Northern Star Resources Ltd (ASX: NST) has set out its next growth strategy to drive a major rise in reserves for 2019 financial year wherein it recorded $60 Mn exploration budget aimed at converting a significant slice of the 15.9Moz Resource to Reserves, which will, in turn, support production growth ahead. The beginning of this next round of growth comes after Northern Star’s ongoing achievement towards its 600,000ozpa production target a half year ahead of schedule time. Moreover, the company is on track to exceed FY18 guidance of 540,000-560,000oz with production for the June quarter to date of 150,000oz.
The group estimated resources for FY18 at 174 Mn tonnes at 2.8 grams per tonne (gpt) gold for 15.9 Mn ounces of gold while reserves estimation came at 33 Mn tonnes at 3.8gpt Au for 4.0 Mn ounces. The reserve increased by 0.5Moz to 4.0Moz after depletion of 0.6Moz and inclusion of the 3.7Moz resource for the newly acquired South Kalgoorlie project. Importantly, Measured and Indicated Resources climbed up 55% to 9.8Moz which will support the reserve growth in the next year.
Despite this, the stock tumbled 0.48 per cent with the intra-trading volume of more than 1.80 Mn. The stock traded at $7.215 with the market-cap of circa $4.44 Bn as on August 02, 2018 (AEST: 03:30 P.M.).
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