GOR’s quarterly production result was in line with our estimates and preliminary numbers released earlier this month. However, guidance for CY24 of 300-335koz was below our 350koz forecast and we lower our estimate to 330koz, which drives a 12% cut to our price target to A$1.85. Elevated mining rates present some risk to output in the 1HCY24, however with the stock down ~18% on the back of the weaker downgrade, we believe this is largely factored in and reiterate our BUY rating.
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