RRL has released an updated reserve and resource estimate for Tropicana. RRL’s share of reserves has increased by 6% in contained ounces, but at a lower grade, while resources have declined 6% in contained ounces. Significantly, the Boston Shaker and Tropicana underground mines now account for 30% of reserves, up from 17% previously. Incorporating the updated reserves and resources has translated to 6-8% cuts to our FY24-FY27 earnings forecasts due to lower average grades. We reiterate our HOLD rating and A$2.10 price target on RRL. 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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