nsrltd.com
Annual Report
2020
OUR ViSiON
OUR MiSSiON
Our
Vision
To continue to build a
safe, quality mining and
exploration company
focused on creating value
for Shareholders.
2
Our
Mission
To generate accretive
earnings value for our
Shareholders through
operational effectiveness,
growth opportunities
and exploration with a
prime focus on success
and meeting Shareholder
expectations.
3
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
FY20 SNAPSHOT
FY20 SNAPSHOT
Northern Star
COViD-19 RESPONSE
FY20 Snapshot
SAFETY PERFORMANCE
We outperformed the industry safety stats again by more than 2 times
0.6 3.2
FY20
TRiFR*
iNDUSTRY 6.4
(excl KCGM)
10
Industry
FY20
LTiFR*
(excl KCGM)
iNDUSTRY 2.1
*
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0
8
6
4
2
0
FY19
FY20
FY19
FY20
4
iNORGANiC GROWTH
800Koz
1.6Moz
Reserves
and
Resources
acquired under Echo
Resources takeover
ENViRONMENT & SOCiAL RESPONSiBiLiTY
50%
SUPER PiT
ACQUiSiTiON
Our Sustainability Vision remains core to our strategy
$ 1.6B
Economic Value
Add in FY20
Adoption of the TCFD recommendations
Number of materially
adverse environmental &
community incidents
FY20 Industry means the DMIRS Safety Performance in the Western Australian Mineral Industry – Accident and Injury Statistics 2018-19 Metalliferous total
FY19 Industry means the DMIRS Safety Performance in the Western Australian Mineral Industry – Accident and Injury Statistics 2017-18 Underground Metalliferous
*Number of recordable injuries per million hours worked. Calculated on a 12 month rolling average
FiNANCiAL PERFORMANCE
DiViDENDS UP
27.0¢ per Share FY20 total approved
Dividends (FY19: 13.5¢ps)
100%
$258M
Net profit up 67% (FY19: $154.7M)
35%
Outperformance of the ASX 200
Accumulated index with a 27% TSR
55%
increase in EBiTDA to $745.4M
(FY19: $479.7M)
190%
Underlying free cash flow up to $423.1M
(FY19: $145.8M)
Positive
cases in
Australia
Redundancies
/lay offs
/furloughs
$55M
Deferred interim
dividend paid on
16 July 2020
5
Paycuts
for employees
Supply chain
disruptions
Positive COViD-19
cases at Pogo – all
recovered and well
Community COViD-19 fund
to assist local health services,
communities and businesses
4
Tier -1 operations
stayed open
($) Jobkeeper or
similar funding
received from
any Government
RESOURCES & RESERVES
Organic growth in R&R to drive 40% increase in production over 2 years
increase in Group Reserves to 10.8Moz
102%
94%
increase in Measured & indicated Resources
to 20.8Moz
increase in Resources per Share over past 5 years
179%
$101M
Record exploration budget for FY21
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 LETTER FROM THE EXECUTiVE CHAiR
LETTER FROM THE EXECUTiVE CHAiR
Letter from
Bill Beament,
Executive Chair
Dear Shareholder,
The past year was, by any definition, truly
remarkable for your Company. We found
ourselves confronted by opportunities and
challenges in equal measure, each bringing unique
circumstances which tested the skills and resolve of
our people across the Group.
I’m delighted – and grateful – to be able to report
that our people rose to the challenges, seized the
opportunities and re-shaped your Company in a way
which has made it stronger, bigger and better on every
level.
6
The end result is a business which is not only in
absolutely great shape today, but poised to be even
better tomorrow.
The COVID-19 pandemic created significant difficulties
for our people and therefore our business. The health
and safety of our employees, business partners and
the communities in which we operate is always our
first priority. As a result, we implemented a range of
measures to protect our people and maximise our
ability to continue operating, albeit in some cases at
reduced rates.
Our management, employees, business partners
and medical teams have done an extraordinary job
of keeping everyone safe with all those infected
recovering fully and back to work while maintaining
reduced production activities.
While the challenges presented by COVID-19 were,
and continue to be, significant, we were also fortunate
to have some exceptional opportunities come our way
during the year. These included our purchase of a 50%
stake in KCGM, owner of the iconic Kalgoorlie Super
Pit. This opportunity was made particularly attractive
by the fact that fellow WA gold miner Saracen Mineral
Holdings had recently acquired the other half-share of
the project.
At the time of writing, KCGM had just announced
JORC Reserves of 9.7Moz and JORC Resources of
19Moz (compared to previous non-JORC compliant
estimates of 6.3Moz and 12Moz respectively). This
large inventory is expected to underpin an increase in
KCGM’s production from a guidance range of 440,000-
480,000oz in FY21 to 675,000oz in FY28.
The benefits of the KCGM acquisition, which took
effect from January 1, 2020, were already evident in
our outstanding financial results for the past financial
year, with underlying net profit after tax rising 69% to
a record $290.5 million. Statutory net profit after tax
rose 67% to a record $258.3 million and underlying free
cashflow surged by $277 million, or 190%, to $423.1
million.
The FY20 final dividend increased 27% to 9.5 cents per
share, taking the full-year payout to 17 cents per share,
fully franked. In addition, the Company approved a
special dividend of 10 cents a share, also fully franked.
This reflected Northern Star’s strong financial and
operating position as well as the Board’s underlying
belief that with our exploration and growth programs
well-funded, the surplus cash should be returned to
Shareholders.
As we enter the new financial year, I believe our
business is extremely well positioned for further
growth in cashflow on the back of our increasing
production profile and our leveraged exposure to
the strong gold price. In addition to the growth
being generated at KCGM, we continue to make
strong progress with our strategy at Pogo, where the
introduction of a new mining method is delivering
significant benefits, albeit restricted by the COVID-19
measures at this stage. And we believe there is
substantial growth to come at our Yandal Operations,
where we will integrate the Jundee and Bronzewing
assets.
While our assets are world-class and our growth profile
is strong, it must be remembered that our business is
only as good as our people, particularly in times such
as these. I would like to thank all our staff, contractors
and business partners for their dedication to the task
as we sought to manage the challenges and seize the
opportunities of the past year.
I also thank our Shareholders for your support over
the past year and I look forward to updating you as we
write the next chapter of growth for your Company.
7
“We are entering the next
chapter of growth on all levels
of our business. The cornerstone
of this strong outlook is our
exploration success, which
has seen Resources increase
by 12.7Moz in the past year to
31.8Moz and Reserves rise by
102 per cent to 10.8Moz
(including KCGM).”
BiLL BEAMENT, EXECUTiVE CHAiR
Yours faithfully,
Bill Beament
Executive Chair
18 August 2020
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020 LETTER FROM THE CHiEF EXECUTiVE OFFiCER
LETTER FROM THE CHiEF EXECUTiVE OFFiCER
Letter from Stuart Tonkin,
Chief Executive Officer
8
Dear Shareholder,
T he Northern Star team has delivered another
transformational outcome for your Company in
FY20. Our operational performance continues
to demonstrate the resilience and dedication of
our employees, contractors and suppliers as we
continue to build value for all our stakeholders. Year
upon year our principal technical and operational
disciplines of Geology, Mining and Gold Processing
provide an improved portfolio of Tier-1 assets in Tier-1
jurisdictions and liberate the best returns possible with
the efficient use of your capital.
We have invested in developing and training our staff,
including new apprentices and graduates, imbedding
the Northern Star Culture and Core Values of Safety,
Teamwork, Accountability, Respect and Results. With
a total workforce approaching 4,000, we are proud to
be growing jobs in regional Australia and the Alaskan
Interior and providing continued opportunities to
further careers at our operations.
We maintained a sector-leading safety performance
during FY20, with a Total Recordable Injury Frequency
Rate of 3.2, which is half of the industry benchmark.
Our mature Risk Management capability continues to
benefit the health and wellbeing of our team, which
was highlighted in our preparedness and response
during the current COVID-19 pandemic.
The pandemic has emphasised the role of business
in society and the importance to put action behind
thoughts. With health our primary focus, we
also maintained job security for all our staff and
understood the importance of local economies
by making early payments and donated financial
assistance to local businesses. We had capacity to
source and donate US$1.5 million of medical gowns
and masks to assist the local Alaskan communities
where PPE procurement was difficult. If any positive
can be gained from this pandemic, a strengthened
community will result, and greater trust and
transparency of our Company activity has been built.
The policy of social distancing and the long-term
closure of State and international borders requires
many adjustments to how we interact, travel
and work together with new norms in workplace
procedures, protocols and risk management. Greater
reliance on enabling technology has allowed for vital
communication to continue. Remote operations seem
far less remote. Interactive video conferences with
operational teams, joint venture parties, advisers,
investors and analysts deliver significant benefits
by increasing accessibility and encouraging more
interaction more frequently with a smaller carbon
footprint. Some of these practices will stay.
In FY20, a record total of 900,388 ounces of gold was
sold and we remain the second-largest ASX-listed gold
producer by gold production. As recently released,
through both effective discovery and disciplined
acquisition, we have built a significant gold Resource
of 31.8 million ounces and gold Reserves of 10.8 million
ounces, an increase year-on-year of 67% and 102%
respectively. These Resources and Reserves underpin
significant mine life visibility and provide confidence
in a strong and sustainable future.
Our Jundee Operations maintained high productivities
from underground and open pit mining at Ramone to
produce a Northern Star record of 300,150oz. Jundee
Reserves grew to 2Moz on the back of continued
investment in exploration and resource conversion.
We expanded the Jundee processing plant throughput
by 23% to 2.7Mptpa given the organic growth
opportunities surrounding the operation.
The acquisition of Echo Resources restores a
continuous landholding of ~170km along the Yandal
Greenstone Belt historically traversed by prominent
WA prospector Mark Creasy that led to the discovery
of Bronzewing and Jundee deposits that we now
consolidate as Yandal Operations. We have mapped
out production growth to ~400,000ozpa from this
district in the next two to three years.
Our Kalgoorlie Operations delivered gold production
of 318,759oz in FY20 from Kanowna Belle, Kundana,
South Kalgoorlie and East Kundana Joint Venture.
Our owner mining team at Millennium re-set the
world record for underground development with
1,033.4m developed in March 2020 with one Jumbo
drill which performed the Bolting, Meshing and Boring
for all of this advance, surpassing the previous world
record by 37%. This exceptional result is one of many
improvements across the Company provided by a
First Principles operational enhancement program to
embed sustained improvements in performance.
