NST’s headline 3QFY24 production and AISC had been pre-released and were in line with our expectations. The impact of the wet weather and power outage in Kalgoorlie was less severe than we had anticipated, with both KCGM and Carosue Dam delivering stronger results vs our base case, offsetting weaker results at Thunderbox, Jundee and Pogo. We have made only minor changes to our production and AISC assumptions for FY24 and beyond and lift our price target 1% to A$19.60 to reflect the strong gold price. We are reiterating our BUY rating on NST. The release of updated reserves and resources in early May presents a key catalyst for the stock, with the inclusion of regional deposits and a larger underground at KCGM upside to our medium and longer-term forecasts.
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