I listened to the call and was very impressed.
37% increase in EBITDA margin $1,200/oz (1H24) to $1,647/oz (2H24) portends continuing margin growth in FY25 at current gold prices, increasing prices of delivered hedges (all sub $3,000 contracts will be expunged after Dec 31st) and increasing grade and throughput to drive production growth this year and next 5 years.
Even the much maligned Pogo generated $300m in cash during FY24 ($248m free cash flow in the last 3 financial years).
I really like their focus on organic growth with $200m exploration spend in FY25 to deliver ~6Moz new resources, based on the company's recent discovery cost per ounce.
I listened to the call and was very impressed. 37% increase in...
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