NST’s 2QFY24 result was solid with gold sales and AISC coming in 4% better than we had expected. The beat was driven by an impressive performance at KCGM, which delivered 16% higher ounces and 20% lower AISC. Key guidance ranges are unchanged, with improving grades from the Super Pit the driver behind a stronger expected 2HFY24. We have upgraded our price target 3% to A$17.00 and reiterate our BUY rating.
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