Northern Star: Capex Peak Turns Into a Processing Moat and Free Cash Flow Catalyst
Northern Star Resources has completed a multi-year capex cycle. With large processing investments now commissioned and sustaining spend set to fall, the company is positioned to convert production into outsized free cash flow. We view this as a constructive structural change that supports a buy: entry $11.50, target $15.00, stop $9.50 over a 180 tr…