Ann: June 2022 Quarterly Activities Report, page-49

I'm also betting on the PoG improving in the future. I note Goldman Sachs still have the following PoG forecast for the end of CY22. What would that do for the NST share price?

“In the absence of a large liquidity shock, we view current gold price weakness as a good entry point. The bank kept its upside outlook for the gold price but delayed the path by revising its three- and six-month targets to $2,100 and $2,300, from $2,300 and $2,500, respectively" Jun 14, 2022

However, as I noted in my last post, the PoG wasn't much different than now, when NST was at its ATH. The reason for the fall (at least to me) has been:

- overseas market makers selling due to US Fed funds rate rises,
- the big question mark over the Kalgoorlie future, especially its AISCs,
- the effect of COVID on all miners and
- the big question mark over the Pogo operations.

The NST Conference Call Q&A was notable for Stu Tonkin breathing a big sigh of relief over the Pogo operations, when he sent a big (and notably sincere) cheerio to the NST crew at Pogo. He sounded like Pogo had been weighing on his mind for 4 long years now. A period when even he questioned the soundness of their decision to invest there.

To reiterate, Stu said in the Conference Call, "this is the first time in 4 years I have enjoyed talking about Pogo ... a very pleasing result".

I think the Pogo and COVID effects disappear now. The US Fed won't let USTs reach 4% and will pivot due to recession IMHO ... or at least pause. The KCGM question will be answered in the next year, or maybe two.

FOMC will still raise at the end of this week, although I reckon they will be more dovish with the foreknowledge of the CY22Q2 GDP results, to be announced on 28Jul22. The FOMC minutes will be released 2 weeks later.