The Gwalia UG reserve change is worth drilling into a bit perhaps. It may not be a surprise as Gwalia was underperforming. The market may like that.
Trying to understand the difference versus expectations by reading old analyst comments on fnarena, it seems to me analysts expected the production to be at 300 koz by FY 26. So they are behind in ounces with an AISC margin worth about $76m. But I also saw one analyst estimating growth cap ex at $160m pa for 3 years, so there appears to be a saving of about $180m. Can never be too confident of analyst opinions, but there are swings and roundabouts. The update might win points for looking like a plausible outlook.
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