Ann: Preliminary Final Report 30 June 2014, page-14

Plenty of scope for over achievement this coming financial year. Some observations from my quick scan of results.

Plutonic net operating profit is only $584k. Good challenge for management to lower the AISC by decreasing costs and/or improving grade recovered.

The toll treating operations are providing good revenue, already circa $18m profit to 30 June 2014.

The pro forma profit for the year if the Barrick purchases were calculated from 1 July 2013 would be $57m according the NST estimates. Note 34 refers to this estimate and an extract is included below:

"Impact of acquisition on the results of the Group"
Included in the profit for the year is $18.7 million attributable to the additional business generated by the Kalgoorlie Operations. Revenue for the year includes $97 million in respect of these assets.
Had the business combination been effected at 1 July 2013, the revenue of the Group would have been $291 million and the profit for the year would have been $57 million on a pro-rata basis. The directors of the Group consider these ‘pro-forma’ numbers to represent an approximate measure of the performance of the combined group on an annualised basis and to provide a reference point for comparison in future periods.

IMHO all is on track for rerating to continue relative to good announcements by NST and leading to proper rerating upon release of 1H FY15 results.

Any increase in POG or decrease in OZ dollar is bonus for shareholders, but who really knows about that likelihood?

Cheers