GMD’s 1HFY25 earnings result was in line with our estimates on all key metrics. Guidance ranges of 190-210koz and A$2,200-2,400/oz remain unchanged, and our forecasts are in the middle of the range for both production and AISC. GMD is well funded to progress its growth plans, with cash and bullion of A$222m and an undrawn A$120m corporate revolver finance facility now in place. We see considerable upside to GMD’s Five-year plan, which had production peaking at 325kozpa, and GMD has reiterated its core focus is on maximising its organic growth options. Securing key agreements and permits for Tower Hill and the release of the Westralia open pit review present key near-term catalysts for GMD and we reiterate our BUY rating and A$5.40 price target.
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