EMR’s 2QFY25 production result was pre-reported with a record quarter at Okvau of 31.9koz produced as a result of higher mill recoveries which lifted from 81%-85% QoQ. EMR’s AISC of US$855/oz was in line with our estimates and enabled EMR to deliver a +A$62m cash and bullion build for 2QFY25. EMR ended 2QFY25 with cash and bullion of A$243m up 34% QoQ. With the new flowsheet optimisations, EMR is on track to deliver a record FY25 production result at Okvau above its FY25 100-120koz guidance. Spot gold price movements lift our price target from $4.80 to $4.90 with a Buy rating maintained.
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