RED’s 2QFY24 result was in line with our expectations with most key metrics pre-released in early January. AISC were higher than we had forecast, reflecting a change in accounting policy for the treatment of stockpiles, which increased AISC by A$267/oz for the 2QFY24. This adjustment is non-cash and has a minimal impact on our outlook for RED. The King of the Hills process plant has demonstrated the ability to operate at +5.5mtpa, presenting +10% upside to our longer-term assumptions for the project if this rate can be sustained on a consistent basis.
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