RMS confirmed last week that it has entered into exclusive discussions with TSX listed Karora Resources (KRR CN, HOLD, C$5.00 Price Target) regarding a potential merger. Our initiation of coverage report on KRR provides a detailed outlook on the business. The combination of RMS and KRR could deliver FY25 production +450koz, potentially rising to 500kozpa should the Stage 3 Edna May cut-back be undertaken. No potential terms have been released and there is no certainty that a merger will proceed. We leave our forecasts for RMS unchanged and reiterate our BUY rating and A$2.20 price target.
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