Preliminary results had been pre-released earlier this month, with group production 14% higher than we had expected at the time, driven by a strong beat at Plutonic. AISC data has been released for the first time, with Henty delivering a strong beat on costs. Cash and bullion had been pre-released and was also better than we expected. Development of the Plutonic East project is progressing, with grade control drilling set to commence shortly. Stable production at Plutonic combined with the commissioning of the Plutonic East and Trident satellite mines should lift group production to +190koz in the next three years.
We are reiterating our BUY rating and lift our price target 18% to A$2.60.
CYL Price at posting:
$1.87 Sentiment: Buy Disclosure: Held
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