Points of interest , in no particular orderNewcrest remains one...

Points of interest , in no particular order

Newcrest remains one of the world leading gold miners in terms of managing costs - as the industry's costs rise NCM's costs are falling - Indistry average $590us v $440us Newcrest - industry leading. This will continue to put a bid under NCM from international fund managers.

Worldwide mine grades are falling - yet NCM's grades rising!!!!!

Quarterly production excellent - gold and silver recoveries at Hidden Valley excellent - up 11% and 38% respectively.

Excellent results from Wafi / Golpu

Rain events have had nominal impact - reserve upgrades at Bonikro, Lihir etc

Further cost savings in back office following merger yet to be booked.

All in all proscpects look excellent for the worlds #4 gold miner - NCM's competitors would kill for NCM's cash costs.

I would expect a significant short covering rally now in NCM. Should the gold price recover as I expect then the rally should see NCM back above $40 very soon.

Fundamentally NCM remains significantly underbought and later this year should be comfortably trading at $50+ imho.