KRR’s December quarter result was mixed, with in line production offset by higher cash costs. The higher costs and lower gold sales resulted in weaker Ebitda and earnings. However, lower capex and favourable working capital movements resulted in stronger cash generation vs our forecasts. KRR has reiterated its CY24 guidance ranges, and we have left our earnings forecasts largely unchanged after incorporating the December quarter result. We are reiterating our HOLD rating and C$5.00 price target. KRR has entered exclusive merger discussions with Ramelius Resources (RMS AU, BUY, Price Target A$2.20).
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