The world’s largest listed gold miner has outperformed most of its peers, driven by a combination of consistent earnings beats and an aggressive buyback program, closing overnight within striking distance of its August all-time high – almost the opposite relative performance to the ASX’s heavyweight Northern Star (NST). As we mentioned earlier, operational execution is pivotal to the performance of miners. NEM has rewarded investors with three consecutive earnings beats, a $6 billion buyback reducing share count by ~10%, a below-feared NGM JV settlement, and best-in-class cost improvement, all against a backdrop where gold’s own performance was volatile.
- We continue to target a test of $200 in the coming months, or ~10% higher.
MM remains bullish towards NEM below $180
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