GMD’s 3QFY25 result was strong driven by impressive mining performances at Redcliffe – Hub and Gwalia and a stronger mill performance at Laverton. This enabled GMD to report much stronger cash generation and higher earnings than we had anticipated. Guidance ranges are unchanged for FY25, however a beat to guidance now looks likely. GMD plans to update guidance ranges for FY26 in the 1QFY26, with our forecasts 26% and 12% higher than previous guidance and consensus estimates, respectively. Our medium-term outlook for GMD includes an expansion of the Leonora mill, which drives a production outlook that is 20-30% higher than prior guidance and consensus averages through to FY29.
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