Positive production results for Independence

Production results generally beat our expectations across the asset suite, with the company reporting group EBITDA for the quarter of A$38m. Operating cashflow of A$6.8m was significantly lower than our expectations, however, when normalised for high gold inventory at Tropicana, a late provisional payment for a 10kt copper concentration shipment and a delayed zinc concentrate shipment, the result was in line with our estimate of A$39m. The Nova nickel project continues to ramp up ahead of schedule, and first concentrate sales are expected in December 2016. Our target price of A$3.95/sh (previously A$3.75/sh), has increased modestly on account of a model roll forward and is underpinned by Tropicana, Jaguar, Long, Nova plus nominal exploration value net of corporate adjustments. Report available here: (VIEW LINK)

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