RMS’s 2QFY24 result was strong with production 6% better than we had forecast and cash generation materially higher than we expected. Production guidance has been lifted for FY24 and we have upgraded our FY24 earnings forecast by 24% to reflect this. The release of an updated mine plan for Mt Magnet, which will incorporate the Cue assets for the first time, present a key near-term catalyst for RMS. We are upgrading our rating from HOLD to BUY and lift our price target 12% to A$1.90 due to the improved earnings outlook.
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