GMD has upgraded its FY25 gold production guidance range by 12-17%. The upgrade was driven by a stronger mining performance at Ulysses and Admiral, which have enabled a six month earlier re-start of the Laverton mill. Mining at the Redcliffe Hub has also commenced to provide additional ore feed to Laverton. To achieve the early re-start, GMD has increased its FY25 capex guidance by 25% to A$125m. We have upgraded our FY25 production forecast by 9% to bring our estimate within the guidance range and make only minor adjustments to our AISC forecasts. The higher production drives a 22% upgrade to our FY25 earnings forecast. We reiterate our BUY rating on GMD and our A$3.70 price target. 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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