Management issued FY27 production guidance of 137koz to 147koz, prompting the broker's estimates to remain at 150koz on expectations of the expanded Karlawinda mill outperforming rated capacity. The analyst considers recent share price underperformance to have neutralised previous overvaluation concerns, establishing a more balanced risk-reward outlook. The analyst expects near-term operational disruptions to cause only a partial impact on full-year FY27 production volumes once primary processing circuits resume full capacity. Commentary states recent share price underperformance and the likely proximity to peak interest rates create an appealing entry point for institutional investors seeking to reduce underweight exposures. The analyst considers near-term share price upside constrained as market attention shifts from exploration potential toward project delivery metrics.