Gruyere delivered a record production result of 91.6koz during 4QCY24 which was 7% beat to our estimates. Despite the strong finish to CY24, Gruyere CY24 production of 287.3koz was a slight miss to guidance of 290-305koz. We expect the strong finish to CY24 will continue into CY25 as the higher material movement rates deliver a stabilised head grade into the Gruyere mill. M&A remains our key catalyst for GOR which, assuming the DEG/NST transaction completes, GOR will have a +A$800m cash position to fund the acquisition of a second asset. Our Price Target of A$2.40 is unchanged with a Buy recommendation maintained.
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