Genesis Minerals' (ASX:GMD) strong December 2024 results at its Gwalia gold mine in Western Australia are unlikely to be repeated in the March quarter, UBS said, according to multiple media reports released Friday.
On Wednesday, the company reported record gold production of 57,055 ounces at an all-in-sustaining cost of AU$2,202 per ounce.
The company said it is on track to meet its fiscal year 2025 guidance of 190,000 ounces to 210,000 ounces at all-in-sustaining costs of AU$2,200 per ounce to AU$2,400 per ounce.
Despite a cautious outlook for the March quarter, UBS raised its fiscal 2025 forecast for the company, factoring in over 25,000 ounces of additional gold production from ore purchase agreements, analyst Levi Spry said.
UBS cut Genesis Minerals' rating to neutral from buy but raised its price target to AU$3 from AU$2.8.
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