MAC’s 3QCY24 result was solid with production and operating costs in line with our forecasts. Cash was marginally softer however MAC replenished its cash reserves following an equity raising in October. Key guidance ranges are unchanged, and we note with mining set to commence in the QTSS Upper zone, there is upside risk to MAC’s production guidance as material from the Upper zone is not factored into to the three-year guidance outlook. Exploration continues to deliver, and we expected to see further upgrades to the reserve and resource at the CSA Mine over time. We lower our price target 3% to A$23.00 after incorporating the 3QCY24 result and reiterate our BUY rating on MAC.
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