Northern Star Resources Limited (NST) Earnings Call Transcript & Summary

Good day, and welcome to Northern Star's Full-Year 2020 financial results. This is Hugh, your operator speaking. [Operator Instructions] And for opening remarks, I'd like to pass over please to Mr. Bill Beament, Executive Chair. Please go ahead, sir.

Thanks, Hugh, and thanks for joining us on the call today. Also today, we have our Chief Executive Officer, Stuart Tonkin; and CFO, Ryan Gurner on the call. If I could summarize today's results in one word, it would be cash flow. Our results today come down to the simple fact that our underlying free cash flow surged by $277 million or 190% to $423.1 million. It is important to note that this was achieved on an average realized gold price of 2,200 Australian ounce which is over $500 below the current spot price of 2,750 Australian ounce. This cash flow highlights the strength of our business. It shows how we are leveraged to the strong gold price. This is due in part to the fact that Northern Star is now the second biggest gold producer on the ASX, and we're set to get bigger with production forecast to rise to 1.3 million ounces per annum from FY '28. Of course, we've always said that we're not about growing production for the sake of it. We are about maximizing financial returns. With our production rates set to rise to 1.25 million ounces over the next 2 years or so, and our capital intensity, one of the lowest in the industry, this growth in production and cash flow is entirely consistent with maximizing financial returns and returning dividends to shareholders. It was a record result at the profit level too, with underlying net profit after tax, up 69% to a record AUD 291 million. The upshot of this outstanding performance was the fact that we finished the year with $770 million in cash bullion and investments, up from $361 a year ago. At June 30, the company also had bank debt of $700 million, which we subsequently paid down to $500 million in early July. This was after investing $1.3 billion in acquisitions and growth for the financial year, including $1.14 billion for the 50% interest in KCGM and associated assets and $178 million on the takeout of Echo Resources and a further $206 million in expansionary growth, capital and exploration. The final FY '20 fully franked dividend has been increased to 27% to $0.095 per share, in line with our policy of paying out 6% of revenue. This took the full-year payout to $0.17 per share fully franked. In addition to this increased dividend, the Board has chosen to declare a special fully franked dividend of $0.10 a share. We took this decision for several reasons. As I just outlined, we are in a very strong financial and operating position, which is set to get even stronger. At the end of June, we had cash bullion investments, as I said, of $770 million. With the current gold price and our FY '21 production guidance, we are set to generate strong free cash flow this financial year. And we have budgeted $198 million for growth capital in FY '21 and another $101 million for exploration. So we are well tightened for -- in respect to our growth plans. Given this, the Board was faced with the option of accelerating debt reduction, retaining a large cash holding or increasing the returns to shareholders. The Board determined that given historically low interest rate environment and the company's relatively low gearing levels, accelerated debt repayments is an inefficient use of capital. Therefore, we decided to declare a special dividend. This reflects the strength of our position today and our confidence in the outlook of tomorrow. Ryan Gurner will now take us through the financial results in detail.

