NST’s 1QFY25 result was solid with the company reporting modest beats in gold sales and AISC vs our estimates. Pogo was the standout performer on volumes, while Pogo, Carosue Dam, Kalgoorlie and Thunderbox all reported lower AISC. KCGM delivered a softer performance vs our expectations, however the key mill expansion project remains on track. We have upgraded our price target 5% after incorporating the 1QFY25 result, due to a 9% lift in our FY25 earnings and the continued rise in spot gold prices. Production is expected to improve over the remainder of the year, which we expect will be delivered into higher gold prices and we reiterate our BUY rating.
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