I know they don't have to produce quarterly cash flow statements...

I know they don't have to produce quarterly cash flow statements Champ. Nor did Enron and the refusal to do so was the beginning of the unwinding of that company! You are probably more familiar with CCC who did not have to provide detail financial information as they were an investment company in theory. Or something like that. I could give you many examples of companies that chose not to provide cash flow statements for reasons that were obvious in retrospect. NST say they want to be one of the biggest gold companies and a favorite with institutions. Why don't they report like one to start?

When I first invested in NST, they were producing monthly cash flow statements. I doubt they had to do that either but they did it because the cash flow was good and they wanted to highlight it. Just like they gave cash flow guidance when they could give positive guidance. Now they don't guide because they can't project a number to justify anything like current enterprise value is my theory. In fact they are more likely to burn cash as they restructure acquired businesses, hence why they raised so much excess cash at 86 cents. So instead they market themselves with the meaningless statement "strong cash flow" and a sustainable dividend. The later being even more ridiculous given they consistently raise more than the dividends in equity.

So anyway, your comments don't help. I understand that investors can't legally force NST to produce quarterly cash flows. At some point they may start to question they don't volunteer them.