GOR had already pre-reported its 2QCY25 production result of 73koz, which was 11% below our estimates at the time. Reported AISC for the 2QCY25 of A$2,928/oz was 5% higher than our estimates. GOR has reiterated that Gruyere CY25 production is likley to come in at the lower end of guidance (325-355koz) with Argonaut’s current CY25 production forecast sitting below guidance at 312koz for CY25. The proposed Scheme of Arrangement with Gold Fields will go to a shareholder vote in September, where we expect it to be voted through.
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