Fundamentals haven't changed, page-730

You make some valid points here - but I feel the biggest point you are discounting is the extraordinary cash generation that NST can now draw upon to counter any reserve decline production may inevitably result in. This could be used to buy reserves, buy a long life mine, explore. Of course this has a risk, we may be close to a top in prices, so value would be key - but with so much cash generation, I'd say significant capital will be allocated towards exploration & resource/reserve growth over the next 2 years, if there isn't M&A activity?