The acquisition of 50% of Kalgoorlie Consolidated
Gold Mines Pty Ltd (KCGM) substantially grew our
footprint in Kalgoorlie with the iconic Super Pit and
operating Mt Charlotte underground mine. The
significance of this Tier-1 asset in our portfolio will
“Northern Star has generated
some of the highest returns on
capital on the ASX over the
past 10 years. Our increased
Resources and Reserves and low
capital expenditure required
to deliver the expected annual
production growth will enable
us to maintain these superior
returns into the future.”
STUART TONKiN, CHiEF EXECUTiVE OFFiCER
become apparent once our team, in concert with our
JV partner, implement the same strategy that has
reliably built your Company to the globally significant
mid-cap gold miner of today.
Our restoration of the Tier-1 Pogo Operations in Alaska
remains on track with improved high-grade mining at
7.5gpt producing 174,307oz gold in FY20. The impact
of COVID-19 was realised at Pogo with 36 positive
cases during FY20 and subsequent isolated close
contact staff disrupting activity. I am pleased our staff
have all recovered well and I am proud of the extensive
measures they continue to take to mitigate the risks to
our team and community in Alaska.
I am pleased to share the results with you in this
Annual Report. I would like to acknowledge the
enormous support of the Board of Directors and
our exceptional leaders, staff and business partners
who enable continued high performance. To our
external Stakeholders in the communities in which
we operate, we will strive to deliver shared value
outcomes and maintain superior financial returns for
our Shareholders.
Yours faithfully,
Stuart Tonkin
Chief Executive Officer
18 August 2020
9
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020 WHERE WE OPERATE
WHERE WE OPERATE
Where We
Operate
Our portfolio of high-quality, high-margin mining
operations includes 4 Tier-1 mines in Tier-1 jurisdictions
Paulsens
+3Moz Gold Camp
Tanami Project
+5Moz Gold Camp
10
11
Pogo Operations
+8Moz Gold Camp
KCGM Joint
Venture (50%)
+80Moz Gold Camp
Yandal Operations
+14Moz Gold Camp
• Jundee
• Bronzewing
Kalgoorlie Operations
+19Moz Gold Camp (excl. KCGM)
• Kanowna Belle
• Kundana
• East Kundana Joint Venture (51%)
• South Kalgoorlie Operation
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 STARR CORE VALUES
STARR CORE VALUES
STARR
Core Values
“it's what we stand for. At
Northern Star our Values are
integral to the working lives of all
our workers and Operations.”
STUART TONKiN, CHiEF EXECUTiVE OFFiCER
SAFETY
It matters and
starts with you
12
RESULTS
We deliver on
our promises
TEAMWORK
Together we can
13
RESPECT
To get it you
must give it
ACCOUNTABiLiTY
The responsibility lies with you
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
iN THiS REPORT
in this Report
OUR ViSiON & MiSSiON
FY20 SNAPSHOT
LETTER FROM THE EXECUTiVE CHAiR
LETTER FROM THE CHiEF EXECUTiVE OFFiCER
WHERE WE OPERATE
STARR CORE VALUES
COViD-19
SAFETY
PEOPLE & CAPABiLiTY
SUSTAiNABiLiTY
OPERATiONS REPORT
RESOURCES & RESERVES
14
RiSK MANAGEMENT
DiRECTORS' REPORT
REMUNERATiON REPORT
FiNANCiAL REPORT
TENEMENT SCHEDULE
CORPORATE iNFORMATiON
2
4
6
8
10
12
16
20
22
26
30
40
46
50
64
102
170
198
Competent Persons Statements
Forward Looking Statements
The Mineral Resources, Ore Reserves and exploration results information reported
in accordance with the 2012 edition of the Joint Ore Reserves Committee’s
Australasian Code for Reporting of Mineral Resources and Ore Reserves
("JORC Code") in this Report for all the Company’s projects (excluding KCGM)
is extracted from the report entitled “Resources and Reserves, Production and
Cost Guidance Update (ex-KCGM)” dated 13 August 2020, available at www.
nsrltd.com and www.asx.com. For the purposes of ASX Listing Rule 5.23,
Northern Star confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcements
and that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcements continue to apply and have not
materially changed. Northern Star confirms that the form and context in which
the Competent Person’s findings are presented have not been materially modified
from the original market announcements.
The Mineral Resources, Ore Reserves and exploration results information reported
in accordance with the 2012 edition of the Joint Ore Reserves Committee’s
Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC
Code") for KCGM in this Report is extracted from the report entitled “KCGM
Reserves, Resources and Guidance Update” dated 18 August 2020, available at
www.nsrltd.com and www.asx.com. For the purposes of ASX Listing Rule 5.23,
Northern Star confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcements
and that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcements continue to apply and have not
materially changed. Northern Star confirms that the form and context in which
the Competent Person’s findings are presented have not been materially modified
from the original market announcements.
Northern Star Resources Limited has prepared this Report based on information
available to it. No representation or warranty, express or implied, is made as to
the fairness, accuracy, completeness or correctness of the information, opinions
and conclusions contained in this Report. To the maximum extent permitted by
law, none of Northern Star Resources Limited, its directors, employees or agents,
advisers, nor any other person accepts any liability, including, without limitation,
any liability arising from fault or negligence on the part of any of them or any
other person, for any loss arising from the use of this Report or its contents or
otherwise arising in connection with it.
This Report is not an offer, invitation, solicitation or other recommendation with
respect to the subscription for, purchase or sale of any security, and neither
this announcement nor anything in it shall form the basis of any contract or
commitment whatsoever. This announcement may contain forward looking
statements that are subject to risk factors associated with gold exploration,
mining and production businesses. It is believed that the expectations reflected
in these statements are reasonable but they may be affected by a variety of
variables and changes in underlying assumptions which could cause actual results
or trends to differ materially, including but not limited to price fluctuations, actual
demand, currency fluctuations, drilling and production results, Resource and
Reserve estimations, loss of market, industry competition, environmental risks,
physical risks, legislative, fiscal and regulatory changes, economic and financial
market conditions in various countries and regions, political risks, project delay or
advancement, approvals and cost estimates.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 COViD-19
COViD-19
COViD-19: Our Response
“Northern Star moved quickly with risk assessment, scenario planning and implementation
of significant controls and requirements at all its sites to protect the health and safety of its workforce”
LUKE CREAGH, CHiEF OPERATiNG OFFiCER
Identification
of new virus
COVID-19
(later
research
shows
existence
of the virus
in France in
November
2019)
First
recorded
death in
China
0
2
0
2
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A
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COViD-19 Key event timeline
Mining classified as “essential” in Australia
by Australia’s Federal, State and national
resources ministers recognising that mining
(along with construction and manufacturing)
were key for the recovery of the Australian
economy from COVID-19, and were
permitted to continue operating
Australian Prime Minister
Morrison activates
Government Emergency
Response Plan anticipating
that COVID-19 will be
declared a pandemic
WHO declares
COVID-19 a pandemic
– a worldwide spread
of a new disease for
which most people do
not have immunity
Director General of WHO1 declares the
coronavirus outbreak a Public Health
Emergency of International Concern
First recorded
death in USA,
Washington
State
First
recorded
case in
Australia
Diamond Princess cruise ship
quarantines 3,700 passengers
and crew in Yokohama harbour,
Japan (700 of those people are
later found to be infected)
First
recorded
case in
Western
Australia
Coronavirus
disease 2019
is officially
given the
name
COVID-19 by
the WHO;
the virus
that causes
it is named
SARS-CoV-2
Australia
blocks
arrivals
from
China
First recorded
death in
Australia,
in Western
Australia
(passenger on
the Diamond
Princess
cruise ship)
Australian
Government bans
non-essential
gatherings over 500
people, international
arrivals must self-
isolate for 14 days
and Australians
urged not to travel
internationally
Ruby Princess
cruise ship
allows 2,700
passengers
and crew to
disembark
at Sydney
harbour (later
discovered
that 400 were
infected)
Australian Government bans non-essential
gatherings over 100 people / Travel to remote
indigenous communities is restricted by
Australian Governments to protect the health
of our indigenous population
Western Australia declares a State
of Emergency / State of Alaska
Governor Dulaney orders residents
to stay home and implements
sweeping changes to limit
movement of people in Alaska
Australia closes
its borders, with
exemptions for
citizens and
permanent
residents under
conditions
New York
City is
recognised
as the
epicentre
of COVID-19
in the USA
State of Alaska
issues mandate
barring in-state
travel except
for critical
infrastructure
or personal
needs /
Australian
Government
bans cruise
ships entering
Australian
waters
New
Zealand
goes into
1 month
lockdown
7
11
21
25
30
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1
4
11
21
27
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CEO requires employees and contractors to self-isolate if travelled
since 1 February in Italy, China, Iran or South Korea; and site access
denied for anyone recently travelled overseas or with flu-like symptoms
CEO requires all employees and contractors at all sites who have
travelled overseas (other than NZ, USA and Canada) to self-isolate
for 14 days. / CEO imposes health screening prior to all site access,
elevated hygiene, increased PPE and sanitiser at all sites, site access
denied to anyone with symptoms of flu or respiratory ill health
CEO requires all employees and contractors arriving internationally from all
countries to self-isolate for 14 days. Non-essential travel is cancelled Company-
wide and personal travel actively discouraged. USA based employees
compensated to remain in USA or to undergo quarantine on arrival in Australia
CEO directs all sites to
change rosters, all meetings
held outside, changes to
catering, transportation
and exercise facilities to
implement strict social
distancing and hygiene
measures across all sites.
Non-critical meetings
cancelled
Twice daily COViD-19
response and business
continuity meetings begin
CEO requires all employee and contractor interstate and international arrivals from all countries to self-isolate for 14 days.
