NST’s 1HFY25 result was solid with most key earnings metrics within 2% of our forecasts. Cash balances had been previously disclosed, hence were in line. NST’s interim dividend of A$0.25/share was 6% higher than we had forecast. Key guidance ranges for FY25 remain unchanged and we note that our forecasts are within the respective guidance ranges. Construction on the KCGM mill expansion is progressing as planned, with the 27mtpa mill expansion due to be completed in FY27. We believe NST has the potential to lift its longer-term production profile by replacing stockpile feed with higher grade ore at KCGM and expanding Hemi over time and reiterate our BUY rating.
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view descriptions of the Morning Note, Companies covered and the Team.
If you would like to access our research please contact us to create an account.
