NCMGF - Newcrest Mining: Ignore The Weak Q2 Results

• Newcrest Mining released its fiscal Q2 2022 results earlier this year, reporting fiscal Q2 production of ~436,100 ounces of gold at all-in sustaining costs of $1,127/oz.
• This was a significant increase in costs from FY2021 levels, related to higher costs at Lihir, and lower production at Cadia, which helps to pull down the company's consolidated costs.
• The good news is that fiscal H2 2022 should be much better for the company, with nearly 4 months of contribution from Brucejack and higher production at both Cadia/Lihir.
• Hence, I believe investors should ignore the weak fiscal H1 2022 results and remain focused on the long-term outlook, which points to industry-leading margins by FY2024 if Newcrest can execute successfully.

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