/ Weekly Board meetings begin. / All transport to site is by private charter including Australia to Alaska. / CEO directs
all non-critical employees to work from home and not attend site. All employees directed to practice social distancing
in business and personal time, and avoid contact with vulnerable members of the population such as elderly or immune
compromised or pre-existing respiratory conditions. / CEO increases paid sick leave for non-exempt US employees. / New
category of paid personal leave is given to all employees directly or indirectly affected by COVID-19, and US employees
become entitled to paid COVID-19 emergency leave which is more generous than the US CARES Act
The Board of Directors release a statement to the ASX withdrawing production and costs guidance, deferring
payment of the $55 million interim dividend from 30 March to 27 October and undertaking other conservative fiscal
measures to preserve cash and put Northern Star in the strongest possible financial position to withstand COVID-19
16
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JHU2 confirms
1 million cases
globally and
30,000 deaths
globally
President Trump
announces Federal
guidelines placing
the onus on State
governors to make
their own decisions
in responding to
COVID-19
Western Australia
Phase 1 lifting of
restrictions, allowing
gatherings of 10
people non-work
related
State of Alaska
re-opens all
businesses and
other activities
(399 cases in AK
and 10 deaths)
Western Australia
Phase 3 lifting of
restrictions, gatherings
of 100 people non-
work related, gyms and
playgrounds open
JHU confirm
19M cases
globally, including
720,000 deaths
(162,000 in the
US and 266
in Australia)
USA records
7,000 deaths
/ Western
Australia closes
its interstate
borders
subject to strict
exemptions
UK Prime
Minister
Boris
Johnson
admitted to
intensive
care
JHU
confirms
2 million
cases
globally
Western Australia
Phase 2 lifting
of restrictions -
gatherings of 20
people permitted
non-work related
USA
records
2 million
cases
USA
records
3 million
cases and
110,000
deaths
Oxford
University
starts
human
trials for
vaccine
JHU records
global deaths
280,000 and
4 million cases
globally
USA
records
1 million
cases and
60,000
deaths
11 million
residents
of Wuhan,
China are
tested,
to avoid
a second
wave
JHU
records
5 million
cases
globally
JHU
records
400,000
deaths
globally
Western Australia
Phase 4 lifting
of restrictions,
no limits on
gatherings, social
distancing and
elevated hygiene
continues
WHO records
greatest single-day
increase in cases –
284,196 cases /
USA records 3
million cases /
State of Alaska
records 2,748 cases
and 19 deaths
Melbourne 8pm
to 5am curfew
introduced
during second
wave as
Australian cases
pass 20,000
G
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3
6
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24
27
28
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10
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22
25
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Central
Tanami Camp
accommodates and
supports Northern
Territory Police
and Australian
Defence Force
troops deployed for
border protection.
/ Central Tanami
Camp is offered
to the Northern
Territory Chief
Minister for use
as a self-isolation
camp for Traditional
Owners vulnerable
to the virus
Last of the
weekly Board
meetings is
held as part
of COVID-19
crisis
management;
controls are
established
and stable
Northern Star
sources and
donates its
procurement and
logistics expertise
to fly in US$1.5
million of gowns
and masks to
assist the State
of Alaska public
health challenges
Mandatory asymptomatic testing
is rolled out for all sites except
Pogo due to lack of testing kits
in Alaska. Airport and other
locations provide testing 48 hours
before all FIFO flights, with health
screening and questionnaires
continuing prior to boarding flight
or residential workers accessing
Kalgoorlie operations
State of Alaska
updates testing
requirements to
enter State
Normal rosters
at sites start to
resume. Perth
office personnel
permitted to
access sites.
Commercial
domestic travel
is permitted by
employees if the
WA Government
contact tracing
app is activated
Board of Directors
announces the deferred
dividend will be paid on
16 July, $200 million debt
is repaid and estimates
the effect of measures
to reduce the risk of
COVID-19 infections at
Pogo operations equates
to a 25% reduction in
productivity at Pogo
CEO reduces testing
frequency for all
Australian employees
and contractors to once a
quarter in the absence of
any symptoms; maintain
elevated personal hygiene,
and observe social
distancing where possible
N
O
R
T
H
E
R
N
S
T
A
R
C
O
V
D
-
1
9
R
E
S
P
O
N
S
E
i
CEO strongly
encourages employees
who identify themselves
as high risk to self-isolate
and work from home
Central Tanami Camp caretaker and
cook are awarded Battalion Coin for
Excellence by the Australian Defence
Force for their services to the border
control troops
Test kits become available
in Alaska and Pogo site;
asymptomatic testing
protocols begin for all
employees and contractors
State of Alaska
provides further
update in relation to
testing requirements
to enter State
i
y
t
i
s
r
e
v
i
n
U
s
n
k
p
o
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2
,
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W
O
H
W
1
NORTHERN STAR'S COViD-19 RESPONSE iN NUMBERS
0
Positive
cases in
Australia
36
Positive COViD-19
cases in Pogo – all
recovered and well
$10M
Community COViD-19
fund to assist local health
services, communities
and businesses
0
Supply
chain
disruptions
4
Tier -1
operations
stayed open
0
Redundancies,
lay-offs, furloughs,
paycuts for
employees
$55M
Deferred interim
dividend paid on
16 July 2020
$0
Jobkeeper or
similar funding
received from
any Government
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020
COViD-19
Comments on COViD-19
from Chief Operating Officer, Luke Creagh
18
The COVID-19 pandemic is having a profound
effect on communities, individuals, businesses
of all sizes, all markets, and on the predictability
of business continuity, globally, with a material impact
on the way that individuals interact in business and
personally.
Northern Star moved quickly with risk assessment,
scenario planning and implementation of significant
controls and requirements at all its sites to protect the
health and safety of its workforce, their families, local
suppliers and neighbouring communities.
Employees at all levels of the business were asked to
change the way they work, and how they interacted
professionally and socially. Their families had to adapt to
changing rosters and long absences as employees made
choices in the face of national and state borders closing.
Safeguarding our lives and our livelihoods – the
imperative for FY20
Northern Star’s COVID-19 response and business
continuity team comprised the Executive supported
by the Board, the Principal – Health and Safety, the
Procurement Manager, and the Social Responsibility
and External Relations Manager. This central decision-
making group’s focus was on rapidly assimilating
information from multiple sources in two countries
taking into account daily changes in facts and
regulations, constantly predicting and assessing risks
as they emerged, and engaging with stakeholders
and Government representatives to collaborate in the
protection and advancement of our employees’ health
and jobs.
Microsoft Teams technology already in place across
all operations enabled a rapid relocation of all non
site-critical employees to work remotely from home
for many weeks. Twice daily Executive calls and
weekly Board meetings during March and April
allowed the business continuity team to demonstrate
solid leadership, in making well informed decisions
without delay, and in communicating a consistent
firm message to the workforce and stakeholders, and
minimising where possible distractions from the main
work of the business. We initiated what changes to
the workplace were prudent and necessary to protect
lives and continue operations to keep jobs open; we
retained the trust of Governments in our response
to the public health emergency at each of our sites
and in the transportation of our employees to site. At
the same time we did not lose sight of what effective
recovery from the crisis would look like. We adhered
to the STARR Core Values throughout in putting the
health, wellbeing and job security of our employees
and the communities in which we operate at the
forefront of our decisions.
The timeline on the previous page charts Northern
Star’s responses in the context of daily State, Federal
and global events.
At the date of this Annual Report, global acceleration
of the COVID-19 pandemic continues. With that in
mind, we will continue to prioritise efforts to ensure
the health, safety and wellbeing of our employees and
business partners is maintained.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
19
“We would like to extend a huge thank you for the outstanding
response of all of our employees, business partners and stakeholders
for quickly adapting to our COViD-19 operating protocol.
We especially acknowledge and thank those employees and their
families who were required to spend extended time apart, due to
travel restrictions. it was the cumulation of everyone’s efforts that
contributed to keeping our people safe and healthy whilst maintaining
operations, and maintaining commitments to our business partners”
LUKE CREAGH, CHiEF OPERATiNG OFFiCER
SAFETY
SAFETY
Safety first. Always
The safety, health and wellbeing of our workforce is our
number one priority.
Our safety statistics and safety culture at
Northern Star continue to be industry leading.
As our focus on safety matures across
our operations, a stronger emphasis emerges on
leadership development, safety coaching and risk
management. Our commitment made in 2017 to reset
our approach to safety remains clear and continues to
underpin decisions made at Northern Star.
We are particularly proud of the focus and dedication
applied to the delivery of our achievements under
the annual OHS Strategic Plan. The development and
implementation of the key objectives and initiatives
each year further reinforces how we integrate safety
into all aspects of Northern Star’s business.
Our 3 Year Plan
Safety
conducting thorough and detailed investigations.
Develop (Achieved)
Teamwork
every member of the team having the opportunity for
feedback.
Accountability
quality completion of the lead indicator tools via
leader reviews.
Respect
communication across all levels to achieve the
reduction shown below.
Results
significantly decreasing our frequency rates via
genuine initiatives.
Consolidate (Achieved)
improve (Achieved)
“The only way to lead is from the front – and
we will continue to ensure all our decisions
relating to the safety, health and wellbeing of
our team is underpinned by this belief.”
MELiSSA COLLiNS, PRiNCiPAL – HEALTH & SAFETY
20
SAFETY iN NUMBERS *
0.5
FY20
LTiFR^
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0
3.3
Northern Star
industry
average
FY20
TRiFR^
10
8
6
4
2
0
FY19
FY20
FY19
FY20
^Number of recordable injuries per million hours worked. Calculated on a 12
month rolling average
FY20 Industry means the DMIRS Safety Performance in the Western Australian
Mineral Industry – Accident and Injury Statistics 2018-19 Metalliferous total
FY19 Industry means the DMIRS Safety Performance in the Western Australian
Mineral Industry – Accident and Injury Statistics 2017-18 Underground Metalliferous
FY20 LTIFR of 0.55 includes 50% of KCGM safety statistics from 1 January 2020
(date on which Northern Star acquired financial benefit of 50% of KCGM) is 0.55.
Northern Star Group FY20 LTIFR (excl KCGM) is 0.61.
FY20 TRIFR of 3.31 includes 50% of KCGM safety statistics from 1 January 2020
(date on which Northern Star acquired financial benefit of 50% of KCGM).
Northern Star Group FY20 TRIFR (excl KCGM) is 3.20.
Risk Management
Effective risk management provides confidence to
all our stakeholders in Northern Star’s ability to meet
strategic objectives in alignment with our STARR Core
Values, particularly the safety priority. The COVID-19
global pandemic is providing some very different risk
assessment and mitigation challenges for the Company.
with our physical and mental health providers,
our regulators in health and safety, and with other
operators in the mining industry, has risen to a new
level in how we mitigate the COVID-19 public health
emergency risks to our workforce and business
continuity.
