NST delivered a solid December quarter production report last month, while maintaining their FY24 guidance across the board, i.e. a solid outcome compared to several of its peers. They still expect to sell an impressive 1.6-1.75m ounces of gold for the year at an all-in sustaining cost/oz A$1,730 to A$1,790, which is very attractive compared to an Australian gold price close to $A3,100/oz this morning, plus they ended the quarter with A$1.089b cash and bullion. We like this quality operator who reports next Thursday.
- We took profit on NST in January to reduce our gold exposure, just before the stock “popped” higher after its report, frustrating in hindsight, but the stock is almost back to our exit level.
MM is neutral NST around $13
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