RMS had pre-released group production and AISC data earlier this month. Site cost data was released for the first time, with Mt Magnet reported AISC of A$1,030/oz, 27% lower than we had forecast and down 38% on the prior period. The impressive result from Mt Magnet was partially offset by higher AISC at Edna May. RMS has upgraded the 2HFY24 production guidance range by 11-16% and lowered AISC range by ~20% and we have upgraded our 2HFY24 production forecast by 7% and lowered AISC by 13% to match guidance. RMS is set to release study updates on Rebecca/Roe and Edna May in the next few months and we are reiterating our BUY rating on the stock. Our price target rises 8% to A$2.60 after incorporating the guidance upgrade and higher spot gold prices.
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