Thursday, 17 July 2025
Tuesday, 15 July 2025
ARP 2600 1st patches
gaggimate - initial wi-fi setup.
Hottop custom profile 2 & 3
Wednesday, 9 July 2025
Verbos 254v (buchla format)
Comparison NST vs EVN
๐ Side-by-side (simplified balance sheet view)
| Metric | NST (approx) | EVN (FY2025 actual) |
|---|---|---|
| Total Assets | ~$20.4B | ~$9.6B |
| Total Liabilities | ~$5.5B | ~$4.7B |
| Equity | ~$14.9B | ~$5.0B |
| Current Ratio | ~1.8x | ~1.5–1.6x |
| Debt (relative) | Low | Moderate |
| Scale | Very large | Mid-large |
๐ 1. Who is financially “safer”?
๐ NST wins here
- Lower leverage (debt vs earnings ~0.2–0.4x)
- EVN higher (~0.6–0.9x)
๐ง Translation:
- NST has more buffer if things go wrong
- EVN uses more debt to grow
๐ Think:
- NST = conservative
- EVN = slightly more aggressive
๐ 2. Liquidity (short-term survival)
Both are solid:
- NST: ~1.8x
- EVN: ~1.5x+
✅ Both can comfortably pay short-term bills
๐ No red flags for either
๐ 3. Balance sheet size (this matters more than you think)
- NST assets: ~$20B
- EVN assets: ~$9.6B
๐ NST is more than 2x bigger
๐ง Why this matters:
- More mines → more diversification
- Less risk if one operation fails
๐ NST is structurally more resilient
๐ 4. Quality of balance sheet (this is subtle but important)
Here’s where it gets interesting:
๐ข NST
- Huge asset base (Super Pit etc.)
- Strong equity buffer
- Lower debt
๐ Feels like a “fortress balance sheet”
๐ก EVN
- Smaller but still strong
- Uses more debt strategically
- Very strong cash generation recently
๐ Feels like:
“Efficient operator using capital more aggressively”
๐ 5. The BIG philosophical difference
This is the key insight most beginners miss:
๐ข NST strategy
- Scale
- Lower risk
- Strong balance sheet
- Massive production base
๐ “Big, stable, dominant”
๐ก EVN strategy
- Higher margins (often better profitability)
- More disciplined capital allocation
- Slightly more leverage
๐ “Smaller, sharper, more efficient”
⚖️ Core equation (applies to both)
Assets=Liabilities+Equity
But what differs is how they structure the right-hand side:
- NST → more equity, less debt
- EVN → relatively more debt, higher returns focus
๐ So… which balance sheet is better?
๐ฅ For safety → NST
- Lower debt
- Bigger asset base
- More resilient
๐ If gold price drops or operations fail → NST safer
๐ฅ For efficiency/returns → EVN
- Better margins historically
- Strong capital discipline
- Uses debt to boost returns
๐ If things go well → EVN can outperform
๐ก The simple takeaway (this is the gold nugget)
When you compare them on CommSec:
๐ NST = stronger balance sheet
๐ EVN = potentially higher-return operator
๐งญ How YOU should think about it
When you open these on CommSec, ask:
-
Do I want:
- ๐ก️ Safety & scale? → lean NST
- ⚡ Efficiency & upside? → lean EVN