Our risk management in response to COVID-19 is
the same as for all other business risks – identify,
control, evaluate. The effectiveness in implementing
this simple model allows the Company to continue
operations and remain fully compliant with the health
and people movement restrictions introduced in the
multiple State, Territory and Federal jurisdictions
in which we operate. The degree of collaboration
In relation to the United States, difficulty in sourcing
testing kits nationally resulted in a delay in achieving
100% screening of all Pogo employees before
accessing site at the start of the COVID-19 pandemic.
Testing is now occurring in line with United States
State and Federal regulations, in addition to other
controls on site, such as elevated hygiene measures,
social distancing and temperature checks.
Case Study Fitness for Work screening (FiFO DETECT)
Northern Star partnered with fellow
mining company Mineral Resources
Limited in Western Australia to
conduct COVID-19 testing of our
entire workforce in Australia prior
to site entry. The testing regime was
introduced as part of Curtin University
medical research into wide scale
asymptomatic testing of targeted
cohorts. Such asymptomatic testing
was and is not otherwise available in
Western Australia. This testing regime
instituted early allowed Northern
Star to substantially lower the risk
of our workforce contracting and or
spreading the virus while they are
being transported to site and working
on site. The research project provides
valuable insight into the prevalence of
COVID-19 in the FIFO cohort. The data
obtained advances the understanding
of and improves the public health
emergency response to, COVID-19.
The testing conducted in the research
project acts an additional layer within
industries’ wider suite of controls and:
• helps to protect our employees
(and the broader community) by
quantifying prevalence of COVID-19
in the cohort;
• validates testing techniques;
•
informs medical research on
COVID-19; and
• provides valuable insights to guide
further amendments to risk controls
in the context of COVID-19.
21
NORTHERN STAR EMPLOYEES / CONTRACTORS SCREENED iN AUSTRALiA
April
80
May
June
July
2,024
2,360
1,692
Total Tests
6,156
innovation and Training
Our dedication to improving our training processes
across Northern Star continues. The team are always
looking at ways to improve the development and
delivery of all aspects of training to ensure we provide
the best possible starting point for our employees
and contractors. This training is delivered in different
settings whether by our internal team members,
external consultants who are subject matter experts,
or on our learning management system. The training
of our people is critical in our overall success.
Northern Star provides many options including task
specific training, incident investigation training,
auditor training, and lead indicator training. Across our
operations in the last 12 months we have completed
the following:
Task-based competencies
15,100
1,778
Employees trained in Northern Star's key safety measures
0
2
Y
F
n
i
s
e
i
t
i
l
a
t
a
f
o
r
e
z
e
r
e
w
e
r
e
h
T
*
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020
PEOPLE & CAPABiLiTY
PEOPLE & CAPABiLiTY
People & Capability
The STARR Core Values underpin how our people work together
and provide a solid foundation for everything we do.
FY20 has raised the bar at all levels, including
our culture of care and support for employees
who may be struggling. The Company increased
its use of technology and digital platforms to keep
employees connected and agile, added video
messaging capabilities and the ability to track
employee experience more closely by site and
occupational group.
Development
The development of our people as we grow has been
accelerated through increased cross site collaborations,
international mobilisations, plus on the job and formal
learning opportunities. Northern Star appointed a
learning & development specialist in January 2020
to drive consistent upskilling of leaders and overall
training coordination in conjunction with the Safety
team. Following on from our Talent ID focus in FY19,
in FY20 we introduced the Northern Star Emerging
Leader program, to develop the most critical skills for
our future leaders – including coaching, emotional
intelligence, development of high performing teams
and understanding HR requirements. Our senior leaders
are undergoing career pathway discussions to ensure
customised development programs are in place, and
Northern Star’s second 360 feedback program in four
years is underway.
22
Responses from the FY20 culture survey
COMMiTMENT
95%
“When i’m at work,
i give it my all.”
RESPECT
87%
“My manager treats
employees with
respect.”
Culture
SUPPORT
Our Values form the heart of our culture – with Safety,
Teamwork, Accountability, Respect and Results
retaining their relevance through our growth. These
Values underpin how our people work together and
provide a solid foundation for everything we do. They
are therefore one of the first things we measure in
our annual culture survey. Following on from our
FY19 inaugural culture survey, FY20 saw an overall
increase across our STARR Core Values and employee
engagement scores.
71%
“Our people strongly
agree that there are
good programs in this
Company to support
people if they are
struggling.”
The development of our people as we grow has been accelerated
through increased cross site collaborations, international
mobilisations, plus on the job and formal learning opportunities.
PETA SLOCOMBE, EXECUTiVE MANAGER - CAPABiLiTY & CULTURE
Mental Health & Wellness
Mental Health is an increasing challenge across all
sectors of society, with mining taking a particular
focus given its largely male demographic, many of
whom spend lengthy periods away from friends and
family in isolated locations. FY20 saw a continued
commitment to the physical and mental health of
our people. Our culture of teamwork, the support
networks embedded within our workforce and
increased use of technology to keep people connected
was an asset when the COVID-19 pandemic hit.
Northern Star’s Mental Health First Aid Program
continued to have high levels of participation, with 300
employees now having completed the 12 hour course
to provide on-the-ground early intervention support
and referral to colleagues experiencing challenges.
Additionally we trained 100 family and community
members and contractors to increase community
mental health first aid capability, particularly important
during times of stress. During COVID-19, Northern Star
has utilised our 300 Mental Health First Aiders to assist
with identifying early signs of mental health challenges
and provide a supportive ear and practical information.
In addition to our regular face to face Employee
Assistance Program (EAP), we introduced a digital EAP
partnership. Our employees and their families can
access specialist psychologists at home, on site, or in
transit. They can chat online with experts, choose a
psychologist in their preferred demographic, complete
a mental health assessment and have 30 or 60 minute
phone or iPad sessions.
In FY20 we also developed a digital wellness platform
launched during the COVID-19 pandemic. The
GoldSTARR platform enables employees to complete
online workouts, watch mindfulness meditation and
sleep management programs, and FaceTime exercise
physiologists for support with diet, fitness goals,
musculoskeletal concerns and lifestyle strategies.
Our workforce is now also able to book 1-on-1 video
consultations with health professionals at the press
of a button. This was particularly valuable during
lockdowns for our people working longer swings, in
isolation or without usual access to gymnasiums and
social activities onsite.
OUR PEOPLE iN NUMBERS *
EMPLOYEES WHO ARE SHAREHOLDERS
FEMALE PARTiCiPATiON
23
1,456 of 1,867
employees
78
%
2,639
TOTAL EMPLOYEES
AUS 1,391 (excl KCGM) / KCGM 772 / US 476
TOTAL WORKFORCE
(employees and contractors)
3,851
incl KCGM / 2,711 excl KCGM
.
0
2
0
2
e
n
u
J
0
3
t
a
s
A
*
.1%
Excl KCGM
21.3% incl KCGM
.3%
.2%
GRADUATES
18
10
41
APPRENTiCES
increase from FY19 (excl KCGM)
increase from FY19 (excl KCGM)
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020
PEOPLE & CAPABiLiTY
PEOPLE & CAPABiLiTY
Diversity
Culture & Capability
Figure 1 Gender composition of the workforce in Australia (% females) as at 30 June 2020
Figure 2 Key elements that underpin our culture and capability
0%
0%
CEO
Executive KMP
(excluding CEO)
Non-Executive
Directors#
Other Executives /
General Managers
Senior Managers
Other Managers
Non Managers
25%
17.5%
26.7%
40%
10%
12.3%
10.5%
18.2%
22.8%
18.5%
18.2%
21.4%
Key
Northern Star
Comparison Group*
0
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
* Comparison Group is WGEA Gold Ore Mining Companies with 1000+
employees as at last published WGEA data 31 March 2019.
# Not published by WGEA. Average taken from listed companies in Comparison
Group only.
Attract
& Retain
Wellness
Culture
Develop
24
25
High
Performance
Wellness
• GoldSTARR Wellness & Benefits Hub
• Second opinion Best Doctors service
• FaceTime Exercise Physiologists
Attract & Retain
• Tier-1 Assets
• Diverse Portfolio
• Growth Trajectory
• Mindfulness & Workout Programs
• Huge Intellectual Capital
•
Industry Leading Mental Health Programs
• Employee Engagement Specialist
• 300 internationally accredited Mental Health First Aiders
• Culture Checkpoint Survey
High Performance
• Agile, fast feedback culture
• Succession development KMP
• Cloud based Communications Platform
Develop
• Graduate Program
• Digital Performance Dashboards
• Customised Capability Framework
• Cross-Asset, Cross-Discipline Development Program
• Emerging Leaders Program
• 360 Degree Feedback Senior Leaders
• 1-on-1 Coaching
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020 SUSTAiNABiLiTY
SUSTAiNABiLiTY
Sustainability:
Practices and Disclosure
Northern Star remains committed to
implementing and regularly refreshing our
approach to our Sustainability Vision, to
account for global shifts in community, investor and
political sentiment. We achieve this by acknowledging
that over time the sustainability drivers that are
material to our business will change. We then ensure
those sustainability drivers appropriately influence
our business strategy and day to day operations.
Our Board of Directors remain confident that our
sustainability strategy will continue to support
business continuity, operational resilience and further
Company growth.
Voluntary Alignments
GOVERNANCE
STRATEGY
RiSK
METRiCS
& TARGETS
Our Sustainability Journey
•
IPO, East Kimberly focused exploration
company targeting nickel and gold
2010
• Purchase of the Kanowna Belle, Kundana and
Jundee Gold Mines
26
We also accept that disclosing our sustainability
performance is a critical part of gaining and maintaining
stakeholder trust, which is why we are continuously
assessing the most appropriate means of effective
communication. Our continuing commitment to align
with the recommendations of the Taskforce on Climate-
related Financial Disclosures (TCFD) is evidence of
this, along with our support for the UN Sustainable
Development Goals. Moving forward, we are going to
apply the Sustainability Accounting Standards Board
(SASB) materiality framework to guide our broader
sustainability disclosures to stakeholders.
Northern Star’s Sustainability Vision
2017
• Purchase of the Pogo Gold Mine (Alaska)
• First disclosure of climate change related risk
• Board level ESG & Safety Committee established
(now the Environmental, Social & Safety
Committee)
“Sustainability at Northern Star means delivering responsible
environmental and social business practices that lead to
both the creation of strong economic returns for our Shareholders,
and shared value for our Stakeholders.”
