GMD surged +11.5% on Monday, extending its gains so far in 2025 to a whopping +104%. The company also delivered when it reported last week, with revenue of $920.1 million, compared with $438.6 million a year earlier. They also expect to produce between 260,000 and 290,000 ounces in fiscal 2026 at an AISC cost of $A2,500-$2,700 per ounce, again, healthy margins with spot gold trading around A5,400/oz.
- We remain bullish towards GMD in line with our short-term bullish stance towards gold, with a break to new highs feeling inevitable, or ~5% higher.
MM is cautiously bullish towards GMD
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