If they can keep to their 2025 guidance range (US$3.40-3.90/lb) AIC, its actually not bad.
This range was disclosed in the December quarter, prior to the CR for accelerated development. Unless I'm mistaken, no revision of the AIC has been made. Thus, the guidance would have taken into consideration the Nugent exploration/capital development costs and would explain why the range was so wide. I recall one of the Funds questioning the wide margin in the quarterly briefing, to which, the CFO provided a very vague answer. I'm guessing the smart money snuffed that one out offline.
So, assuming their interpretation of all-in-costs does actually include all major capital and exploration, the high-end of US$3.90/lb is somewhat acceptable considering the current copper price.
HGO Price at posting:
3.5¢ Sentiment: Buy Disclosure: Held
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