RRL’s 1HFY24 earnings result was mixed with Ebitda and earnings 14% and 10% ahead of our estimates, while cash flow generation was materially weaker. The beat in earnings was largely due to favourable non-cash inventory adjustments, while the weaker cash result reflected a larger build of gold in inventory and bullion, which reduced the cash portion of the previously disclosed A$155m in cash & bullion to just A$55.5m. Confirming capex and timing of the McPhillamys development presents a key near-term catalyst for RRL and we reiterate our HOLD rating on RRL.
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