RMS has released a 10-year mine-plan for its Mt Magnet operation. Extending the life of the high-grade Penny underground and incorporating higher grade feed from the Cue open pits is set to drive gold production beyond 200kozpa in FY25 and FY26, with peak output approaching 250koz in FY25. We have adjusted our outlook for Mt Magnet to closely reflect the new mine plan. These changes drive material upgrades to our medium-term earnings forecasts. The improved earnings outlook underpins a 10% upgrade to our price target to A$2.20 and we reiterate our BUY rating on RMS. The outcome of the merger discussions with Karora Resources present a material near-term catalyst for RMS.
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