EMR’s 1HFY25 results were largely in line with a record free cash flow generation of A$110.4m reported. A slightly higher tax expense versus our numbers resulted in a lower NPAT however all the key cash flow metrics results were inline. Okvau continues to perform well operationally resulting in another half-year result of strong free cash flow generation with a lower quartile AISC of US$919/oz (A$1,458/oz). Near mine exploration drilling at Okvau represents our most significant short-term catalyst with drilling currently underway at the Antrong target – an untested soil anomaly of similar scale and tenor to the Okvau deposit. Spot gold prices lift our price target from $5.20 to $5.40 with a Buy recommendation maintained.
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