The stock is up approximately 5% ahead of the announcement. Historically, similar rallies have preceded mean reversion, suggesting a potentially bearish setup.

This reversion pattern remains statistically significant and has been consistently observed.

Our short interest model shows no material change and currently does not inform the directional view.

Short interest has recently declined, now at 2.20% of float, down from the prior month 2. In context, this may also lean bearish, both long and short positioning in NEM have historically acted as contrarian indicators.

The stock is trading near its year-to-date high, having gained over 60% YTD as of late-July.

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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.

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