DR GUY SiNGLETON, SOCiAL RESPONSiBiLiTY & EXTERNAL RELATiONS MANAGER
2019
• Purchase of 50% of KCGM Operations
• Adoption of the TCFD reporting
recommendations
• Full disclosure of progress against the SDGs
2003
• Purchase of the Paulsens Gold Mine
2014
• Release of the Inaugural Sustainability Report
•
Inaugural participation in the Dow Jones /
RobeccoSAM Sustainability Survey
2018
• First ESG Investor Roadshow
• First Sustainability Report released outside
of Annual Report season
• Voluntary Modern Slavery Statement released
• Announced alignment with the United Nations’
Sustainable Development Goals (SDGs)
27
2020
Number of
materially
adverse
environmental
and community
incidents
View our
most recent
Sustainability
Report
Click on the image
to open PDF or visit:
nsrltd.com/
sustainability
on
• SASB materiality framework implementation
• Formalise the Board level ESG strategy
• Climate change scenario analysis as per TCFD
recommendations
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
SUSTAiNABiLiTY
SUSTAiNABiLiTY
Case Study $10M COViD-19 Relief Fund
The Board approved the establishment of a $10 million fund
to assist with COVID-19 specific donation and sponsorship to
support our communities (part of our $1.6B economic value
add in FY20). At 30 June 2020, just over $2.5M of that fund
has been spent including on:
• Sourcing 100,000 N95 masks, 400,000 ear loop
disposable masks and 12,425 gowns for the state of Alaska
($1.9M)
• Donation to Foodbank WA Inc. who help stop food
insecurity for 5 million Australians who experienced this in
the past 12 months, especially during COVID-19 ($150k)
• Other initiatives include providing additional food and
warm clothing to Wiluna residents, supporting a fund to
assist small businesses in Kalgoorlie, supporting the NT
Police and Army with their NT/WA border patrols, and
Lifeline WA.
• Funding to Lab Without Walls Inc., an organisation
developing transportable labs to assist with testing in
remote areas ($200k)
COViD-19 RELiEF FUND iN NUMBERS (TO DATE)
$1.9M
Spent to
deliver PPE
to Alaska
$200k
Contributed
to Labs
Without Walls
$150k
Contribution to
Foodbank WA
Economic Value Add
Northern Star is subject to both State and Federal taxes. The figure below outlines the major taxes and Government
charges incurred in the 30 June 2020 year by Northern Star, including in respect of its 50% ownership of KCGM.
Figure 3 FY20 Total Economic Value Add (Northern Star +50% KCGM)
28
Total Employee Costs
$368M
Corporate Tax &
WA Gov Royalties
$83M
TOTAL ECONOMiC
VALUE ADD
$1.6B
Committed Community
investments
$4M
Dividends Paid
to Shareholders*
$49M
Goods and Services
Payments
$1,135M
KCGM Supplier Code of Conduct
The Supplier Code of Conduct adopted by Northern
Star and Saracen Mineral Holdings Ltd for KCGM
(KCGM Supplier Code of Conduct) includes a
voluntary Modern Slavery Statement. It sets out
the standards that must be adhered to in order to
mitigate the risk of modern slavery and to promote
and develop a deeper understanding and awareness
of KCGM’s expectations and standards in relation to
human rights and risks of modern slavery. The KCGM
Supplier Code of Conduct requests that suppliers
conduct their own annual supply chain enquiries
to understand the potential risk of modern slavery
breaches in their supply chain, and confirm, amongst
other things, that to the best of their knowledge
and belief there is no modern slavery between the
supplier and its employees and any subcontractor
and its employees. KCGM reserves the right to
audit the supplier's supply chain and that of its sub-
contractors.
Northern Star provides the procurement function to
KCGM and in doing so, implements this regime for
KCGM. KCGM's 2020 annual supply chain survey
results will be assessed in December 2020.
* FY20 Interim Dividend of $55.5M was approved but payment date was subsequent to the balance date, on 16 July 2020
Native Title and Heritage
Indigenous Peoples are important partners and
stakeholders in our business. Many of our operations
are located on or adjacent to lands that were
traditionally owned and occupied by Indigenous
Peoples. In many instances, these Traditional Owners
maintain strong and special physical and cultural
connections to their ancestral lands, which can host
places and objects of heritage significance. Our
relationships with all Indigenous Peoples are based on
our STARR Core Values, ensuring respect at all times.
Our approach to heritage responsibility is specifically
governed by our Company-wide Management of
Cultural and Heritage Site Standard, which not only
allows us to fully comply with relevant heritage
legislation, but also foster strong relationships with
Indigenous Peoples and Traditional Owner groups
through extensive consultation on how to best
proceed with our projects.
We conduct post-acquisition audits to ensure we remain
confident about our assessment of heritage compliance
and risk. FY20 was again another strong indicator of our
commitment to heritage responsibility, with zero heritage
related incidents, heritage-related infringements, or
complaints from Indigenous Peoples or Traditional
Owners. We also completed a Company-wide audit of
our historical Section 18 approvals issued by the Western
Australian Government under the Heritage Act 2018
(WA) for all our Western Australian tenure. The findings
of this audit were communicated to the Chief Executive
Officer and relevant project leaders and used to confirm
we have no material business risks associated with our
existing and historical Section 18 approvals.
29
Case Study Labs Without Walls inc
As part of our $10 million COVID-19 relief fund, we have
established a funding relationship with Labs Without Walls, a
Western Australian-based medical not-for-profit organisation.
Labs Without Walls was established in Western Australia
by Professor Tim Inglis, a medical microbiologist at the
PathWest Laboratory Medicine WA & Head of Pathology and
Laboratory Medicine at the School of Medicine, University
of Western Australia. A pioneering, highly mobile, molecular
diagnostic test has now been successfully developed which
is ideal for COVID-19 screening in remote communities in
Western Australia. Test results are generated by the mobile
system within approximately two hours of screening. This is
a vast improvement on the delays which regional Australians
often experience in waiting for test results from samples sent
to Perth labs for testing, taking into account the distances
involved. Faster test results means there is an earlier ability
to control the transmission of the coronavirus, particularly in
vulnerable remote communities.
The COVID-19 assay recently gained approval from the
Therapeutic Goods Administration (TGA), a Commonwealth
Government agency which regulates medical devices and
ensures that Australian standards of quality, safety and
efficacy are met. The test is ready for deployment in regional
Western Australia should there be a COVID-19 cluster
outbreak. Northern Star initially donated $200,000 during
the development phase with ongoing discussions for further
funding.
“Northern Star Resources’ support has had a
direct impact on Western Australia's readiness
to response to the COViD-19 pandemic, with
world class rapid screening technology that is
now poised for use wherever outbreaks
occur in the State. ” PROFESSOR TiM iNGLiS
NORTHERN STAR RESOURCES ANNUAL REPORT 2020NORTHERN STAR RESOURCES ANNUAL REPORT 2020 R
e
p
o
r
t
O
p
e
r
a
t
i
o
n
s
OPERATIONS REPORT
OPERATIONS REPORT
Operations Report
Overview
FY20 Operations
Northern Star is an ASX 100 gold production and
exploration company with four Tier-1 assets located in
Tier-1 locations in highly prospective and low sovereign
risk regions of Australia and North America. Northern
Star has a Mineral Resource base of 31.8 million ounces,
and Ore Reserves of 10.8 million ounces, with FY20
once again demonstrating year-on-year Resource and
Reserve growth across the Company.
As the second largest Australian gold producer,
Northern Star continues to deliver on its strategic
objective of being a safe, quality gold mining company
that delivers outstanding value to its Shareholders.
During FY20, the Company produced 905,177 ounces
and sold 900,388 ounces of gold from its West
Australian and Alaskan operations.
Northern Star has a continued focus on organic growth
through highly successful exploration programs and by
thoroughly appraising our existing mines to continue
to create value by extending their operating lives. The
Company maintains active exploration activities at
Pogo, Jundee, Kalgoorlie and Tanami - with further
details on pages 38 and 39 of this Report. In parallel,
Northern Star is well positioned to organically grow
production, free cash flow, Resources and Reserves,
through investment in our Tier-1 assets in Tier-1
jurisdictions.
OPERATIONS SNAPSHOT
RECORD THROUGHPUT
32
AT
JUNDEE
2.3Mt
2.1Mt
900,388
RECORD PRODUCT SALES
AT
KANOWNA
BELLE
oz in FY20
It was another year of record production for Northern
Star with FY20 performance delivered by West
Australian assets Jundee, Kalgoorlie & 50% interest
in KCGM; and our North American asset, the Pogo
Operation located in Alaska, USA. Throughout the
year, we added the Bronzewing Project to our Jundee
mine, unifying ~170km of continuous tenure of the
now renamed Yandal Operations. We also completed
the acquisition of 50% interest in KCGM on 3 January
2020. Our two development assets, the Tanami and
Paulsens projects, continued with exploration activity
throughout the year.
In FY20, a total of 900,388 ounces of gold was sold
at an average gold price of $2,208 per ounce (FY19:
$1,764/oz). All-in sustaining costs for FY20 was $1,496
per ounce (FY19: $1,296/oz). Overall, for the financial
year, 9.7 million tonnes were milled at an average head
grade of 3.3gpt Au for 905,177 ounces Au recovered.
Unprocessed ore stocks available for mill feed at the
end of FY20 contained 1,634,335 ounces Au and gold
in circuit at the end of FY20 totalled 40,179 ounces.
These items are reflected in the accounts as ore
stockpile and gold in circuit at cost.
WORLD RECORD
JUMBO METRES
1,033.4M
by one jumbo in one month
37%
above previous world record of 754.3m
33
“Group EBITDA is up
55% on FY19 with all
operations delivering strong
operating cash flows.”
RYAN GURNER, CHIEF FINANCIAL OFFICER
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
OPERATIONS REPORT
OPERATIONS REPORT
Yandal Operations
It was a year of records at the Jundee mine that
has demonstrated 5 years of continuous production
growth since FY16. FY20 performance was
underpinned by:
• Record ounces produced under Northern Star with
300,150oz produced at an AISC of $1,095/oz
• Record ore tonnes mined from the underground
operation at 2.2Mt and well-supported by Ramone
open pit with 1.3Mt ore tonnes mined
• Record mill throughput at 2.3Mt processed; with
a new 4.5MW ball mill fully commissioned in
the June quarter to bring processing capacity at
Jundee to 2.7Mtpa
By combining Jundee and Bronzewing as the Yandal
Operations, Northern Star unified continuous tenure of
~170km of the prolific Yandal greenstone belt and built
a strong platform for future performance, with 6.9Moz
in Resource and 2.8Moz in Reserve.
