GOR’s CY24 results were mostly in line with our estimates with an NPAT of A$142.7m reported which was up 23% YoY. Ebitda of A$294.4m and operating cash flows of A$250.6m, were both in line with our numbers. A strong 4QCY24 production result helped offset lower revenues in 1HCY24 as rain impacts limited production out of the Gruyere pit. Our CY25 production outlook of 332koz remains at the lower end of GOR’s CY25 325-355koz guidance range. We have adjusted our Gruyere open pit unit costs over the LOM resulting in a Price Target decrease from $3.00 to $2.80. Given the limited TSR of our Price Target and sub 10% FCF yields forecasted over the medium term, we have changed our BUY rating to a HOLD.
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