KINGSGATE CONSOLIDATED LIMITED (KCN)
Share Price Analysis and Chart

08/05/2025

1

Speculative Buy

$4.00

113.90%

Canaccord Genuity notes Kingsgate Consolidated reported March quarter production of 20.6koz at all-in-sustaining-costs of US$1,839/oz, below the broker's forecast of 23koz but a 15% improvement on the previous quarter.

Cash and bullion rose 33% to $60m, with free cash flow of $13m and a slight debt reduction.

Management's FY25 guidance of 80–90koz at US$1,650–1,800/oz is maintained, though the analyst's revised forecast sits just below at 77koz and US$1,921/oz due to higher royalty charges linked to gold prices.

At Nueva Esperanza, the resource update has been delayed as the company revises cost inputs.

Canaccord views any sale of the asset as a potential windfall, noting no value is currently attributed in its model.

The broker lifts FY25 earnings (EBITDA) to $110.9m from $100m, and net income to $61.3m from $54.6m.

The rating is Speculative Buy with $4.00 target price unchanged.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 24.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 51.00 cents.