Yes. Thanks, Bill. Good morning, everyone. Look, it gives me great pleasure to present to you our financial results for FY '20. I'd like to start you on Slide 6, if I could, which provides an overview of the key financial highlights achieved during FY '20, with increases and records across all metrics, with the company delivering an underlying net profit after tax of $291 million and a statutory profit after tax of $258 million. EBITDA of $745 million, which is up 55% from the prior year. We generated strong net mine cash flows from our operations of $559 million. The record group underlying free cash flow of $423 million, which adjusts for the M&A activity undertaken during the year was up 109% from FY '19. And as a direct result of that strong cash flow, and as Bill mentioned previously, today, we are pleased to announce a final fully franked dividend of $0.095 per share and a special dividend of a further $0.10 per share fully franked. This takes the total payout for FY '20, including the special dividend to $0.27 per share, $200 million. We remain well positioned to deliver on the organic growth outlined in our recently released guidance outlook with our strong balance sheet, which includes $770 million in cash bullion investments at $32. Moving down now to Slide 7, which outlines the record cash flow generation during FY '20. A total of $902 million of operating cash flow and $559 million of net mine cash flow is generated from the operations in FY '20. Both substantial increases on FY '19. Jundee stand out with a $280 million contribution. Capital investment to complete the mining method transition was a key feature at Pogo during FY '20. This transition was demonstrated with a net mine cash flow contribution of $25 million in the June quarter, even after the operational impacts endured by COVID. KCGM's 6-month contribution was solid, with nearly $100 million of net cash flow contribution. And the strong cash build generated from the operations provides the capital for further organic investments, translating to greater returns to shareholders. Whilst we are in this current favorable gold price environment, we expect upside to cash flow contribution across all operations, further strengthening our balance sheet. Turning to Slide 8. The operations continue to excel, recording strong EBITDA margins at both Jundee and Kalgoorlie operations. Pogo's operating margin in FY '21 is expected to further improve with completion of the mining method transition in Q3 last financial year and expected realization of the cost initiatives, which we implemented during the second half of FY '20. Great first half from KCGM with an EBITDA margin of 29%, and we expect this to grow in FY '21 as we continue to execute cost and productivity initiatives. Northern Star's focus remains to increase margin through productivity improvements and capture benefits of the higher current spot gold price, which, as Bill mentioned, is 25% above our FY '20 realized price right now. Over to page -- Slide 9 outlines a reconciliation of our underlying net profit after tax from FY '19 to FY '20 and a statutory net profit after tax. The company achieved a record underlying net profit after tax of $191 million in FY '20. The main drivers of the profit result -- related to the group's increased production alongside the tailwind of rising gold prices. As recently released to market, gold production is set to increase during FY '21 and beyond. Costs have been well-managed through targeted cost initiatives and operational productivities, which will continue in FY '21, particularly at Pogo and KCGM. Higher inventory charges were recorded due to the utilization of stockpiles at KCGM and higher D&A charges were a result of both our increased production base and, of course, a function of the M&A activity executed during the year. During FY '20, the company incurred $44 million in acquisition integration costs associated with the KCGM and Echo acquisitions. These acquisitions, along with a noncash exploration impairment of $28 million and other noncash charges of $4 million gave rise to our statutory net profit after tax of $258 million. Slide 10 highlights the key cash flow movements and investments made during the year. FY '20 was a year of significant organic and inorganic investment, which included the USD 800 million acquisition of 50% of KCGM, which has just recently announced a 9.7 million ounce reserve and a 19 million ounce resource at the operation. The acquisition of Echo Resources will see operational synergies and further growth opportunities as we look to merge this project with our Jundee operations going forward. In addition to Pogo, Northern Star continues to invest organically with $130 million in growth capital and $76 million in exploration invested during FY '20 to set up the business for future years. And over the past 5 years, Northern Star has invested $327 million into exploration, which has driven our significant mineral inventory growth, which at June 30 stands at 31.8 million ounces of resources and 10.8 million ounces of reserves. Down to Slide 12. Northern Star has a proud consistent history of paying fully franked dividends to its shareholders, including the recently paid FY '20 interim dividend and both the final and special dividends just announced today. Northern Star would have paid out $200 million to its shareholders. Including today's dividend, Northern Star has returned $536 million to shareholders since our maiden dividend in 2012, equating to 42% of all the equity raised. And given our recently released growing production outlook and subject to the current buoyant gold price environment continuing throughout this financial year, shareholders can expect further dividend growth from the company. Finally, now let's look ahead to FY '21. Taking you to Slide 17 and our FY '21 guidance, which for our Australian operations stand at 760,000 to 840,000 ounces at an all-in sustaining cost per ounce of $1,440 to $1,540. Pogo's guidance takes into consideration operational restrictions from COVID and is, therefore, set at 180,000 to 220,000 ounces at USD 1,200 to USD 1,400 per ounce. FY '21 gross capital is guided at $198 million and includes USD 35 million investment at Pogo predominantly for processing capacity increased to 1.3 million tonne. AUD 37 million at Jundee for planned infrastructure upgrades, underground mine development and Julius pit. Probing at Kalgoorlie operations for mine development and processing infrastructure capital works, and $99 million at KCGM which is our share for open pit development of OBH and Fimiston. The company plans to invest a record $100 million -- $101 million actually in exploration in FY '21 to continue this hugely successful campaign of mine life extensions across our assets. With this investment, Northern Star continues a strong organic growth pathway with production set to rise to 1.25 million ounces in FY '23. I'd like to recognize and thank the team for their enormous effort in getting all these documents together. It's a huge task and they have done a fantastic job over this last month. With that, I'll hand over to Hugh, who will open for questions.

[Operator Instructions] We now go to the line of Sophie Spartalis of Bank of America.

