John, Seth Pretty much agree with what you've written. Moolart...

John, Seth

Pretty much agree with what you've written. Moolart Well performance was a fair way down on the previous quarter and probably more like where it will be longer term given the reserve grade. Moolart Well drags down the production costs a fair bit so we could see overall All-in costs up $50-100 on the previous quarter.

Sounds like there might be some incremental improvements due to technical upgrades at Garden Well but maybe not enough to offset Moolart Well.

Debt and cash position is a positive. The market maybe (over)reacting form the dividend comment I feel. Probably not going to be much if cash is only $33M by end of next quarter. I'm not sure when they have paid dividends in the past but by end September if cash is $50M and zero debt they might be able to justify a 3c half year dividend which would be $15M. I'm not in this for dividends in the short term and I'd like to see them hold onto some cash for 2015 calendar year and pursue an acquisition.

At $1.1 billion market cap it does look relatively expensive compared to NST. Still some questions though about NST's ability to keep production at those rates in the years ahead due to dwindling reserves (I think they will keep finding more ore but market still skeptical).