NESRF - Northern Star Resources: Ignore The Softer Q3 Results
- Northern Star released its fiscal Q3 2022 results last month, reporting quarterly sales of ~308,100 ounces of gold at all-in sustaining costs of A$1,656/oz [US$1,199/oz].
- Overall, production was down 3% sequentially at higher costs, with revenue also down slightly due to significant deliveries into gold hedges in the period.
- However, while Northern Star revised cost guidance higher with Pogo set to come in slightly behind plans, operating metrics continue to trend in the right direction at the Alaskan asset.
- After a soft quarter and cost guidance revision, it's easy to be negative on Northern Star, but with the stock trading at ~1.05x P/NAV as a solely Tier-1 producer with growth, I see significant upside from current levels.
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Northern Star Resources: Ignore The Softer Q3 Results