Just following up on your comments around the dividend. Congrats on the special dividend declared today. It seems as though this is what we can expect going forward, given that you're going to have a stronger production profile, stronger gold price outlook. Can you just comment on that? Maybe Bill?

Yes. Thanks, Sophie. Look, yes, look, obviously, we've got our policy of 6% of revenue. So obviously, gold price has gone up and we've unwound the hedge book. Obviously, the higher our revenue, coupled with the higher production, will increase a higher dividend per share. So look, that's a natural component, that's easy to calculate. The special dividend was just like recognizing all the factors I previously talked about, strong environment. We've got our growth capital well and truly covered. It's a low interest rate environment. We're extremely cash flow positive. And we've got one of the lowest capital intensity. So it was a no-brainer.

Okay. That's great. And then just a follow-up on the organic growth opportunities that you keep referring to. Are we -- is it good for us to sort of look at that as the current production guidance that you've provided that there is some potential upside to that as these organic growth opportunities start to formulate? Or have they already been included in the near-term production guidance?

Yes. Well, look, as you know, last week, we gave out our sort of 7-year outlook. And the key thing here is the growth of our Pogo operations. So obviously, it's a little bit affected with COVID at the moment. But that really is just a volume game now. So as we upgrade that processing plant for mid next year and the mining picks up post-COVID. Yes, that's hedged towards 300,000 ounce a year operation. And obviously, at its cost base, that is a huge cash generator for the company. And obviously, with our acquisition of Echo/Bronzewing project that's getting merged into Jundee to be re-budgeted Yandal. Yes, they're really cheap ounces. So that grows that end of the region really, really quickly.

Okay. So Bill, just to confirm or just to clarify. So is Bronzewing in the forward outlook guidance?

Yes, it is. Yes, we put that in last week. So we've merged Bronzewing into Jundee, and we've re-budgeted Yandal operations, which it used to be called years ago. And that's getting to 400,000 ounces a year in FY '23.

Okay. That's great. And then obviously, the assumption is around Pogo increasing to that 300,000 ounce, that's again already incorporated into the guidance provided.

Yes. Correct. Yes.

Our next question is from the line of Daniel Morgan at UBS.

So yesterday, the KCGM update, a lot of work has gone into that with the resource -- reserves and also the production outlook. But it strikes me that it seems mostly focused on the open pit and that the underground options, particularly, under Fimiston are still to come. I was just wondering if you could talk to us through your impressions of the underground opportunity at Fimiston.

Yes. Look, thanks, Dan, for your question. Look, obviously, first of all, yes, I'm outside, whether this is one of the existing undergrounds and contributes about 120,000 ounces a year to the overall operation. So that's getting a lot of love at the moment, and the team there are really responding extremely well and the productivity levels have gone through the roof there. So I think we broke record ore tonnes in the month of July. So Mount Charlotte, we increased that reserve from basically 2-year mine plan to 5 year. So that's a step change and obviously, we increase the resources, up, I think, call it, 2 million ounces of resources at Mount Charlotte. So don't -- discounting ourselves. still got a long-life, and there's a lot, lot of growth options there and a lot of exploration upside. On the Fimiston and underground there. Just bear in mind, guys, we've only owned this asset for 6, 7 months. We've just put out a maiden inferred resource. So obviously, we can't generate mine plans until we get higher confidence resources in the mines indicated. And obviously, we can pull out a reserve from that category. So that's hence why we're putting in some exploration defines over this financial year. We've allocated $10 million. That will give us areas to further drill out the resources inside the shell of the pit. And more importantly, look at some of the structures in the wall parallel and that in Fimiston side, that work has to happened over the coming years. So we can actually get in there and and put more drilling into the areas and improve up that, one, grow that inferred resource, and more importantly, sort of convert that into a high confidence. So that it can go into the mine plan. The beauty of that in KCGM yesterday is we've now have a very long life open pit. So there is no rush from underground. An underground from Fimiston really is a bonus. It will come in the plan in due course, but we don't need it tomorrow. We need it in years to come. So we've got time to do this properly. It's a very large-scale system. You're talking something that pulled out 66 million ounces. 45,000, 50,000 ounces of vertical motors. So this will have a large-scale underground. We just don't need it tomorrow.

And somewhat of a similar question on your guidance you gave regarding Bronzewing and Yandal. Can you just confirm what's in the guidance, what's not? I believe it's an open pit opportunity that was planned to be progressed by Echo, but it strikes me that -- what's the thoughts on the underground potential of Bronzewing and the other assets there?

