Northern Star Resources has had a “significant increase” to its mineral resources and ore reserves.
The gold miner has upped its mineral resources to 61.3 million ounces and its ore reserves to 20.9 million ounces, reflecting its ongoing exploration success.
“Our geology team has made excellent progress to advance operational, development and discovery projects that provide long-term organic growth optionality across our three production centres – Kalgoorlie, Yandal (both in Western Australia) and Pogo (in Alaska),” Northern Star managing director Stuart Tonkin said.
“The 3.9 million ounce increase in group mineral resources is even more impressive when considering the significant mining depletion that has occurred over the past year as we ramp up production in line with our profitable organic growth strategy.”
Northern Star’s Kalgoorlie Consolidated Gold Mines (KCGM) operations in Western Australia has been a particular highlight for the company, delivering a 12 per cent increase to 31.6 million ounces.
“KCGM continues to impress, with an outstanding 3.3 million ounces added to the mineral resources and 1.0 million ounces to ore reserves,” Tonkin said.
“These additional high-margin ounces are close to existing mine infrastructure and further strengthen the economics of our strategy to boost production to a sustainable 900,000 ounces per annum from financial year 2028–29.
“Our exploration program remains a highly attractive approach to value creation, adding extra ounces at a cost of just $31 per ounce, to support our purpose to deliver superior shareholder returns.”
Northern Star said the results demonstrate that the company’s commitment to exploration continues to drive organic growth across its three world-class production centres.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
