GOR reported a soft finish to CY23, with production missing our estimates due to lower ore availability, attributable to labour constraints. We see this largely as a short-term issue for GOR and expect guidance for CY24, released later this month, to be a positive catalyst for the stock. Moving to higher-grade stages of the Gruyere pit should see production rise progressively over the next two years, with medium-term output closing in on 200kozpa (GOR share). Incorporating our new gold price forecasts and price target methodology drives a 20% lift in our price target to A$2.10 and we upgrade our rating to BUY.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
