NSTYY - Northern Star Resources Limited (NESRF) Q3 2025 Earnings Call Transcript

2025-04-29 07:30:24 ET

Northern Star Resources Limited (NESRF)

Q3 2025 Earnings Conference Call

April 28, 2025, 07:00 PM ET

Company Participants

Stuart Tonkin - Managing Director and Chief Executive Officer

Ryan Gurner - Chief Financial Officer

Simon Jessop - Chief Operating Officer

Conference Call Participants

Levi Spry - UBS

Kate McCutcheon - Citi

Daniel Morgan - Barrenjoey

Hugo Nicolaci - Goldman Sachs

Alister Harvey - JPMorgan

Matthew Frydman - MST Financial

Presentation

Operator

Thank you for standing by, and welcome to the Northern Star March 2025 Quarterly Results Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions].

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

Stuart Tonkin

Good morning, and thank you for joining us today. With me on the call is Chief Financial Officer, Ryan Gurner; and Chief Operating Officer, Simon Jessop. To start, we are very pleased that De Gray shareholders voted overwhelmingly in favor of the scheme of arrangement, and we look forward to welcoming their team and their shareholders into Northern Star.

I'd also like to take this opportunity to say thank you to all our employees and business partners who consistently deliver a strong performance, enabling both organic growth and inorganic opportunities like the De Gray acquisition.

With gold price exceeding AUD 5,000 an ounce, it is an outstanding time to be producing and discovering gold in the stable, low-risk jurisdictions of Western Australia and Alaska. Against this buoyant market backdrop, we generated strong net mine cash flow of $295 million in the March quarter.

And pleasingly, there was positive contributions from all production centers despite operational challenges at our biggest asset, KCGM. Our balance sheet remains in a net cash position, and our hedge book continues to wind down as we deliver to the set schedule.

In the March quarter, gold sold totaled 385,000 ounces in an all-in sustaining cost of AUD 2,246 per ounce. Mining of the high-grade open pit ore at KCGM was delayed because of low productivity in the Golden Pike North area, but I'd like to emphasize that the impact to the ounces is a delay only....

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