We maintain our BUY call and increase our valuation to $2.65 (prior $2.50) on a view that the higher margins evident over the last 18 months are sustainable. Following the recent Kathleen Valley win our FY25 revenue forecast is 90% underpinned by our assumptions on the roll-off of mineral project work and the expected contributions from GRPS and Mipac. West Musgrave project progress remains a key risk.
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