Yes. Thanks, Daniel. It's Stuart here. So yes, the primary source load for that growth to 400,000 ounces over the next couple of years is from the Raleigh pit, and that was in the okay resources sort of feasibility and plan. We've got to do some further drill out to foot find the full extent of that. And we're conducting that at the moment. That will come into that production as the primary source. There's also the Julius pit that's well advanced in progressing for action out of there. Yes, from an underground perspective, it still needs the drilling. And it's more likely focused on your loders, your mapping of the loders, which is the northern extension to the Raleigh system. So yes, this does that baseload, and that is all based on pretty simple, low-cost open pit mining. The decision we've put into the previous announcement last week fills the options exist the way there is Bronzewing or to expand Jundee and we're going through that work in the next few months. So at this stage, the visibility of the resource and reserves are there. It's really Jundee itself staying at 300,000 ounce center and adding extra 100,000 organic growth ounces at pretty low cost.

And Dan, it's Bill. Just to add, like you said that the levers, the -- all those underground, we have reviewed that data. It's really interesting that all -- but it still is open pit and a long stride. So -- and there's a big gap between loders and back towards the Raleigh pit. The trends definitely goes through this. So there's a lot of work and a lot of upside to potentially drill that out, and of course, and we will be doing some exploration drilling on that this financial year.

And just, I guess, a follow-up on the decisions you're trying to make regarding the mill location in Jundee, Yandal. What are the key thinking? Is that about the haulage distances of some of the open pits, up to Jundee? Is it the efficiencies of the old mill, what it would take to refer, but can you just run through what is in the decision thinking?

Yes. Look, good question. Look, there's very good infrastructure at Bronzewing. We were there about 3, 4 weeks ago, and it's still in very good nick, and it's not a huge CapEx to -- it's quite small CapEx to get that up and running. But it all comes down $1 per tonne. At Jundee, we've got a fantastic set of infrastructure. The team they just respond every time we throw a challenge. We just upgraded that plant. The milling costs have come down. It is on gas-fired power there. So it's obviously the biggest -- big input into your processing costs. So -- and carding material around the country side is pretty cheap in the moment, especially with the cost of diesel for haulage. So it looks pretty attractive at Jundee, but we also got the option of Bronzewing. So we're just going through all that, but it just comes down the $1 per ton.

Yes. Sure. And finally, the company has grown a lot over the last couple of years and obviously become more global. Just wondering, if you might give us some guidance about corporate costs going forward. I understand in the period, you had a lot of transaction integration costs. I'm just trying to get a sense for what is the group corporate costs going to be going forward?

Yes, Dan, I think using sort of 50 -- if I talk about on per ounce basis, it's probably useful. I think that $50 an ounce is probably right. That will exclude things like finance costs or interest costs on our debt. But I think that's pretty reflective. We do include share-based payments in our number as well. So they're noncash, they're probably $8 to $10 an ounce. So your corporate cost is probably more like 40 -- low 40s, I would say.

And just to follow-up -- Dan just to follow-up your question on Yandal as well Bronzewing and Jundee options is our capital that we have forecast out there allows for both options.

Okay. Before going on to our next question, which is Nick Herbert from Crédit Suisse. [Operator Instructions]

Bill, can I just clarify that last comment you made just around the capital allowed for both options. I haven't seen that in your docs. Could you just cover that, please? And just to clarify the timing of that expense? Is that an FY '22 expense? Or have you mentioned that capital is allowed for in this year?

Yes. Good question, Nick. Now see, in our FY '22 capital campaign, we didn't break that down individually, but that is in there, and it's under the Yandal.

Great. And then just sort of -- I mean, I appreciate the longer-term guidance you guys have provided. I'm just wondering how you think about what a sustainable level of sustainable CapEx is and what we should be thinking about? And sort of how that sort of steps up overtime with the increase in activity and production outlook. Not after formal guidance obviously, but just how you think internally about that sustainable level? And also more broadly, what sits outside of all-in sustaining cost, given sort of all the projects and opportunities and granted that will vary over the years. But in terms of an aggregate growth CapEx. What's the sort of a fair assumption per annum, if we look out sort of into that 7-year horizon?

