GMD’s 1QFY25 result was strong with gold production and sales 3% and 5% higher than we had expected. The strong result drove a beat in cash flow, with cash and bullion 8% above our forecasts at the end of September. GMD is advancing growth on several fronts, with key project studies at Tower Hill, Hub, Ulysses, and Westralia all having the potential to bring forward gold production ahead of plan. We reiterate our BUY rating on GMD, with our price target rising 5% to A$4.20 due to the surging spot gold price. An upgrade to the medium-term outlook remains a key potential catalyst for GMD, with a new mill at Leonora unlocking a pathway to ~500kozpa.
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