Northern Star Resources Limited (ASX: NST), Australia’s largest gold producer, has announced record financial results for the fiscal year ended June 30, 2024, demonstrating strong performance and progress in its profitable growth strategy.
The company reported impressive financial metrics for FY2024:
- Record cash earnings of $1.81 billion, up 48 per cent from the previous year
- Revenue of $4.92 billion, a 19 per cent year-on-year increase
- Underlying EBITDA of $2.19 billion, up 43 per cent from FY2023
- Reported net profit after tax (NPAT) of $639 million, a 9 per cent increase
- Underlying free cash flow of $462 million
Northern Star achieved its FY2024 guidance, selling 1.621 million ounces of gold at an all-in-sustaining cost (AISC) of $1,853 per ounce.
The company’s production centres in Kalgoorlie and Yandal in Western Australia, and Pogo in Alaska, contributed to this strong performance.
The company has declared an unfranked final dividend of 25 cents per share, bringing the total FY2024 payout to a record 40 cents per share.
Additionally, Northern Star has extended its on-market share buyback program for another 12 months, with $128 million remaining of the $300 million program.
Northern Star maintains a robust balance sheet with net cash of $358 million and liquidity of $2.75 billion as of June 30, 2024.
Stuart Tonkin, Managing Director of Northern Star, commented on the results: “FY2024 has been a strong year for Northern Star as we maintained a focus on delivering our organic profitable growth strategy.
“Record cash earnings enabled the Board to declare a final dividend of 25 cents per share, at the midpoint of our policy.”
Looking ahead, Northern Star has reaffirmed its FY2025 guidance, projecting gold sales of 1.65 to 1.80 million ounces at an AISC of $1,850 to $2,100 per ounce.
The company’s growth program remains fully funded, supporting its capital management framework.
Moody’s Ratings analyst Mariano Ferreyra noted that Northern Star’s FY2024 results exceeded expectations, with strong earnings growth driven by higher gold prices and increased production.
As Northern Star Resources continues to execute its growth strategy, the company appears well-positioned to maintain its status as a leading gold producer in the Australian market.