We trim our revenue estimates by 2-3% and EBITDA estimates by 4-6% for 2026-28 after updating production, gold price and FX estimates. For FY/26, we forecast 17% growth in gold production (guidance: 10-20%). We estimate EBITDA of EUR 7.4m in Q2/26 and EUR 29m in FY/26. We set our equity fair value range at EUR 3-10 (3-11), based on a range of +500/-500 USD/oz compared to the spot gold price.
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