GGP’s 3QFY25 result was strong, with gold and copper production 12% and 24% ahead of our estimates, respectively. The strong volume result translated to a material beat in revenue and cash flow generation. GGP ended the quarter with a cash balance of A$398m, 26% higher than we had expected. Guidance for FY25 has been provided for the first time and was broadly in line with our expectations after incorporating the strong 3QFY25 production result. GGP has confirmed the timeline to complete a listing on the ASX. The listing process commenced on 11 April 2025 and is expected to be completed by 24 June 2025.
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