Northern Star Resources said it bagged a hat-trick in the December quarter that saw solid production, low costs and strong cashflow.
The gold miner sold 142,556 ounces of gold in the quarter for an average realised price of $1417.
This generated underlying chasflow of $52.5 million which enabled the company to cut its debt by $15 million to $35 million.
Northern Star said the strong result was underpinned by a low cost base, with all-in cash costs of $1073.
“We took the perfect hat-trick in the December Quarter,” managing director Bill Beament said.
“Our strong production and low cost base averaged across our assets underpinned the outstanding cashflow, which in turn enables us to fund an aggressive exploration program which is already generating results that will lead to increased mine lives.”
Last year Northern Star bought Barrick’s East Kundana joint venture, the Kanowna Belle mine and the Plutonic mine.
Exploration is still important to the company, which is putting away $50 million to conduct evaluation works.
It said the aggressive exploration campaign generated some outstanding results during the quarter, including the White Feather discovery at Kanowna Belle and the Millennium discovery at the Kundana tenements.
It also resulted in the identification of substantial additional mineralisation at the Jundee mine, pointing to a significant increase in resources and mine life.