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Northern Star Resources Limited (NESRF) Q1 2024 Earnings Conference Call Transcript

Northern Star Resources Limited (OTCPK:NESRF) Q1 2024 Earnings Conference Call October 19, 2023 6:00 PM ET

Company Participants

Stuart Tonkin – MD

Simon Jessop – COO

Ryan Gurner – CFO

Conference Call Participants

Mitch Ryan – Jefferies

Daniel Morgan – Barrenjoey

Matthew Frydman – MST Financial

Meredith Schwarz – Bank of America Merrill Lynch

Al Harvey – JPMorgan

Hugo Nicolaci – Goldman Sachs

Alexander Papaioanou – Citi

Operator

Thank you for standing by, and welcome to the Northern Star September 2023 Quarterly Results Briefing. All participants are in a listen-only mode. There’ll be a presentation followed by a question-and-answer session [Operator Instructions].

I would now like to hand the conference over to Stuart Tonkin, Managing Director and CEO. Please go ahead.

Stuart Tonkin

Good morning, and thanks for joining us. With me today is Chief Operating Officer, Simon Jessop and Chief Financial Officer, Ryan Gurner.

I’m pleased to present our first quarter results for FY24, and maintain full year production and cost guidance, as we are well positioned to deliver growth throughout the year with a strong half two forecast. In September quarter, we completed planned mill maintenance across each of our production centers and delivered a production result of 369,000 ounces sold at all-in sustaining costs of A$1,939 an ounce.

The September quarter enabled further progress of our organic growth plans with record throughput to the mill at Thunderbox, the KCGM mill expansion preworks and procurement is now well underway. The Super Pit East wall remediation is accelerating to access the high-grade Golden Pike zone in the second half of the year, and Pogo volumes were consistent and cost improvement initiatives been identified and planned.

The balance sheet remains strong with net cash of A$284 million and A$2.2 billion of liquidity. Whilst we fully fund from operating cash flows, our production

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