Sandfire Resources (ASX:SFR) requires a "very strong" final quarter to meet its unchanged fiscal 2025 production guidance of 154,000 tonnes copper equivalent, according to a Tuesday note by Jarden Research.
SFR overcame extreme weather conditions at its Matsa copper operations in Spain and Motheo copper operations in Africa during the quarter to deliver a "commendable" fiscal third quarter result, Jarden said.
The company reported copper equivalent production of 35,900 tonnes, resulting in unaudited revenue of $283 million and underlying earnings before interest, taxes, depreciation, and amortization from operations of $145 million.
However, production must increase by about 15% to 16% quarter-on-quarter at Matsa and 27% at Motheo to meet its unchanged production guidance, Jarden noted.
Sandfire expressed confidence in its recently identified higher-grade ore sources, which Jarden believes can lift June quarter output, but the firm kept forecasts slightly below guidance due to potential external risks.
Jarden maintained Sandfire's buy rating but lowered the price target to AU$10.90 from AU$11.20.
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