Ann: June 2025 Quarterly Activities Report, page-31

Hold up, whilst i see what you are saying (ignoring how much of that price increase is due to production increase), its not what I am alluding to. Past markets would have gold miners going gang busters on the increase in gold prices that we have now. The gold miner market that we are in now is completely unloved. Every increase in gold price increase is viewed as short term temporary blip and every decrease in gold price is treated as a permanent downtrend. Unloved. Bond buyers think bonds will go up because rates have to go down. Well if rates go down then so would the US dollar, so wouldn't this be bullish for gold too. But do you see the bond market putting any money into gold miners? Equities rocket to new highs because trump decreases a tariff rate that he himself put on in the first place and some how the perception is that we now have reduced tariffs. No we don't, they are higher then they ever were. If tariffs were (correctly) seen as a tax and thus anti growth thus causing the the market to sink then why the hell is the market at record highs now when tariffs are higher then they ever were? It's a friggin beat-up. Now take silver miners for example, especially on US markets, they went totally bonkers crazy in price just because the Reddit crowd pushed it up to $32 in a so called short squeeze a few years ago. Silver now at $39 and those same miners have their same stock price back when silver was like $28. Well how high was the short squeeze supposed to drive silver prices then? Because I'm sure they would have been happy with $39, so why aren't silver miner share prices killing it now like they did back then? TOTALLY UNLOVED! Trump has gamed crypto for his own benefit and no one in main stream bonds or equities is interested in precious metals miners right now, even though precious metals prices are not only smashing it but have no reason to not keep going higher....and THAT is the infuriating bit. I think $16 for NST right now is not consistent with the chart you posted, not even close.