NMG: Everything Is Lining Up - And the Market Hasn’t Caught On Yet

With everything running ahead of schedule and under budget, it’s hard to ignore how well-timed this entire rollout has been by Alex Passmore and the NMG team. The company is now right on the verge of first production, with the first ore purchase already underway and strong gold grades expected right from surface. That’s not just a milestone - it’s a major signal that NMG is shifting gears fast.

Add to that the inclusion in the All Ordinaries index this coming Monday, and it’s clear this company is entering a new phase - one that the broader market may not fully appreciate just yet.

Meanwhile, the gold price overnight jumped again, now trading at over AUD $5,590. Yet most mining stocks - juniors especially - are still priced as if gold is stuck at AUD$3,000. That gap creates a serious opportunity, and in my opinion, it’s only a matter of time before the re-rate begins.
NMG is sitting right at the front of that queue.

And if you watched Alex Passmore’s Beaver Creek presentation, you’ll know this isn’t just about Crown Prince. Once that operation stabilises, the company plans to bring Lydia, Abbotts and Crescent online - and importantly, all three projects already sit on granted mining leases.
Lydia is just 1.6km from Crown Prince, meaning development could happen quicker than expected - especially if the ore body continues across that short distance, which wouldn’t be a geological stretch at all.

Put all of this together and suddenly the path to 10,000 ounces of gold per month is not only realistic - it’s potentially fast-tracked. This is no longer just a junior explorer. This is a near-term multi-source producer, and it’s unfolding right now, not years down the line.

Zooming out, with Donald Trump back in the frame and global uncertainty rising again, gold remains one of the strongest assets in the market. If history is any guide - and the 1970s playbook comes back into force - we’re only just beginning a major gold cycle. In that environment, quality mining stocks like NMG are poised to benefit significantly.

In my view, this is still the sweet spot. We’re right before the full production ramp-up, right before institutional inflows from index inclusion hit, and right before the market realises just how many cards NMG is holding.

Big things ahead - and they’re coming fast.