Northern Star Resources Limited

Thank you for standing by and welcome to the Northern Star Resources September 2024 quarterly results. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Stuart Tonkin, Managing Director and Chief Executive Officer. Please go ahead.

Good morning and thank you for joining us today. With me, I have our Chief Financial Officer, Ryan Gurner. We are very excited to be reporting another strong quarter and to share with you the progress of the many projects across the business the team is working on to create additional value. We continue to deliver reliable and consistent operational results safely and responsibly in the most prospective and the most desirable jurisdictions. With our first quarter results a great start to the year, we are well positioned to reiterate our production, costs and capex guidance for FY25. The business is in good shape to deliver for our shareholders significant leverage to the increased gold prices, translating to increasing cash flows. Financially, Northern Star is in an exceptional position with an investment grade balance sheet that remains net cash at the end of the quarter. I'm pleased with our prudent and measured approach to our returns-focused capital investment program in the fourth of our five-year strategic plan to deliver 2 million ounces in FY26. At KCGM, our mill expansion work is on track and the project to deliver all feed infrastructure for the expanded Thimston Mill is progressing well. At Jundee, underground mine development commenced at Cook Griffin, while the ramp-up of mill feed sources continued at Thunderbox. And at Pogo, major millworks were performed successfully to enable us to continue delivering high-margin ounces and above the quarterly guidance provided to the market. I will now hand over to Ryan Gerner, our Chief Financial Officer.

Thanks, Stu. Good morning, all. As demonstrated in today's results, the company is in a great financial position. Firstly, our balance sheet remains strong in a net cash position of $148 million. with cash and bullion of a billion at 30 September. Secondly, free cash generation across the business is strong, with our capital investment program fully funded. We expect free cash to increase over the year as production lifts. And finally, we are focused on capital management, dividends and buyback, so our shareholders can benefit from increased gold prices. The company has been a regular dividend payer since 2012, and it underpins our company purpose of delivering returns to shareholders. And now to the details. On a net mine cash flow basis, the business generated $122 million, thanks to higher gold prices and operational performance. Figure 8 on page 9 sets out the company's cash and bullion movements for the quarter, with key elements being the company recording $585 million of operational cash flow. Looking ahead, this is forecast at Jundee, continued throughput increases and recovery at Thunderbox with increasing grade planned and increasing throughput at Pogo. After deducting capex of $423 million relating to plant and equipment and mine development, $60 in exploration and $50 million in equipment leases, quarterly free cash generation was $52 million. Also during the quarter, the company paid its FY24 final dividend, totalling $280 million to shareholders. Quarterly investment in sustaining capital, growth capital and exploration are tracking to plan. Growth capital investment includes a KCGM open pit development at Great Boulder and the East Wall, which will give us full access to Golden Pike North and underground development at Phimiston and Mount Charlotte, which is enabling us to lift production in those areas. At Jundi, underground development and infrastructure at the Cook Griffin mine and our renewables project, which will be fully commissioned in Q2. At Thunderbox, development of the high-grade Wonder Underground and open pit development at Aurelia. The KCGEM expansion project remains on track with spend of $130 million during the quarter. This included work performed and commitments in respect of engineering and design, on-site construction including bulk earthworks and major concrete pours and the major equipment package. Whilst operational free cash flow is expected to increase in Q2, the company will pay its semi-annual coupon payment on the US notes and the FY25 annual group insurance premiums. As previously mentioned, the company is not expected to begin paying corporate tax on its Australian operations until Q3. On other financial matters, depreciation amortisation is slightly under the low end of guidance range at approximately 710 per ounce sold. and for the quarter non-cash inventory charges for the group are a credit of $11 million. After the quarter end, the company converted its debenture with a Cisco mining for 38.5 million common shares. Shareholder approval for the plan of arrangement was obtained on 17 October and is expected to become effective 25 October. Shortly after, Northern Star is expecting to receive proceeds of Canadian $189 million, resulting in a $32 million Aussie pre-tax gain during Q2. Lastly, in respect of hedging, Table 4, page 9, sets out the company's committed hedge position at 30 September, with the overall book being 1.8 million ounces at an average price just over 3,200 Australian. The company replaced the 120,000 ounces of volume delivered during the quarter at an average price above 4,000 Australian per ounce. These commitments were prominently placed across calendar year 26, aligning to the final period of capital investment for the KCGEM plan expansion and commissioning start. I'll now hand back to Stu to cover the operations.