In her June 20 note, Liu raised her average selling price assumptions for the company from US$2,900 to US$3,100 per oz.
Also, the company is set to increase its production this year with additional capacity in place.
Besides gold, Liu believes that CNMC will also increase the production of non-gold metals, such as zinc, silver, and lead by at least 50% y-o-y.
"We believe FY025 will be an exceptional year for CNMC, driven by broad-based tailwinds, including record-high gold prices and the long-awaited ramp-up in production.
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Liu has increased her FY2025 patmi forecast by 27% to US$22.7 million, which suggests that more dividends will be on the way.
"We anticipate enhanced shareholder returns through a special dividend or an increase in the dividend payout ratio," says Liu, noting that the company has a dividend policy of a minimum 30% payout ratio and a solid track record of increasing payouts during periods of strong financial performance.
CNMC shares closed at 44 cents on June 19, down 1.14%.
