GOR’s H1 CY24 result was disappointing with lower gold sales dragging on Gruyere’s operating cashflows. GOR reported a NPAT of A$43.1m which was a slight beat to our number (A$37.1m) but otherwise reported financials were mostly in-line with our estimates. A negative free cash flow of -A$4.2m underscores the operational challenges over the half caused by successive rain events at Gruyere. We maintain our HOLD rating on GOR with our price target unchanged at $1.85.
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