Oz Minerals (OZL) shares pop on 2Q
OZL +6.53%: posted FY21 and June quarter production numbers today and they were strong in a number of respects. Production increased ~22% on the softer March quarter and the new run rate implies that the company will hit the mid-point of full year guidance (December year-end) – some thought this was going to be a stretch after a soft start to the year. The improving trajectory was flagged however they also increased gold production and lowered cost guidance, the former up ~8%, the later down ~7% which is positive for margins / earnings. We like OZL and have recently bought back into the stock in the Growth Portfolio.
MM remains bullish OZL
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