Gruyere’s 4QCY24 production, pre-reported, totalled 91.6koz, up 33% QoQ and was a record quarterly production result for Gruyere. Reported AISC of A$1,811/oz for 4QCY24 showed a strong improvement of 29% QoQ and was 11% lower than our estimates. Operating cashflows of A$141.7m were significantly higher QoQ (A$88.7m prior), benefiting from the higher production result and unhedged gold exposure. Spot gold prices movements lift our gold price from A$2.80 to A$2.90 with a Buy rating maintained. Delivering on material movement rates will be key for GOR in CY25 if it is to extend the strong 4QCY24 result into CY25.
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