EVN’s 3QFY25 result was mixed, with strong gold and copper production offset by higher AISC, which tempered the beat in cash flow generation. Guidance ranges for FY25 remain unchanged and we have made only minor adjustments to our forecasts after incorporating the 3QFY25 result. The life extension of Cowal has been formally approved, with capex for the project in line with previous guidance. The release of the Ernest Henry and Northparkes life extension studies are key near-term catalysts.
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