“S32 delivered steady financial year 2024 earnings that compared reasonably to estimates in what was a difficult year operationally for the diversified miner,” Raymond said.

“Confidence in being able to secure approvals at Worsley gave us confidence, with S32 working constructively with the Western Australian state and federal governments.

“Sale of the Illawarra met coal business was completed.

“Recovery work at GEMCO is on track, with sales set to resume in the fourth quarter of financial year 2025.

“Financial year 2025 sets up as a big year potentially for S32, with both metal prices and production set to recover, which could deliver significant valuation support.

“We maintain an ADD rating, with a $4.10 target price,” Raymond said.

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