelerated to 8-10 months from FID. Initial restart capital has also declined to US$50m and LOT is raising US$84m (A$125m) to fund the restart. Initial contracts (~1.5mlb) have been signed, the mineRead more
MAC’s 3QCY24 result was solid with production and operating costs in line with our forecasts. Cash was marginally softer however MAC replenished its cash reserves following an equity raising in October. Key guidance ranges are unchanged, and we note with mining set to commence in the QTSS Upper zone, there is upside risk to MAC’sRead more
Volumes in the September quarter demonstrate continued growth in market share. The investment in brand recognition is well supported by an efficient production facility, and a large national sales, distribution, and marketing platform. This will get recognised via a higher share price in time and we maintain our BUY call and $0.68 valuation. To accessRead more
VAU has outlined a likely expansion of the process plant capacity at King of the Hills to 6.0mtpa and we have lifted our throughput assumptions to match. Reserves and resources have been updated, with King of the Hills estimates largely unchanged after mine depletion, Deflector reporting a material reserve increase due to the addition ofRead more
