RRL’s 3QFY24 result was solid with gold production and cash and bullion in line with our expectations. Higher gold sales offset higher AISC during the quarter. RRL has confirmed that mining at Duketon North will cease in the 4QFY24, while studies on the Rosemont Stage 3 and Garden Well underground projects will be completed before the end of June. RRL remains unhedged and has reiterated its FY24 production and AISC guidance ranges. Uncertainty over the potential commitment to the A$1b McPhillamys project and the royalty claim by South32 continue to supress RRL’s share price in our view, and we reiterate our HOLD rating and A$2.20 price target.
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