Northern Star Resources Limited (ASX: NST) has reported its full-year results for the year ended 30 June 2023.Highlights:
- Delivered FY23 guidance with 1,563koz gold sold at AISC of A$1,759/oz
- Revenue of A$4,131 million, Underlying EBITDA of A$1,537 million and statutory NPAT of A$585 million
- Record Cash Earnings of A$1,223 million, reflecting strong operational and financial performance
- Balance sheet strong and comfortably within financial policy targets, with cash and bullion of A$1,247 million
- Unfranked final dividend of A15.5cps declared, following fully franked interim dividend of A11.0cps
- Northern Star extends on-market share buy-back for further 12 months in line with proactive capital management strategy
Commenting on the FY23 results, managing director Stuart Tonkin said:“Northern Star generated a record $1,223 million in cash earnings in the past financial year, the result of our focus on safely delivering operational excellence in parallel to adhering to a disciplined approach to investing shareholders’ funds.“The full-year result is a credit to our dedicated team, who have worked hard to offset what remains a challenging operating cost environment, particularly in Western Australia.“This full-year result also reinforces Northern Star’s strategy to identify growth opportunities within our strongly endowed geological terrains that can deliver superior returns to shareholders. Our announcement in June to proceed with the Fimiston mill expansion at KCGM, our largest and most significant asset, highlights the organic optionality and upside potential built into our portfolio.“The Fimiston mill expansion is in addition to our fully funded, profitable five-year growth strategy, which we continue to diligently execute to position the company’s assets in the first half of the global cost curve.“The strength of our FY23 cash earnings has allowed the board to declare an unfranked final dividend of 15.5cps, which is the mid-point of our dividend policy. Combined with the on-market share buy-back that was launched during the year, we have increased our capital management returns to shareholders since Northern Star’s creation in FY12 to $1.4 billion – confirming our position as a leading ASX-listed mining company committed to sustainable returns to shareholders.”
