RMS reported preliminary production of 82.1koz in the 4QFY24, within 1% of our forecast. The result lifted full-year output to 293koz, towards the upper end of the 285-295koz guidance range, which was an annual record for the company. RMS had previously disclosed its cash balance of A$446.6m, which has now declined to A$352.5m post the acquisition of the second tranche of shares in Spartan Resources (SPR AU, HOLD). We are on research restrictions on RMS.
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