Ann: FY2016 Full Year Results Presentation-NST.AX, page-2

Well, today's broadcast of the Annual results was short and sweet. It only went for 22 minutes including Q&A. I guess the results speak for themselves............ outstanding.

Some observations and opinions from me about today's broadcast by the NST team.

Bill Beament was matter of fact, but emphasised the significant reduction in AISC coming due to the sale of Plutonic. The AISC in FY16 without including Plutonic was $951/oz. According to my calcs, if that continues then NST is going to make an extra $50m per annum FCF regardless of the POG.

Other comments made worth noting:
- NST has the sector's strongest Balance Sheet.
- NST's financial performance would make most Blue Chip ASX companies blush (quote from BB)
- Plutonic will add to production for the 1st qtr FY17 as settlement of sale is not due until 30/9/17.
- This Plutonic production is not included in FY17 estimates for forward production. BB and the COO advised analysts to use the June 16 quarterly figures for planning. According to my calcs, using the last quarter's performance, Plutonic should produce about 17k oz resulting in $3.4m FCF for NST using current POG and before handover to the new owners.
- The 3c FF special div is expected to be paid out sometime in October 16.
- The Central Tanami Project is expected to commence production in about 12 months from now.
- There are still discoveries yet to be included in the JORC Resource and Reserve Statement.

Overall, the broadcast was short and sweet. The numbers and financial performance are all laid out in the presentation slides, so they speak for themselves.

Finally, according to my calcs, NST is providing a gross 3.1% yield from dividends. That is better than most term deposit rates...... and there is plenty of SP growth to come IMHO.

Cheers