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Investing.com - Canaccord Genuity upgraded Kingsgate Consolidated (ASX:KCN) from Speculative Buy to Buy and raised its price target to AUD4.95 from AUD4.50.
The upgrade follows Kingsgate’s release of fiscal year 2026 production guidance for its Chatree mine of 85,000-95,000 ounces at costs of US$1,550-1,750 per ounce before royalties.
This guidance represents a 20% improvement from fiscal year 2025 levels of 75,000 ounces at US$2,024 per ounce, reflecting the company’s transition to higher-grade run-of-mine ore versus stockpiles.
Canaccord Genuity noted the processing plant is performing strongly, operating at an annualized rate of 5.7 million tonnes per annum, which is 14% above nameplate capacity.
The research firm indicated that cost guidance is higher than previously modeled for fiscal year 2026, which it attributes to increased strip ratios and higher mining costs associated with the increased run-of-mine material.
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