Kalgoorlie Operations
Kalgoorlie Operations delivered a strong performance
in FY20 with production of 318,759oz from Kanowna
Belle (KB), Kundana, East Kundana JV (EKJV 51%) and
South Kalgoorlie (SKO) underground operations. The
Raleigh mine (~20% of the EKJV production) was put
on care and maintenance in the year due to inadequate
financial returns. With ~3.2Mtpa processing capacity
in the area, a highlight of the operation was a record
throughput at the KB processing plant of 2.1Mt which
has also demonstrated year-on-year throughput
increases since acquisition in 2014.
Table 1 Mine Operations Review
In the year, development of the Moonbeam portal and
underground was completed at the Kundana mine
ahead of time and under budget. The operational
capability of our NSMS (Northern Star Mining
Services) Team was demonstrated with an outstanding
performance to achieve a world record 1,033.4 metres
developed with one bolt-mesh-bore Jumbo in one
month; over four times higher than the industry
average of 250m and 37% above the previous world
record of 754.3m set at Jundee in August 2019.
KCGM Operations (50% JV)
Since acquisition on January 3, strong operational
progress has been made at KCGM as we work with
our JV partner to unlock the significant value upside at
the operation. Early operational improvements have
been demonstrated with open pit material movement
increasing in excess of 40% in the June quarter to
the March quarter as focus turned to expanding
the available open pit mining fronts. Significant
improvements were also made in the underground
productivities, with mined tonnes increasing by 25% in
the June quarter from March quarter.
Pogo Operations
Northern Star’s business model continued to drive value
as Pogo delivered quarter-on-quarter improvements
throughout the year. Grade increased as new mining
areas were accessed in South Pogo, Fun Zone and the
Liese ‘LQ’ ore zones and the transition to long-hole
stoping was completed. Overall, the head grade in
the June quarter was 8.5gpt, which was ~55% higher
than in the first quarter, as well as June quarter ounce
production up ~70% compared to the first quarter.
Measure
Jundee
Kalgoorlie
Operations
KCGM
(50%) ^
Pogo
Total ^
Total Material Mined
tonnes
3,464,189
3,052,606
1,431,578
836,006
8,784,379
Total Material Milled
tonnes
2,299,724
3,398,461
3,209,302
833,503
9,740,990
34
Head Grade
grams/tonne
Recovery
Gold Produced
Gold Sold
Revenue
Cost of Sales
%
Ounce
Ounce
$000's
$000's
4.5
91
3.2
90
1.3
83
7.5
87
3.3
89
294,279
317,248
115,825*
173,036
900,388
643,488
704,202
235,797
388,166
1,971,653
343,784
543,974
196,173
363,634
1,447,565
Depreciation & Amortisation
$000's
111,991
132,447
EBITDA
$000's
411,696
292,497
All in Sustaining Cost
$/ounce sold
1,095
1,564
29,874
67,825
1,427
73,478
87,036
2,094
347,790
859,054
1,496
^ Northern Star completed the 50% acquisition of KCGM on 3 January 2020. Results presented above are for the 6-month period ended 30 June 2020.
* Includes 13,845 pre-production ounces. Mining activity and sales from Morrison pit are considered in pre-production phase with costs associated excluded from cash
cost and AISC metrics. All associated costs and revenues are capitalised as non-sustaining capital until commercial production is reached.
“At Pogo, the operational improvements and
exploration results being generated despite the
impacts of COVID-19 are testimony to
the world-class nature of this geological system,
and provide further evidence of what could be
achieved in a normalised environment.”
LUKE CREAGH, CHIEF OPERATING OFFICER
and $21M to brings new areas online including
underground development and the Julius open pit.
• $12M at Kalgoorlie Operations for drill drives &
underground infrastructure development ($9M)
and surface infrastructure at SKO ($3M).
• $99M at KCGM to bring additional mining fronts
on line and establish exploration drives.
35
• A$50M (US$35M) at Pogo, with A$42M (US$29M)
committed to improving processing & support
infrastructure to capacity of 1.3Mtpa, as well as
A$8M (US$6M) for underground development for
drill drives & access new areas.
The Company will also invest a record $101 million in
exploration at Pogo, Jundee, Kalgoorlie, KCGM and
regional areas.
The effects of COVID-19 reduced mining volumes in
the second half by ~20-25% from plan, however Pogo
demonstrated its strength by continuing to operate
while experiencing 36 COVID-19 cases. Despite this,
underlying operational improvements continued
with re-entry times reduced by 60% and haulage
productivities increasing ~22% over FY20. While
Resources increased to 6.7Moz and Reserves increased
to over 1.5Moz, a key success is that the overall Reserve
grade increased to 8.0gpt which highlights the potential
of the operation to achieve ~300kozpa when mining
rates achieve the targeted 1.3Mtpa.
FY21
In FY21, an expansionary capital budget of $198M has
been approved to underpin substantial organic growth
opportunities at the operations including:
• $37M at Yandal Operations with $16M committed
to surface infrastructure upgrades including a
thickener for the Jundee processing plant to
decrease water usage per tonne processed;
FY21 Production and Cost Guidance
See Table 2 below for production and cost guidance
figures as announced on 13 August 2020 and 18
August 2020.
Yandal Operations
Kalgoorlie Operations
KCGM (50%)
Australian Operations
Pogo Operations#
TOTAL
# Guidance takes in to account restrictions due to COVID-19 operational protocol
Production
AISC
Oz
270,000
270,000
220,000
Oz
300,000
300,000
240,000
760,000
840,000
180,000
220,000
940,000
1,060,000
A$/oz
A$/oz
1,200
1,650
1,470
1,440
US$/oz
1,200
1,275
1,750
1,570
1,540
US$/oz
1,400
300,150
318,759
111,961
174,307
905,177
Table 2 Full Year 2021 Production and Cost Guidance
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 OPERATIONS REPORT
OPERATIONS REPORT
Table 3 Financial Overview
Revenue
EBITDA1
Net profit2
Underlying net profit after tax3
Cash flow from operating activities
FY20
$'000
FY19
$'000
Change
$'000
Change
(%)
1,971,653
1,401,165
570,488
745,377
258,327
290,980
710,442
479,735
154,711
171,877
379,197
265,642
103,616
119,103
331,245
Cash flow used in investing activities
(1,670,318)
(648,136)
(1,022,182)
Sustaining capital
Non sustaining capital
Exploration
Acquisition of assets/businesses
Acquisition of businesses
Payments for investments
Other investing
Underlying free cash flow4
Average gold price per ounce ($)
Gold mined (ounces)5
Gold sold (ounces)5
All-In Sustaining Costs (AISC) per ounce sold ($)5
Cash and bullion awaiting settlement ($ million)
Corporate bank debt ($ million)6
Basic earnings Per Share (cents)
36
Forward Looking Statements
(156,653)
(104,582)
(129,603)
(95,092)
(76,425)
(177,738)
(87,168)
(1,726)
(1,137,874)
(350,550)
(2,628)
10,603
423,127
2,208
984,675
900,388
1,496
748
700
37.3
(10,056)
1,038
145,793
1,764
914,896
840,580
1,296
311
-
24.4
(52,071)
(34,511)
10,743
(176,012)
(787,324)
7,428
9,565
277,334
444
69,779
59,808
200
437
700
12.9
41%
55%
67%
69%
87%
158%
50%
36%
(12)%
10,198%
225%
(74)%
922%
190%
25%
8%
7%
15%
141%
100%
53%
Northern Star has prepared this public report based
on information available to it. No representation
or warranty, express or implied, is made as to the
fairness, accuracy, completeness or correctness of the
information, opinions and conclusions contained in
this public report. To the maximum extent permitted
by law, none of Northern Star, its directors, employees
or agents, advisers, nor any other person accepts
any liability, including, without limitation, any liability
arising from fault or negligence on the part of any of
them or any other person, for any loss arising from the
use of this public report or its contents or otherwise
arising in connection with it.
This public report is not an offer, invitation, solicitation
or other recommendation with respect to the
subscription for, purchase or sale of any security, and
neither this public report nor anything in it shall form
the basis of any contract or commitment whatsoever.
This public report may contain forward looking
statements that are subject to risk factors associated
with gold exploration, mining and production
businesses. It is believed that the expectations reflected
in these statements are reasonable, but they may
be affected by a variety of variables and changes in
underlying assumptions which could cause actual
results or trends to differ materially, including but not
limited to price fluctuations, actual demand, currency
fluctuations, drilling and production results, Resource
and Reserve estimations, loss of market, industry
competition, environmental risks, physical risks,
legislative, fiscal and regulatory changes, economic
and financial market conditions in various countries and
regions, political risks, project delay or advancement,
approvals and cost estimates.
1 EBITDA is earnings before interest, depreciation, amortisation and impairment
and is calculated as follows: 30 Jun 2020 - Profit before Income tax ($344.6
million) plus depreciation ($130.6 million), amortisation ($224.2 million),
impairment ($28.3 million) and finance costs ($21.9 million) less interest income
($4.3 million). 30 Jun 2019 - Profit before Income tax ($214.8 million) plus
depreciation ($77.4 million), amortisation ($170.1 million), impairment ($9.9 million)
and finance costs ($11.6 million) less interest income ($4.1 million).
2 Net Profit is calculated as net profit after taxation.
3 Underlying Net Profit is calculated as follows: 30 Jun 2020 – Net Profit After
Tax ($258.3 million) plus acquisition & integration costs ($45.0 million), plus
impairment ($28.3 million), plus fair value adjustment on SGI warrants ($0.5
million), plus loss take-up on associates ($3.6 million), less tax effect at 30% on
these items ($23.2 million), less non-cash credit for Echo tax losses on joining
tax consolidated group post acquisition ($21.5 million). 30 Jun 2019 - Net Profit
After Tax ($154.7 million) plus acquisition & integration costs ($6.7 million), plus
impairment ($9.9 million), plus fair value adjustment on SGI warrants ($4.4
million), plus loss take-up on associates ($3.5 million), less tax effect at 30% on
these items ($7.4 million).
4 Underlying Free Cash Flow is calculated as follows: 30 Jun 2020 - free cash
flow ($959.9 million outflow) plus M&A ($1,322.5 million), plus payments for
investments in associate and equity securities ($2.6 million), plus bullion awaiting
settlement adjustments ($26.9 million), plus working capital adjustments ($36.7
million), less finance lease receipts ($5.7 million).
