GMD’s 4QFY25 result was strong with the cash build ahead of our expectations. Production and sales were broadly in line, and AISC were slightly higher, implying that the cash build was driven by a combination on a higher non-cash component in AISC as GMD built ore inventory, lower capital expenditure and variances in the cost of gold price linked third party ore purchases. Importantly, all four of GMD’s mines extracted more ounces during the 4QFY25 than we had expected. The release of FY26 guidance in September presents a key catalyst, along with detailed estimates on the potential expansion of the Leonora and Laverton process plants.
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