Letter from the Managing Director & C EO and Chairman.

Dear Shareholder.
On behalf of the Board of Directors of Northern Star
Resources Ltd, we are delighted to present to you the
Annual Report for the financial year ending 30 June 2023.
We are proud of the strong platform we have built on
which to achieve our Purpose – to generate superior
shareholder returns, and deliver our five-year profitable
growth strategy in FY26, targeting 2Moz production. In
FY23 gold sales of 1,563koz were delivered within revised
guidance at an AISC of A$1,759/oz.
The safety and wellbeing of our people is integral to our
success. With TRIFR at 3.2, well below industry average,
we have again delivered strong operational performance
safely and responsibly in FY23, consistent with the STARR
Core Values of Safety, Teamwork, Accountability, Respect
and Results. Our focus is centred on delivering safety
leadership at all levels of the business to strengthen the
culture and hazard awareness across our operations.
We maintain our focus on the organic growth of the three
large scale production centres which we operate in the
world class locations of Western Australia and Alaska USA,
through targeted exploration programs and expanding the
operating lives of our operations by investing in expansions
to maximise efficiencies. For instance: • at the Kalgoorlie Production Centre, we announced
the Final Investment Decision in June to expand the
Fimiston processing plant, increasing throughput
from 13Mtpa to 27Mtpa by FY29 (steady state),
simplifying the plant design and delivering a sustained
lower cost base. Expanding the processing capacity
will strengthen our portfolio, materially increasing
free cash flow generation and sustain hundreds of
local jobs, economic and social investment, and local
procurement opportunities in the Goldfields region;
• at the Yandal Production Centre we are optimising
future ore feed sources for the expanded Thunderbox
processing plant, advancing to delivery of the 6Mtpa
name plate capacity, and
• at the Pogo Production Centre, we are lowering
costs through growth and optimisation, following an
exceptional Q4 exceeding the key growth objective of
300ktpa of gold sold.
Northern Star is in a financially robust position, with FY23
activity generating cash earnings of over $1.2 billion. At 30
June 2023 we held net cash of $362 million and liquidity
of $2.2 billion, all underpinned by a solid platform of 57.4
million ounces of Mineral Resources and 20.2 million
ounces of Ore Reserves. Interim and final dividends paid
to our shareholders during FY23 totalled $261 million
including dividends reinvested under our Dividend
Reinvestment Plan, whilst the inaugural share buy back
announced on 29 August 2022 returned another $127
million to our shareholders. Northern Star’s disciplined
capital allocation priorities remain returning cash to
shareholders, investing in organic profitable growth, and
maintaining a strong balance sheet, notwithstanding a
challenging cost environment.
In FY23 we were pleased to achieve three investment
grade credit ratings with Moody’s, S&P and Fitch, and
subsequently in April we issued US$600 million of senior
guaranteed notes due in April 2033 under Rule 144A
of the US Securities Act, at an interest rate of 6.125%
per annum. The cash will be used for general corporate
purposes including capital expenditure such as funding the
KCGM mill expansion.
Integral to this is the significant hard work and dedication
delivered by our workforce during FY23, and the quality
of our relationships with other stakeholders including
the Traditional Owners in the communities in which we
operate.
On behalf of the Board, we hope you enjoy reading
this Report, and we thank you for your support as a
shareholder.
Yours sincerely

see & read more on
https://www.nsrltd.com/investor-and-media/asx-announcements/2023/august/2023-annual-report