30 Jun 2019 - free cash flow ($268.9 million) plus M&A ($355.2 million), plus
payments for Tanami put option ($20.0 million), plus payments for investments
in associate and equity securities ($10.1 million), plus FY18 tax ($2.7 million), plus
bullion awaiting settlement adjustments ($32.9 million), less working capital
adjustments ($6.2 million).
5 Gold mined, Gold sold & AISC/oz for the comparative presented are inclusive of
September 18 quarter results of Pogo operations.
EBITDA, Underlying Net Profit, Underlying Free Cash Flow and All-in Sustaining
Costs (AISC) are unaudited non IFRS measures.
6 Excludes leases, accrued interest and unamortised upfront transaction costs.
Profit
The Group reported a profit after tax of $258.3 million
for the 12 months ending 30 June 2020, a 67% increase
from the prior year (FY19: $154.7 million). Profit after
tax for the Australian operations was $251.7 million
(FY19: $174.7 million) and Pogo operations reported
a profit after tax of $6.6 million (FY19: $20.0 million
loss). Revenue increased 41% to $2.0 billion (FY19:
$1.4 billion) driven by the 25% higher average realised
gold price per ounce (FY20: $2,208/oz; FY19: $1,764/
oz) and a 7% increase in gold sold (FY20: 900,388
ounces; FY19: 840,580 ounces). Higher production for
FY20 was driven by KCGM, which was acquired on 3
January 2020 and which sold 115,825 ounces, offsetting
lower production from Kalgoorlie operations and Pogo
Operations. Cost of sales increased 31% to $1.5 billion
(FY19: $1.1 billion) driven primarily by the acquisition of
KCGM and higher activity across all operations with a
50% increase in total tonnes mined (FY20: 8.8 million
tonnes; FY19: 5.9 million tonnes) and 62% increase in
total tonnes milled (FY20: 9.7 million tonnes; FY19: 6.0
million tonnes) during FY20 which translated to higher
mining, processing and operational employee costs.
An increase in non-cash depreciation and amortisation
charges and inventory expenses were incurred during
FY20 largely driven by the acquisition of the 50%
interest in KCGM and processing of ore stockpiles at
the operation. Merger and acquisition and integration
related costs and finance charges were higher during
the year following the acquisition of 50% of KCGM
which was part funded by debt. The lower effective
tax rate for the year (FY20: 25%; FY19: 28%) was due to
the recognition of $21.5 million in tax losses from Echo
Resources Limited which was acquired in December
2019.
Group EBITDA was $745.4 million for the year ended
30 June 2020 (FY19: $479.7 million), which was an
increase of 55% over the corresponding prior year. An
impairment charge of $28.3 million was recorded on
exploration and evaluation assets (FY19: $9.9 million).
Balance Sheet
The increase in current assets as at the 30 June 2020
to $1.1 billion was driven by a $411.1 million increase in
cash and cash equivalents as the Company drew down
on its revolving credit facility ($300.0 million drawn at
30 June 2020) to ensure it was in the strongest possible
financial position to respond to COVID-19 pandemic
and subsequent global financial impact. In addition, the
Company added $102.0 million in current stockpiles as
part of the 50% acquisition of KCGM.
were driven by the acquisition of KCGM. A total of
$288.7 million was added to exploration and evaluation
assets through the completion of the takeover of EAR
and the Company's continued investment in organic
growth. With the change in accounting standards
pertaining to leases, the Company now recognises all
leases on its balance sheet, at 30 June 2020, $102.9
million was recognised as an asset. With the Company
agreeing to divest the Mt Olympus project in June, the
book value of the project ($17.4 million) was classified in
non-current assets as held for sale from exploration and
evaluation assets. In addition, the Group impaired $28.3
million of exploration and evaluation assets during the
year (FY19: $9.9 million).
Current liabilities were $638.2 million at 30 June
2020 (30 June 2019: $218.5 million) principally due
to $300.0 million being drawn from the Company’s
revolving credit facilities (Current-borrowings FY20:
$361.3 million; FY19: $23.9 million). After balance date
on 6 July 2020, $200.0 million in current borrowings
was repaid. Current provisions were higher (FY20:
$109.3 million; FY19: $44.9 million) and reflected the
estimated stamp duty payable on the KCGM and EAR
transactions. Non-current liabilities increased by $719.0
million against the prior year due to the KCGM and
EAR acquisitions with long term debt of $400.0 million
being drawn on acquisition of KCGM and recognition
of a $169.2 million closure liability in total for the
acquisitions.
Cash Flow
Cash flows from operating activities for the 12 months
ended 30 June 2020 were $710.4 million, being
87% higher than the previous financial year driven
principally by increased revenues from higher gold
sold on the back of the 50% acquisition of KCGM
and a 25% increase in realised gold price per ounce
received for the year (FY20: $2,208 per ounce; FY19:
$1,764 per ounce). Income taxes paid were lower for
the year (FY20: $41.3 million; FY19: $90.4 million) due
to deductions on temporary differences relating to the
vesting of FY17 Performance Rights being deductible in
the current year.
Cash flows from investing activities increased by 158%
as a result of the US$800.0 million acquisition of 50%
of KCGM and associated assets on 3 January 2020 and
the $177.7 million EAR takeover (FY19: $350.6 million
on Pogo acquisition). In addition, payments for mine
properties increased by $57.8 million (FY20: $189.6
million; FY19: $131.8 million).
Non-current assets increased by $1.5 billion primarily
from the two acquisitions completed during the year,
being, US$800.0 million acquisition of 50% of KCGM
and associated assets and the $177.7 million takeover
of Echo Resources Ltd (EAR). Significant long-term ore
stockpiles were acquired with KCGM which at 30 June
were valued at $304.7 million. Increases in asset classes
of property, plant and equipment and mine properties
Cash flows from financing activities included the 91
million Shares issued at $9.00 per Share as part of
the acquisition of 50% interest in KCGM (FY19: $171.0
million relating to Pogo capital raise) and dividends
totalling $48.7 million (FY19: $70.3 million) paid to
Shareholders. As part of COVID-19 measures the
Company delayed payment of its FY20 interim dividend
($55.5 million) to 16 July 2020.
37
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 OPERATIONS REPORT
OPERATIONS REPORT
5
6
Exploration
1
38
Northern Star operates three concentrated operational centres – Jundee and Kalgoorlie in Western Australia and Pogo in
Alaska in together with its 50% interest in KCGM in Kalgoorlie. In addition, Northern Star continues regional exploration
programs at the Tanami Project and Paulsens.
1 Pogo Operations
+8Moz Gold Camp
Underground drilling expanded significantly with a focus
on Resource definition and conversion across all major ore
systems (Liese, South Pogo, Fun Zone, North Zone and
X-Vein) in the underground mining areas.
Surface exploration drilling activity also continued to expand
the new Goodpaster discovery zone together with initial
programs at the Burns and Lily Vein prospects.
2 Yandal Operations
+14Moz Gold Camp
Jundee Operations
Jundee Operations resource extension drilling within the
mine was successful with increases in the Mineral Resource
and Ore Reserve inventory. Exploration drilling across the
Jundee Mine accelerated during FY20 with the focus on the
growth of new mineralised areas at Lyons South, Invicta,
Deakin, Cardassian and Revelation trends.
Long term exploration continued with a program of deep
exploration drill holes into the Atlantis trend, which is part of the
broad Zodiac mineralised corridor. Underground development
to provide a range of new drilling platforms across the Jundee
mine is in progress as part of a renewed exploration focus into
the northern sections of the mine corridor.
Bronzewing Regional
Following the successful acquisition of Echo Resources
Limited, exploration tenure across the broader Bronzewing
area increased significantly providing a significant
exploration opportunity.
Drilling beneath the Ramone open pit continued to progress
leading to the definition of a maiden underground mining
reserve with the Ramone system still open down plunge.
Integration of the newly acquired resources at Julius and
Orelia has commenced with potential extensions to be tested.
Significant regional exploration programs at the Corboy’s and
Bills Find projects were in progress prior to the temporary
suspension of all field activities in the March quarter.
Numerous significant new drilling targets across the expanded
Bronzewing region portfolio will be the focus of exploration
and resource definition drilling in the coming years.
3 KCGM Operations (50%)
+80Moz Gold Camp
Following the successful acquisition of the 50% interest in
KCGM, an expansion of the exploration activity across the
KCGM Operations has commenced.
Significant surface resource definition programs have
been completed immediately beneath the surface mining
operations at Fimiston South and Brownhill areas. Additional
surface diamond and RC resource extension drilling
programs have commenced beneath the surface mining
operations at Fimiston South and within the open pit area in
the Morrisons area.
Underground infill resource definition drilling at Mount
Charlotte is steadily increasing with programs targeting
the Hidden Secret, Kal East and Belgravia areas completed.
In-mine exploration drilling from the Sam Pearce decline
into the Mount Ferrum area continued to intersect multiple
mineralised surfaces.
Short surface RC exploration drilling programs were also
undertaken during the quarter at the regional Josephine, Two
Up and Lakeside prospects.
4 Kalgoorlie Operations
+19Moz Gold Camp
Kalgoorlie Operations
The Kanowna Belle and Kundana Operations continued
in-mine exploration programs to support the current level of
mining operations. At Kanowna Belle Operations, exploration
outlined new areas of resource growth in the upper levels of
2
3
the mine and extensions to the Velvet area continued.
In-mine exploration within the East Kundana Joint Venture
(EKJV) area (NST: 51%) in the Kundana region was focussed on
the definition and initial access into the new Falcon discovery.
Exploration within the Northern Star’s 100% owned Kundana
tenements outlined the extensions to the Moonbeam, Xmas
and Strzelecki areas. Exploration drilling from the new
Moonbean mine infrastructure successful located potential
northern extensions to the Falcon mineralised corridor.
Extensional drilling at the new Pope John mine commenced
late in FY19.
Kanowna Belle
Regional exploration in the area surrounding the Kanowna
Belle mine continued during FY20 with drilling programs
focussed on the near mine environment at Kanowna Belle.
Exploration continued within the Acra Joint Venture (NST:
75%) with Pioneer Resources Limited.
Kundana EKJV (Northern Star 51%)
Underground exploration drilling and development focussed
on the Falcon discovery situated between the existing Pegasus
and Raleigh mining areas. Initial exploration drilling programs
was also completed at Startrek and Golden Hind prospects.
