Ann: Becoming a substantial holder from MQG, page-2

27/04/2017
WSA - Macquarie rates the stock as Outperform

March quarter production was solid and in line with Macquarie's expectations. The business was cash-flow positive during the quarter.

The broker makes some reductions to earnings estimates to reflect first half to appreciation rates. The modest extension to mine life at Spotted Quoll and Flying Fox drives a 4% uplift in the target to $2.80 from $2.70.

Outperform retained.