Northern Star Resources (NST) Q4 2024 earnings summary

Executive summary

• Achieved record FY2024 gold sales of 1,621koz at an AISC of AUD 1,853/oz, with standout performances from Thunderbox and Pogo, and record annual net mine cash flow.

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

• Advanced KCGM mill expansion on schedule and budget, aiming for 27Mtpa capacity by FY2029.

• Majority through a five-year growth strategy targeting two million ounces by FY2026 and higher free cash flow.

• Strong safety performance with LTIFR at 0.5 injuries per million hours worked (12-month average).

Financial highlights

• FY2024 gold sales: 1,621koz at AISC AUD 1,853/oz; June quarter: 439,000oz at AISC AUD 1,815/oz, generating underlying free cash flow of AUD 189 million, up 32% from March quarter.

• FY2024 underlying free cash flow reached AUD 462 million, up 29% year-over-year; cumulative AUD 1.3 billion over FY22-24.

• Net cash position increased to AUD 359 million; cash and bullion at AUD 1,248 million as of June 30.

• Record full-year cash earnings of approximately AUD 1.8 billion, with a 31% lift in operating cash flow quarter-over-quarter.

• FY2024 exploration spend: AUD 140 million, below guidance; Mineral Resources increased to 61.3Moz, Ore Reserves to 20.9Moz.

Outlook and guidance

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

• Planned major shutdowns in Q1 FY2025 will result in second-half weighted delivery.

• FY2025 capital expenditure forecast: AUD 950–1,020 million, plus KCGM mill expansion CapEx of AUD 500–530 million.

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

• Fully funded organic growth strategy; on track for 2Moz production by FY2026.