GMD’s 1HFY24 earnings result was weaker than we had anticipated, largely due to higher non-cash exploration expense and higher corporate overhead costs. Cash was in line as had been previously released and we do not see these non-cash earnings variances as material to the investment case for GMD. The release of the five-year strategy outlook is due in late March and will include updated reserves and resources plus production and cost guidance for the 2HFY24. GMD has indicated the outlook will be centred around a “Margin over Ounces” strategy.
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