Northern Star Resources (NST) H2 2024 earnings summary

Executive summary

• Achieved record underlying EBITDA of A$2,192 million and record cash earnings of A$1,805 million for FY24, driven by strong gold prices and operational performance.

• Revenue rose 19% year-over-year to A$4,921 million, with underlying NPAT up 129% to A$689 million.

• Declared a final unfranked dividend of A$0.25 per share, resulting in a record FY24 payout of A$0.40 per share, and extended the share buyback program for another 12 months.

• Maintained a net cash position of A$358 million at year-end, supporting flexibility for growth and capital returns.

• Achieved FY24 guidance with 1,621koz gold sold at an AISC of A$1,853/oz.

Financial highlights

• Underlying EBITDA margin improved to 45% from 37% in FY23; EBITDA per ounce rose to A$1,353/oz.

• Cash earnings increased 48% to A$1,805 million; operating cash flow up 53% to A$2,070 million.

• Average gold price realised was A$3,031/oz, up 15% year-over-year.

• Dividends for FY24 total A$0.40 per share (interim A$0.15, final A$0.25), with a share buy-back of A$172 million to date.

• Return on Capital Employed (ROCE) more than doubled to 8.6% from 4.1% in FY23.

Outlook and guidance

• FY25 guidance targets 1,650–1,800koz gold sold at an AISC of A$1,850–2,100/oz.

• Growth capital expenditure for FY25 forecast at A$950–1,020 million, plus A$500–530 million for KCGM Mill Expansion.

• Gold sales expected to be weighted towards 2H FY25 due to planned major shutdowns and ramp-up in grades and throughput.

• No Australian tax expected until the second half of FY25; dividends to remain unfranked for at least six months.

• FY25 tax payments estimated at A$50–70 million, with tax rate guidance of 3–4% of revenue once regular payments resume.