ASX: NST1FY21 production guidanceis 940koz-1,060koz; Production forecast to rise to ~1.15Mozin FY22, ~1.25Moz in FY23and ~1.3Moz by FY27; AISC to fall 10%over next 2to 3 years;Resources increase by 12.7Moz, underwriting longerminelives and increased cashflowHIGHLIGHTSResourcesat June 30, 2020▪Group Resources increased by67%(12.7Moz)to 31.8Moz (after depletion of 912,000oz and acquisitionsofKCGM and the Bronzewing Project);Resources per share have grown by +179% over the past five years▪Importantly, Measured and Indicated Resources increased 94% to 20.8Moz; This underpins continued replacement of Reserves in coming years▪Increased inventory will underpin further organic production growth,longer mine livesand cashflow▪Resources breakdown:KCGMat9.6Moz▪All other assets up 3.2Moz to 22.3MozReserves at June 30, 2020▪Group Reserves increased 102%, or 5.5Moz, to 10.8Moz (after depletion of 912,000oz);Results underpin strong growth in forecast production and long mine life visibility▪Reserves per share have grown by 348% over the past fiveyears (despite production of 3.6Moz) ▪Reserves are calculated conservatively using an assumed gold price of A$1,750/oz and US$1,350/oz compared with the current spot price of ~A$2,700/oz(US$1,940/oz)*▪Reserves breakdown: KCGMat 4.85Moz▪All other assets up 12%, or 600,000oz, to 6Moz▪Considerable opportunityto further grow Reserves with conversion of the 31.8Moz Resource base Guidance▪FY21 production guidance for Australian operations is 760,000-840,000oz at AISC of A$1,440-A$1,540/oz(US$1,035-US$1,107/oz)▪KCGM (50%) 220,000-240,000oz at A$1,470-A$1,570/oz (US$1,057-US$1,129/oz)▪JundeeOperations270,000-300,000oz at A$1,200-A$1,275/oz (US$863-US$917/oz)▪Kalgoorlie Operations270,000-300,000oz at A$1,650-A$1,750/oz (US$1,186-US$1,258/oz)▪FY21 production guidance for Pogo is 180,000-220,000oz at AISC of US$1,200-US$1,400/oz; Guidance takes into account the impact of COVID-19on operational restrictions▪FY21 expansionary capital budget of A$198M, comprising:▪A$99M at KCGM, majorityassociated with pit cutbacks to de-risk operation and provide multiple mining fronts▪A$99M for all other assets (ex-KCGM)Explorationand Production Growth▪A$101M is budgeted for exploration in FY21 as part of thestrategy for ongoing growth in production,mine livesand cashflow; Includes; Pogo A$21M, Jundee A$28M, Kalgoorlie $A35M, Regional A$11M, KCGM (50%)A$6M▪Northern Star’s total production is forecast to rise to ~1.15Mozin FY22, ~1.25Moz in FY23and ~1.3Moz by FY27;AISC forecast to fall by 10% to ~<US$1,000/oz over next two to three years due mainly to the increased
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