Sierra Rutile maintains 2023 guidance despite misses against Morgans forecasts for production and sales volumes in the 1Q.

The broker leaves its forecasts, 55c target and Add rating unchanged. It's noted the value of cash on hand equates to around 88% of the company's current market capitalisation.

Net cash increased by $19.6m to $57.3m over the quarter.

Target price is $0.55.Current Price is $0.23. Difference: $0.33 - (brackets indicate current price is over target). If SRX meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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