Gold heading north, NCM static. Go figure., page-20

We should see market constriction over the medium term as the government try to tackle inflation through and interest rate rise. This includes the fall of the gold price and general bear market, this should go lower in the short term but its still a great company, close to its book value of $17. I'm rather bullish on this if it goes sub $20.

With a rising margin on the back of the gold price it still presents good value (2018 - 9% , 2021 - 38%).. Consistently rising retained earnings and great cashflow activity, payment of debt, rising shareholders equity/cash balance reflect a well run and profitable company.

I do believe it will go below $20 due to the $746 M capital raising in 2020 which would then present a great buying opportunity IMO since in 2018 the cash balance was half of what it is today ($900M vs $1.8B), total revenue is up 30% since 2018 and NPAT up over 400% since 2018 and EPS up over 500% over the same period.

Financials may be constrained as the gold price pulls back however the company is still in a great position with rising volume of material mined. The unknown is the future change in the all important ASIC cost due to unforeseen circumstances which can change all these metrics for the better or the worse.