Northern Star Resources Limited 2026年第四季度及财年财报电话会议

发布时间：2026-08-20 一、AI总结内容 一、核心要点 1. 2026财年（FY26）表现：集团实现43亿澳元基础EBITDA，同比增长22%，现金收益29亿澳元；尽管处于KCGM选矿厂扩建峰值投资阶段，仍实现1.9亿澳元基础自由现金流；董事会宣布完全派息的末期股息为每股0.3澳元，FY26总股息为每股0.55澳元，完成5亿澳元股票回购计划中的1.29亿澳元；KCGM选矿厂扩建第一阶段完工，项目推进至调试期。 2. 2027财年（FY27）整体指引：集团产量指引为150万至165万盎司，下半年贡献主要产量，受计划内检修影响；全部维持成本（AISC）指引为3050至3450澳元/盎司，全年成本呈改善趋势；总资本支出（含维持资本、增长资本及Hemi项目）指引为26亿澳元，包含应急资金，部分资本可按需调整。 3. 核心资产KCGM：FY27产量指引为55万至6万盎司，基于调试数据、运营规划、外部基准及独立技术评估，考虑爬坡风险、矿堆品位波动等下行情景；预计提供350万至400万吨/年地下矿石，Golden Pipe North继续露天开采；选矿厂扩建项目（含Stage2）资本指引为3.5亿至4.7亿澳元，2027年9月与现有工厂衔接，Stage2预计FY27下半年完工，可提升回收率、消除KCGM与Gidgee间精矿运输成本。 4. 增长项目：Hemi项目为一级矿区高品位金矿，1.32亿盎司矿产资源、550万盎司矿石储量，州及联邦许可推进中，FID预计FY27下半年，建设周期约2.5年，FY27资本主要用于工程设计、非核心基础设施及长 Lead 物资；勘探领域FY26矿产资源达8890万盎司、矿石储量2840万盎司，储量支撑超10年生产，资源新增成本平均8.23美元/盎司，贡献主要增长。二、投资线索 1. KCGM调试与爬坡：2027财年重点从建设转向运营执行，9月完成新选矿厂衔接，行业平均爬坡周期2年，当前调试进度符合计划，无电力约束，新电站建设将逐步提升能效；地下开采资本主要用于Finningdale等项目，露天矿 fleet 中期翻新。 2. 成本优化与 mine plan：Sunday Mine 经运营审查优化运营模式，减少非核心资产、人员及设备，聚焦高品位核心矿带，FY27下半年将通过开发作业提升品位、优化吨矿成本；Stockpile drawdown 仅产生非现金损益，对现金流无影响。 3. Hemi项目进展：许可推进符合计划，无外部约束，2027年资本2亿至2.5亿澳元，用于早期工程及长 Lead 物资，早期工作（营地等）可在许可获批后启动。三、风险与关注 1. KCGM爬坡不及预期：调试阶段数据尚早，产量指引为审慎评估，实际表现可能因矿堆品位、回收率等因素波动，Stage2 完工前回收率暂处较低水平。 2. 宏观与项目风险：整体资本有部分 discretionary 部分，若运营表现或外部环境变化，可能调整支出；Hemi项目许可及审批进度存在不确定性，影响FID及建设时间。 3. 其他：矿价、油价波动影响成本；Sunday Mine 产量受初期开发作业影响，2027年产量或同比温和下降后下半年回升 二、音频原文（转写） incorporates approximately 300 to 350 million ofcash tax benefits associated with acquisition of the Henny project. Over to Slide 11 now. We are guiding KCGN production of 550 to 250,000 ounces for FY '27. The guidance range reflects a balanced assessment of ramp up expectations and associated risks during the early stages of commissioning. It has been informed with the early datafrom commissioning and Northern Star's established operational planning, technical review and risk assessment process. supported by external benchmarking and an independent technical assessment. The range also considers downside scenariosrelating to ramp-up performance, stockpile gradevariability and recovery performance followingcompletion of Stage 2. Kajigen is forecast to deliver 3.5 to 4 million tonnes per annum of underground ore with open pit mining at Golden Pipe North continuing. and KCGM operational growth capital of eight hundred ninety five to 945 millionis forecast. primarily relating to The citizenSouth Cup Bank and associated mining fleet expenditure supporting target material movement of 60to 65 million tonnes this year. underground development and infrastructure at Finnesdale Underground in Mount Charlotte. together with the equipment fleet, cost supporting mining activities across the underground operations. midline refurbishments of the open pit fleet Associated with the Finlayson South. UM THANK processing capitalworks and capital drilling to support future resource and reserve growth. We've combined the mill expansion project and readiness projects with,therefore, 27 forecast expenditure of three hundred and fifty to four four hundred and seventymillion This comprises. Cathedral mill expansionproject of 150 to 100 million. To complete stage two and consolidate the gigi processing into asingle hub, the capital outlook includes additional contingency as a prudent measure, reflecting the remaining construction, commissioning and transition activities ahead. KZD Entailing facilities, we are guiding 100 to 120 million to complete the final stage of the project, and the KZDEmpower infrastructure, 100 million to 140 million for the new thermal power stations and renewable ready. I'd now like to hand to Steve McClanto talk through our growth projects. Thanks very much, Steve. Thank you, Ryan. Turning to Slide12, where I'll discuss the FY27 outlook for CASEGEM, our largest asset. The 27 million ton peratom processing expansion has now moved into thecommissioning phase and remains on schedule. All commissioning is under way, then project handover to operation occurs. and they are now up tofollow a measured approach through the first half of FY twenty seven. The existing processing plant is expected to operate through August beforetie in to the expanded processing facility in September. Stage two remains on track for completion in late one half of FY twenty seven and is expected to deliver additional benefits through improved recoveries and the elimination of concentrate haulage between case agm and gigi. Importantly, FY 26 represented the peak capital investment phase of the expansion project. As we move through commissioning and establish operating parameters during FY 27, our focus shifts from construction and execution to operational performance, cash flow generation and returns. turning toSlide 13 and the Hemi project. Hemi is a higherquality gold project in the Tier 1 jurisdictionwith 132 million ounces of mineral resources and5.5 million ounces of ore reserves. State and federal permitting is progressing. with secondaryapprovals required before early works can commence. The managed aqu