NORSEMAN (NGX: $0.80) Aware that gold stocks are very much in focus at the moment but one that has probably slipped back onto the local bourse with to no fanfare is NORESEMAN (NGX)….NGX is not a low, low cost producer, with its average Production cost per ounce in the AUD 700 zone. It is however unhedged, is market capped at just over $100M, and has over $30M cash in the bank following on from a $22M profit last financial year. The company is looking to kick current production from 80,000 ounces per annum to 100,000 (not a big stretch) and do all it can to reduce cost overheads. It is therefore far from expensive at current price levels and offers further upside for those bullish on the gold price. This is a dual listing can continues to trade higher volumes on the London AIM market. Accumulate in the mid to low 80s
NGX Price at posting:
80.0¢ Sentiment: ST Buy Disclosure: Held
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