The Rebecca / Roe pre-feasibility study has confirmed a ~130kozpa production rate at an AISC of A$2,346/oz for nine years. The bulk of the key project metrics, including production, AISC and capex were all broadly in line with our estimates. We have reduced our mining inventory to a combination of open pit and underground, which shortens our mine life assumption to ten years, slightly longer than the PFS. Our forecasts for Rebecca / Roe now broadly match the PFS aside from the additional year of production. We have also brought forward our start date by a year but remain around one year later than the PFS timeline, allowing for delays in securing environmental approval. Earnings changes are mixed beyond 2030, and we keep our A$3.00 price target unchanged after incorporating the updated forecasts for Rebecca / Roe.
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