Ann: Diggers and Dealers Mining Forum - Presentation, page-18

Macquarie rates AMI as Outperform
12 Aug 2024

Macquarie downgrades its copper price forecasts by roughly -5% in FY25 and -4% in FY25, expecting weaker global demand and a slight increase in production.
The broker observes it sits roughly -8% below consensus for FY25 and -16% below in FY26 but expects the risk of consensus downgrades are "subdued".
It also reviews gold miners and finds the impacts to be minor.

EPS forecasts for Aurelia Metals ease -5% in FY25 an -2% in FY26.
Outperform rating retained. Target price falls to 27c from 28c.

When it comes to the commodity, the broker expects the recent price retreat could offer an entry point and it expects no pause in copper merger and acquisitions which are related to long-term pricing.

All the best.
KKR


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