Exploration results from the CSA Mine have confirmed mineralisation extends beyond current reserves and resources. The high-grade results from the QTS North and QTS Central deposits will be included in future reserves and resources, but missed the cut-off for the 2023 estimate, which is due to be released in the 2QCY24. Copper prices have continued to climb, and we lift our price target by 2% to A$23.30, to reflect further strength in spot prices and reiterate our BUY rating on MAC. Importantly, stronger copper prices should enable MAC to accelerate is balance sheet deleveraging. We note that our valuation for MAC at a flat US$4.50/lb copper price into perpetuity rises to ~A$26.80/share.
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