I wanted to share an update regarding NMG following the latest...

I wanted to share an update regarding NMG following the latest Argonaut Equity Research commentary on 19th November. Argonaut, widely regarded for its highly conservative modelling, has reportedly lifted NMG price target from 4.4 cents to 5.3 cents. What makes this particularly interesting is that the target is understood to still be based on an assumed gold price of Y2025 around AUD $4,365 per ounce, which leaves plenty of room for interpretation given current market conditions are at AUD $6408 per oz.

I should note that I have not personally seen the report; this information comes from a reliable contact who has.

Argonaut’s recent site visit to Crown Prince highlighted a simple, high-grade open-pit operation performing strongly and already generating free cash flow in only its second month of production. With additional mining inventory incorporated into their base case, the Buy rating has been maintained.

There is also growing market chatter that activity may not be limited to Crown Prince open pit. Some rumours circulating suggest that Lydia I have mentioned prior but now a NEW ADDITIONAL one CROWN EAST could potentially contribute additional near-surface ounces with an open pit, with figures of up to 100,000 oz being mentioned between both Lydia & Crown East-though these numbers remain unverified and should be treated purely as speculation at this stage. The suggestion is that this could help sustain revenue growth ahead of the anticipated underground development at Crown Prince, where some believe mine-life extensions could more than double earlier expectations. Something Alex Passmore CEO of NMG touch on while at Beaver Creek conference in his video presentation.

If even a fraction of this talk eventually makes its way into official updates, it could mean that Argonaut’s revisedNMG target isonly scratching the surface, with the main news still to hit the screens. For now, what we can say is that the tone from a typically conservative analyst is shifting, and the momentum around NMG seems to be building faster than many expected.