Northern Star Resources March 2024 Quarterly Report

Northern Star Resources Limited (ASX: $NST) has reported its operational and financial results for the March 2024 quarter, with gold sold of 400,825oz at an all-in sustaining cost (AISC) of A$1,844/oz. The company's LTIFR stands at 0.5 injuries per million hours worked, and it generated underlying free cash flow of A$143 million. The FY24 guidance remains at 1,600-1,750koz gold sold at an AISC of A$1,810-1,860/oz.

Stuart Tonkin on March Quarter Performance

The March quarter was challenging but also demonstrated the resilience of our teams at our three production centres. Adverse weather had a significant impact and contributed to the Company revising our cost guidance for the year, though I am pleased to confirm that we remain on track to deliver our FY24 production guidance into a strong gold price environment. We are focused on maintaining the strong operational momentum so far seen in the June quarter, which will enable us to safely generate significant free cash flow and, in turn, superior shareholder returns.

FY24 Outlook and Growth Strategy

Northern Star's FY24 growth program is fully funded, and the company remains on track to deliver guidance of 1,600-1,750koz gold sold in FY24. The company's major growth areas, which account for ~80% of FY24 growth capital expenditure, include the KCGM Mill Expansion Project. The KCGM Mill Expansion Project is expected to operate at 650kozpa by FY26 and increase to ~900kozpa from FY29, following a two-year ramp-up upon completion of the Mill Expansion. The company's net cash stands at A$174 million, and it has a A$300 million on-market share buy-back program open with A$131 million remaining. Northern Star is committed to safely delivering its operational targets and advancing organic growth options across its portfolio.