Northern Star shares lift on strong quarter, lower Aussie dollar
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More news: Share in Northern Star Resources are up 2% to $15.35 despite the gold miner flagging higher full-year cost guidance. The gains come after a strong quarterly sales result of 401,000 ounces and a more than 1% drop overnight in the Australian dollar, which will benefit the US dollar denominated gold sales of the company.
Northern Star lifts full-year cost guidance
The news: Gold miner Northern Star Resources has lifted its full-year cost guidance amid prevailing cost pressures and a weather-impacted production schedule.
The numbers: The West Australian miner sold 401,000 ounces of gold in the three months to March, up from 363,000 a year ago, despite significant weather events. However, it raised all-in sustaining cost guidance for FY24 to $1810-$1860 per ounce from its previous estimate of $1730-$1790 per ounce, citing cost pressures across the sector as well as costs linked to the buoyant gold price.
The context: The gold miner said it remains on track to deliver full-year guidance for gold sales of 1.60-1.75 million ounces, with 1.18 million ounces completed in the first nine months and positive momentum leading into an expected strong June quarter. This included the Kalgoorlie production centre seeing increased access to high-grade Golden Pike North material, early access to first ore at Wonder underground in the Yandal production centre and grade improvements at Pogo. The company maintained its FY24 growth capital guidance of $1150-1250 million and exploration budget of $150 million.
The source: ASX
