EVN vs NST, page-2

NST has more growth potential - it has no hedging on its gold so if gold goes up, NST gets full value. NST has the possibility of making an opportunistic acquisition with the cash warchest. NST has a relatively short mine life, so has the opportunity to add significantly to the share price by drilling success and has a demonstrated track record of out performance in this area.

EVN has less downside if the GP goes down because it has 30% or so of production hedged at good prices. The balance sheet is still reasonably stretched following the Cowal acquisition, so it's unlikely to go shopping in the near future. EVN has longer mine life with both Cowal and Mungari being Tier 1 assets. That reduces growth potential because more of the long term value of these first class assets is already baked into the SP, however it also reduces risk. All EVN needs to do to make good returns is continue to operate mines that have well known and understood ore bodies with proven plant and equipment.

Cheers,
Tim.