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exploration|financial|generation|gold|projects|resources|underground|operations

Northern Star production impacted by weather, strong momentum expected in June quarter

11th April 2024

By: Creamer Media Reporter

     

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In the wake of significant weather disruptions across the northern Goldfields, Northern Star Resources has reported that gold sales for the March quarter totalled 401 000 oz.

This marks a slight decline compared with the 411 613 oz sold in the December quarter.

However, with the challenges now behind the company, Northern Star anticipates a strong operational performance for the June quarter.

Key highlights for the upcoming quarter include increased access to high-grade Golden Pike North material at the Kalgoorlie production centre, early access to first ore at the Wonder underground in the Yandal production centre, and grade improvements at Pogo.

The company remains on track to meet its 2024 financial year gold sold guidance of 1.60-million to 1.75-million ounces, with 1.18-million ounces sold in the nine months to date. The positive momentum is expected to continue into the June quarter, primarily driven by increased grade and mill utilisation rates.

However, owing to cost pressures in the industry and expenses linked to the buoyant gold price, Northern Star has revised its full-year all-in sustaining cost guidance to between A$1 810/oz and A$1 860/oz, up from A$1 730/oz to A$1 790/oz.

Despite these challenges, Northern Star maintains its growth capital guidance of A$1.15-billion to A$1.25-billion and an exploration budget of A$150-million.

Major organic growth projects, such as the KCGM mill expansion, continue to progress as planned and within budget.

Commenting on the March quarter performance, Northern Star MD Stuart Tonkin said: “The resilience of our team and assets was demonstrated during the quarter with operations further challenged due to adverse weather. Our profitable growth strategy coupled with elevated gold prices is expected to deliver significant cashflow generation, and in turn, superior shareholder returns.”

Northern Star will release its March quarterly results on April 23.

Edited by Creamer Media Reporter

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