Reported Q3 preliminary volumes were 20% below our estimate and down 3.9% y/y. We also lower the gold price in our assumptions to the current spot price. As a result, we cut our 2026-28 EBITDA estimates by 9-10%. For Q3/26, we expect EBITDA to be burdened by a high cash cost, driven by low grades. Q3/26E EBITDA is EUR 4.5m (previously EUR 8.2m). We trim our equity fair value range to EUR 2-10 (3-11) after estimate cuts.
LÄS MER
