Northern Star Resources (NST) Q4 2024 earnings summary

Executive summary

• Achieved record gold sold and net mine cash flow for FY2024, with Thunderbox and Pogo delivering standout performances.

• All three production centers maintained positive net mine cash flow, supporting self-funded growth and capital management initiatives.

• The company is majority through its five-year growth strategy, targeting two million ounces by FY2026.

Financial highlights

• Sold 439,000 ounces in the June quarter at an all-in sustaining cost (AISC) of AUD 1,815/oz, generating underlying free cash flow of AUD 189 million, up 32% from the March quarter.

• FY2024 underlying free cash flow reached AUD 462 million, up 29% year-over-year.

• Net cash position increased to AUD 359 million; cash and bullion at AUD 1.25 billion.

• Record full-year cash earnings of approximately AUD 1.8 billion.

• Operating cash flow for the quarter was AUD 688 million, up 31% sequentially.

Outlook and guidance

• FY2025 production guidance: 1.65–1.8 million ounces at AISC of AUD 1,850–2,100/oz.

• Major planned shutdowns in Q1 FY2025 will make the year second-half weighted.

• FY2025 capital expenditure forecast: AUD 950 million–1 billion, plus KCGM mill expansion CapEx of AUD 500–530 million.

• Exploration spend guided at AUD 180 million, focused on KCGM, Jundee, and Pogo.

• Targeting two million ounces production in FY2026 as part of the five-year strategy.