We upgrade to BUY (prior HOLD) as the Kathleen Valley contract helps build FY25 work in hand and our TSR climbs closer to 20% than 10%. Our base case is that it’s business as usual at West Musgrave under a slightly stretched timeline. In this scenario our FY25 revenue forecast is nearly 90% underpinned by mineral project work and contributions from GRPS and Mipac. West Musgrave progress remains a key risk given its size.
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