Ann: March 2021 Quarterly Activities Report, page-21

Look beyond the PR. The market should not be happy.

Key points

• Pogo ASIC - A$2,221 (A$1,904 reported in March 2020)
• Kalgoorlie ASIC - A$1,922 (A$1,619 reported in March 2020)
• Thunderbox ASIC - A$1,908
• Corporate Debt - A$658,000,000

The EKJV ASIC may be up 50% but even with the NSMS inflated costs sits around A$1,300, which means the rest of the Kalgoorlie operations must have ASIC's on steroids!

Pogos March 2020 quarterly NST advised, "...with quarter-on-quarter improvements in both gold production and costs per ounce. This trend is expected to continue in the June quarter". The PR spin doctors just keep the forward-looking story going, where the backward-looking actuals are underwhelming.

If gold dips NST is in strife with these operations - gold is today at A$2,300. NST's ASIC for Pogo & Kalgoorlie are up around 20%. With this ever-increasing trend the maths is very simple (and ugly).

The warning signs are out there and Pogo is going to only cause irreparable harm - if gold volatility doesn't hurt, currency volatility will. With BB out the door hopefully, new management will become responsible and lose the 'the take over the world at any cost' mentality.

Long term view of NST being worth $6 remains the same IMO. Shame as SAR was a good company....