The Northern Star Resources Ltd (ASX: NST) share price is marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed yesterday trading for $14.35. In morning trade on Thursday, shares are swapping hands for $14.64 apiece, up 2%.
For some context, the ASX 200 is down 1.0% at this same time.
This follows the release of the miner's quarterly update covering the three months to 30 June.
Read on for the highlights.
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Northern Star share price gains on surging cash flow
ASX investors are bidding up the Northern Star share price after the company reported a big lift in underlying free cash flow for the full year. FY 2024 underlying free cash flow came in at $462 million, up from $359 million in FY 2023.
Over the past quarter, Northern Star achieved underlying free cash flow of $189 million.
The June quarter saw the ASX 200 miner sell a total of 439,000 ounces of gold at an all-in sustaining cost (AISC) of $1,815 per ounce (US$1,196/oz).
With major growth projects, including KCGM Mill Expansion, ongoing, all-in costs (AIC) were reported at $2,750/oz.
The company highlighted the success of its Pogo gold mine, which achieved a record quarterly gold sold of 91,000 ounces for an annualised rate of 363koz, and a record net mine cash flow.
The Northern Star share price also looks to be getting a lift as the miner delivered on its FY 2024 sales and cost guidance, with 1.621 million ounces of gold sold at an AISC of $1,853/oz.
Management is estimating FY 2024 cash earnings in the range of $1.78 billion to $1.82 billion.
And the company's $300 million on-market share buy-back was reported as 57% complete, with $172 million paid to date.
Northern Star ended the quarter with a net cash position of $359 million, with cash and bullion of $1.25 billion.
What did management say?
Commenting on the results boosting the Northern Star share price today, managing director Stuart Tonkin said, "During the June quarter, Thunderbox and Pogo were both highlights achieving record performances."
Tonkin continued:
Overall, FY 2024 delivered record gold sold and net mine cash flow, demonstrating the quality of the asset portfolio across our three production centres and also the investment we are making to unlock future low-cost, high-margin ounces.
Looking ahead, Tonkin said:
We have entered FY 2025 with positive momentum as we progress the KCGM Mill Expansion Project, execute on Yandal's hub strategy to lower its cost base and continue Pogo's excellent performance.
We are majority of the way through our five-year profitable growth strategy which sees our production grow to two million ounces by FY 2026, and more importantly, enables the delivery of higher free cash flow levels.
With today's intraday moves factored in, the Northern Star share price is up 25% over the past year.
