Mining at Sand King has intersected first ore, in line with company guidance that this would occur before the end of 2024. Mining has been underway for four months, and OBM indicated that stoping remains on track to commence in the 3QFY25, ahead of steady state production in the 4QFY25. Early results from infill drilling have been encouraging, suggesting there is upside to the reserve and resource base at Sand King. The ramp up of Sand King is a key driver in OBM delivering on its two-year target of doubling production to ~150koz in FY26. We have left our forecasts largely unchanged, with the ramp up running in line with our estimates, and we reiterate our BUY rating on OBM, lifting our price target 2% to A$0.87 after accounting for movements in spot gold prices.
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