Yes. Look, good question. Look, obviously, our production base has expanded greatly with Bronzewing and also KCGM. So our exploration has gone up this year, which is on a per ounce basis is relative. That said, we are spending 1/4 of that exploration expenditure at Pogo on the good -- discovery. So we are doing -- effectively doing a maiden resource drill out of that. We're very excited about that potentially multimillion ounce system. And that's a future production stores, hopefully for Pogo over and above the existing mine. So that's going to attract capital where we see those opportunities in exploration, it will drive capital. Look, when you come to your growth CapEx is we are very quite -- our growth CapEx is very light in the scale and size of our business when you reflect on ounce per -- looking around the global plus 1 million-ounce producers. Obviously, we've got a little bit of growth CapEx at Pogo. It's USD 35 million to increase that capacity, 1.3, but it drives our production from 220, up to 300. So that's huge value creation. Bringing Bronzewing into Jundee and re-budgeting Yandal, like I said, it was about $100 million. So again, that's a very light capital for what it does for the longevity of that operation and the extra production profile. The big CapEx drivers over the next 2 or 3 years is KCGM which -- it's also -- have outlined in our statements today. But from a Northern Star perspective, our capital expansionary growth capital drops away quite substantially in 2 to 3 years time.

Yes. Great. And then finally, I apologize if you covered this earlier. I missed that at the start of the presentation, just interested in some of your other sort of growth options and I guess, what's not in that sort of long-term guidance outlook you've provided, specifically, at [indiscernible] I think you still got a sort of 1.5 million ounce resource there used to be in sort of that production outlook for you guys, but haven't heard any mention of that for quite some time. So just wondering sort of where that fits in your thinking, whether we should just sort of be discounting that one for now and you've got your hands full on the rest of the projects?

No. Look, it's an exciting district, and we're still working through it there. So we're still in relation with our JV partners. So there's still the option of that. So we're still working behind the scenes corporately with those guys. So that's not off the cards at all. Don't write it off, please. But growth, it's probably more in our control at the moment, as we're still reassessing Kalgoorlie. Just remember, our South Kal tenements, there is an absolute pleather of historical open-pit resources and open pits there that we haven't even got to yet because we have been a little constraint there in Kalgoorlie. So we are going to have a look at all that open pit potential there. And that's on the South Kal and also our northern tenement. So a lot of work will be going it 12, 18 months looking at building that pipeline up for the future of Kalgoorlie as well. And as I said, is Pogo. Obviously, it's growing organically inside the mine with expansion, but good pasture is something that as I said, we're going to spend 1/4 of our exploration AUD 20 million, AUD 25 million on a full resource drill out, maiden resource drill out on that. So that potentially is another growth option that we haven't really talked about. We've really got to prove up that resource that, that could be a second phase to also second expansion for Pogo.

Our next question is from the line of Matthew Frydman at Goldman Sachs.

Just a couple of questions on Pogo, please. And one of the growth projects that you do have in the pipeline that you didn't touch on just there is the mill expansion at Pogo to 1.5 million tonnes per annum. Which is not in the base case outlook that you guys presented the other week. So just wondering, I guess, what you need to see from that asset in terms of firstly, ramping up the nameplate capacity to 1.3 million tonnes per annum, with the first phase of the mill expansion, potentially achieving that in FY '22? And then also what you need to see in terms of the reserve and resource statement on paper to be comfortable in taking that next step to going to 1.5. And then I guess, the second part of the question, which follows on from that is the discussion that we just had around good pasture. Is it right to say that conceptually that would still potentially be a separate or a second processing facility if the scale of that deposit was supportive of that?

Yes. Thanks, Matt. It's Stuart here. So look, the plans are in action, the footings are down and the foot spread is getting structured at the moment to get us up to that 1.3. I guess the fact is that, that will be ready before the mining volumes made it because of the interruptions we've said. So they all was required and what we're committed to in that CapEx is underway to have us at 1.3 million tonne per annum capacity by next calendar year. So that next 2 year profile of 300,000 ounces, that's all we need to do that. It's really the mining volumes. We've explained the productivity, restrictions with the current COVID actions I've literally got 2 positive cases there at the moment. We managed through, but the team are doing an exceptional job in dealing with that. So whilst we're that sort of reduced regime, you can see the 8 grams coming out of the stocks. You can see the quality of the all the -- you see the resource reserves in greater confidence growing. So all those things are in place. We don't need that 1.5. That's just an option, 1.5 or greater. What we've historically pointed out is where the bottlenecks sit within the plant, what needs the upgrades and what's the associated CapEx with it. So all we're showing is there's -- it's not about going to building a new mill on a different site. It's about optimizing. And you've seen it in every other one of our plants, want to give their teams that stability of the feet, they really, really reach out those gains out of the existing infrastructure before we then go and commit to months of extra CapEx. So the growth is pretty CapEx light. Good pasture -- the second part of that question. We got a lot of that major drill out happening this year. Yes, I'd love to say that we justify building a new plant because that means we've got a ton of gold.

