Something Fishy Here!, page-30

should add that i always consider a key to be ounces - NCM produces 2.2-2.6Mozpa - so its profits rise enormously for every $1 increase in aud pog. thats why historically it gets that up to 50% premum to midcap leaders who produce 1/10th to 1/4rd the gold and usually at higher aisc so less safe

thats part of the discount risk in rsg - its 1280 aisc at 300koz - but market has to factor what happens if it only pumps out 250koz due to transition - then its aisc might end up at 1450,

thats why pairs trader will play long ncm/short rsg for eg. zero risk to gold price and low risk good returns

but at a certain point rising gold price generally stops people shorting - which is when id expect rsg to really start to improve - assumign its operationally proving itself