17/11/23 Macquarie research Highlights.
- CXO has 248kt ore stocks available.
- Estimates $498m in Sales Revenue FY24
- Estimates $166 NPAT FY24
- 35-40m allocated to exploration - incorporates 90km of drilling
- 12 month price Target .60c
"We note that several of the deposits remain open along strike and at depth and further drilling could result in an increase in the size of the resource. Exploration upside could result in a material uplift in valuation and underpin a significantly longer mine life."
"The main takeaway was CXOs strong preparedness for the upcoming wet season"
"We note that CXO has a strong balance sheet which should allow it to push ahead with key development projects with cash of $202.1m and no debt at the end of 1QFY24"
Regards
Ann: 2023 AGM Presentation, page-76
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