NST’s 4QFY24 result was strong with production and AISC better than we had expected. A record performance from Pogo was the key highlight and enabled NST to deliver into its key guidance ranges for FY24. The company has provided guidance for FY25 for the first time, with production and AISC broadly in line with our expectations, which capex was higher due to the timing on the spend on the KCGM mill expansion. We have made modest adjustments to our forecasts after incorporating the 4QFY24 result and FY25 guidance. Delivering the KCGM mill expansion underpins NST’s strong growth outlook and remains a key catalyst for NST. We are reiterating our BUY rating and lift our price target 1% to A$18.50.
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