The next question is of the line of Daniel Morgan at UBS.

Bill and team, I just want to go back to that Mount Charlotte underground and what you're doing there. I was just wondering if you could expand on the resource to potential reserves conversion that might happen over time? I mean -- and also, the productivity you might be able to pull out of the mine. I mean, getting to 1.5 million tonnes is obviously a great result. Just wondering longer term, what do you think you could do from there?

Yes. Look, Dan, again, like I said, both parties running at in 6 to 7 months. So it's work in progress. But look, there is an awesome step up when we only had a 200,000 ounce last reserve to -- last statement. And we've mined 100-odd thousand ounces and now we replaced that with 500,000. So look, that step changed. We are doing -- we just changed drilling contractors out there. And so we are expecting productivity improvements. So we'll put the mills in the area. The exploration is going really well. Have a look at the statement there, there's a number of areas there to look at. And like anything, the geology keeps evolving to the day you turn the lights out on any mine. And so the geos there are really getting a good understanding of the system. So obviously, we had a big step-up in resources at Mount Charlotte. And obviously, it just takes time to then start closing in that confidence level with drilling. So we now got a 1.9 million ounce resource at Mount Charlotte. So -- and it's still open in a lot of areas and don't forget the whole distance between Mount Charlotte back to Fimiston by the same piece they claim, there's some really interesting opportunities from an underground perspective back along those structures that go back into the pit.

And could you just talk about some of the productivity changes you've made since taking over the assets, specifically on the Mount Charlotte underground?

Yes. Look, pretty simple. There's -- we're just -- we've gone from 5 days a week to 24/7. So week on, week off, which is giving good, greater flexibility to the workforce. So they've responded extremely well to one -- to the changes there. And we've obviously just got people on the equipment sort of every hour of the day, which obviously just had a natural productivity improvement. And obviously, we've beefed up management. Northern Star has put in sort of the underground management into the operation now. And that's obviously a few extra management people that can see the opportunities and direct traffic and take the plans in from the technical people and execute. That link is obviously creating a good win for the operations. So it's no different what we do in any of our operations. That's obviously Northern Star's key is underground productivities. We at Northern Star are applying to the open pit, and we're enjoying that benefit and vice versa from the underground perspective, we're applying Northern Star's skill set and benefiting from them.

Yes. And last question, any manning or people issues regarding the -- you're going to be doing a lot more over the years ahead. Just wondering if you can talk about the manning side of things.

No. Look, labor market, in general, mining is tied in a few areas, but -- and that's probably more on the diesel fitters and sort of the mining engineer softwares. But one thing we've done is, is we've put in a lot of apprenticeships over the years. So our trades people have been well supported there. I think our pay structure is quite competitive. We've always been very competitive in our trades because that is a big chunk of our workforce. And if we don't have fitters and electricians and all those parties, we can't operate. So they are critical just as important as a mining engineer or a manager. And from the technical staff, we're one of the biggest employers of graduate set of all the universities in Australia, and we've been doing that for probably 8 or 9 years. So we've got a great cohort of of graduates, so coming through the system that we're training up the right way and will be the future leaders of the business. So look, we're great. Kalgoorlie, obviously, is expanding. KCGM is about 80 or 100 positions there. So Dan, if you want to grab some high vision and relocate to Kalgoorlie and help us out, we'll take that every day of the week.

Okay. At this stage, can I just pass it back to you for any closing comments.

Thanks. Our business is in great shape. And with our production profile set to grow on the back of our enlarged inventory, we believe it is perfectly positioned to perform even better. We are highly leveraged to the gold price and all our production comes from Tier 1 locations. Our cash flow is strong and it's set to get stronger. Our balance sheet is lightly geared and our financial returns are still the best in the industry. I think it's very telling that in week when one of the big 4 banks has just canceled its interim dividend, this gold mining company has increased its final dividend by 27% to $0.095 and declared an additional special dividend of $0.10 fully franked. The time are changing, and Northern Star is perfectly placed to benefit from that change. Thanks for joining us.

This now concludes the call. Thank you all very much for attending. You can now disconnect your lines.