Carbine
Surface exploration drilling at the existing Paradigm, Carbine
and Phantom open pits continued to achieved success in
parallel structures. Initial resource definition drilling also
commenced at the newly acquired Anthill deposit.
Regional exploration of the Carbine and Carnage exploration
tenure expanded with a range of new targets generated
along the Carbine trend.
South Kalgoorlie Operations
Underground and surface diamond drilling continued to
define resource extensions within the northern portion of
the mine with development of new underground drilling
platforms in progress.
Regional exploration within the extensive South Kalgoorlie
4
tenement package began to generate early success with
potential new discoveries in the Coolgardie regions and
along the regional Zuelika Shear trend. Resource definition
and exploration drilling programs expanded the mineralised
trends at Triumph and Samphire and will expand into
additional areas FY21.
39
5 Paulsens
+3Moz Gold Camp
At Paulsens, an underground reserve definition drilling
program was completed within the mine area as part of an
evaluation of the remaining underground ore reserve potential.
6 Tanami Project
+5Moz Gold Camp
Central Tanami (Northern Star 40%)
Work continued on regional drilling and geophysical
programs across the project highlighting the under-explored
nature of the region. Drilling programs within the Ripcord and
Groundrush surrounds highlighted the potential for additional
mineralisation with the mineralised corridor.
Tanami Regional (Northern Star 100%)
Northern Star holds a substantial strategic land position in
the Tanami region to complement existing activities at the
Central Tanami Joint Venture.
Regional airborne and ground geophysical programs together
with regional aircore geochemical programs were completed
across the tenure package during FY20 with new anomalies
defined in the Stubbins area.
Western Tanami (Northern Star 100%)
Regional ground geophysical programs were completed
across the Western Tanami Project tenure to refine
exploration targets.
Initial exploration drilling at the large new target identified
in the Fremlin South area achieved early success with
significant base metal anomalism encountered.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 &
R
e
s
e
r
v
e
s
R
e
s
o
u
r
c
e
s
RESOURCES & RESERVES
RESOURCES & RESERVES
Table 4 Mineral Resources
MINERAL RESOURCES AS AT 30 JUNE 2020
MINERAL RESOURCES AS AT 30 JUNE 2020 (CONTINUED)
MINERAL RESOURCES AS AT 30 JUNE 2020
NST ATTRIBUTABLE INCLUSIVE OF RESERVE
(000’s)
(gpt)
(000’s)
(000’s)
(gpt)
(000’s)
(000’s)
(gpt)
(000’s)
(000’s)
(gpt)
(000’s)
NST ATTRIBUTABLE INCLUSIVE OF RESERVE
(000’s)
(gpt)
(000’s)
(000’s)
(gpt)
(000’s)
(000’s)
(gpt)
(000’s)
(000’s)
(gpt)
(000’s)
MEASURED
INDICATED
INFERRED
TOTAL RESOURCES
MEASURED
INDICATED
INFERRED
TOTAL RESOURCES
Tonnes Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
Tonnes
Grade Ounces
JUNDEE GOLD PROJECT
Stockpiles
Gold in Circuit
Sub-Total Jundee
BRONZEWING PROJECT
Surface
1,201
Underground
297
604
-
2,102
1.2
1.4
1.3
-
1.4
45
13
25
10
6,070
1.4
270
3,158
1.1
116
10,429
1.3
432
32,854
3.6
3,786
11,039
2.8
1,007
44,191
3.4
4,807
-
-
-
-
-
-
-
-
-
-
-
-
604
-
1.3
-
25
10
93
38,924
3.2
4,057
14,197
2.5
1,124
55,224
3.0
5,274
PAULSENS PROJECT
Stockpiles
Gold in Circuit
Sub-Total Paulsens
ASHBURTON PROJECT
Surface
Underground
-
341
11
-
-
5.8
1.6
-
-
64
1
0
129
88
-
-
3.1
5.6
-
-
13
16
-
-
1,766
43
-
-
1.9
6.6
-
-
106
1,895
9
-
-
473
11
-
2.0
5.8
1.6
-
119
89
1
0
353
5.7
65
217
4.1
29
1,809
2.0
115
2,379
2.7
209
Surface
4,634
2.4
358
16,439
1.9
989
5,310
1.7
282
26,383
1.9
1,629
Surface
Sub-Total Bronzewing
4,634
2.4
358
16,439
1.9
989
5,310
1.7
282
26,383
1.9
1,629
Underground
-
-
-
-
-
-
-
-
-
-
-
-
CONSOLIDATED YANDAL PROJECT
Total Yandal Project
POGO PROJECT
6,737
2.1
452
55,633
2.8
5,055
19,507
2.2
1,406
81,876
2.6
6,912
Stockpiles
Gold in Circuit
Sub-Total Pogo
KCGM
Stockpiles
Gold in Circuit
Sub-Total KCGM
Surface
Underground
Surface
Underground
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
4
-
-
-
-
-
354
12.0
136
354
12.0
136
9,492
10.2
3,121
11,408
9.3
3,411
20,901
9.7
6,532
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
9,492
10.2
3,121
11,763
9.4
3,548
21,255
9.8
6,672
78,370
1.9
4,851
21,240
1.6
1,123 99,609
1.9
5,974
10,389
2.0
657
15,985
2.7
1,395
26,374
2.4
2,052
63,662
0.7
1,525
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
63,662
0.7
1,525
-
-
-
63,662
0.7
1,525
88,759
1.9
5,508
37,225
2.1
2,518
189,645
1.6
9,551
42
KANOWNA GOLD PROJECT
Stockpiles
Gold in Circuit
Surface
6
Underground
3,157
43
-
2.7
3.2
2.2
-
1
1,044
2.7
91
2,415
320
11,238
2.9
1,036
6,251
3
11
-
-
-
-
-
-
-
-
1.5
2.9
-
-
120
3,465
1.9
211
590
20,646
2.9
1,947
-
-
43
2.2
-
-
3
11
Sub-Total Kanowna
3,206
3.3
335
12,282
2.9
1,127
8,666
2.6
711
24,154
2.8
2,172
KUNDANA GOLD PROJECT
Stockpiles
Gold in Circuit
Surface
Underground
-
594
30
-
-
4.4
3.3
-
-
-
-
-
-
-
-
-
-
-
84
4,016
4.7
607
4,589
3.2
477
9,199
4.0
1,168
3
2
-
-
-
-
-
-
-
-
-
-
-
-
30
3.3
-
-
3
11
Sub-Total Kundana Gold
624
4.4
89
4,016
4.7
607
4,589
3.2
477
9,229
4.0
1,173
EAST KUNDANA JOINT VENTURE
Surface
-
Underground
1,030
Stockpiles RHP
Stockpiles Raleigh
Stockpiles GEM (100%)
Gold in Circuit
6
0
2
-
-
6.2
4.8
1.7
3.2
-
-
78
206
2,921
5.6
5.2
14
71
492
2,156
5.7
4.4
13
149
5.6
27
302
6,107
5.1
1,000
1
0
0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
0
2
-
4.8
1.7
3.2
-
1
0
0
-
Sub-Total East Kundana JV
1,039
6.2
207
2,999
5.2
506
2,227
4.4
315
6,264
5.1
1,028
SKO GOLD PROJECT
Stockpiles
Jubilee ROM stocks
Gold in Circuit
Sub-Total SKO
CARBINE PROJECT
Sub-Total Carbine
Surface
-
-
-
-
-
-
-
-
-
-
-
-
Underground
1,421
3.0
137
9,329
3.0
894
9,382
3.0
903
20,132
3.0
1,934
-
12
-
1,433
-
-
-
-
3.1
-
3.1
-
-
-
Surface
Underground
-
1
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12
-
-
3.1
-
-
1
3
141
9,329
3.0
894
9,382
3.0
903
20,145
3.0
1,938
-
-
-
2,387
803
3,190
2.2
4.1
2.7
167
105
272
996
1,469
1.9
3.9
62
3,383
184
2,272
2,465
3.1
246
5,655
2.1
4.0
2.9
229
289
518
Stockpiles
Sub-Total Ashburton
CENTRAL TANAMI PROJECT JV
Surface/Underground
2,502
Stockpiles
Sub-Total Central Tanami JV
WESTERN TANAMI PROJECT
Surface/Underground
Stockpiles
Sub-Total Western Tanami
560
3,062
107
375
482
-
-
-
-
-
-
2.9
0.7
2.5
7.8
1.4
2.8
-
-
-
98
-
98
1.6
-
1.6
5
-
5
444
-
444
1.2
-
1.2
17
-
17
542
-
542
1.3
-
1.3
22
-
22
232
4,430
2.8
400
4,842
2.9
453
11,774
2.9
1,085
13
-
-
-
-
-
-
560
0.7
13
245
4,430
2.8
400
4,842
2.9
453
12,334
2.8
1,097
27
17
44
1,079
6.0
208
1,449
5.8
271
2,635
6.0
506
-
-
-
-
-
-
375
1.4
17
1,079
6.0
208
1,449
5.8
271
3,010
5.4
523
43
NORTHERN STAR TOTAL
80,597
1.2
3,106
191,255
2.9
17,722
104,367
3.3 10,979
376,219
2.6 31,807
1. Mineral Resources are inclusive of Ore Reserves.
2. Mineral Resources are reported at various
gold price guidelines: a. A$2,250/oz Au - All
Australian assets except Ashburton; b. A$1,850
/oz Au - Ashburton; US$1,500/oz Au - USA
assets.
3. Rounding may result in apparent summation
differences between tonnes, grade and
contained metal content.
4. Numbers are 100 % NST attributable.
Competent Persons
1. Michael Mulroney
Table 5 Ore Reserves
ORE RESERVES AS AT 30 JUNE 2020
NST ATTRIBUTABLE RESERVE
JUNDEE GOLD PROJECT
Stockpiles
Gold in Circuit
Sub-Total Jundee
BRONZEWING PROJECT
Tonnes
(000’s)
PROVED
Grade
(gpt)
Ounces
(000’s)
Tonnes
(000’s)
PROBABLE
Grade
(gpt)
Ounces
(000’s)
TOTAL RESERVE
Grade
(gpt)
Tonnes
(000’s)
Ounces
(000’s)
Surface
Underground
1,201
297
604
-
2,102
1.2
1.4
1.3
-
1.4
45
13
25
10
93
1,395
13,370
-
-
1.5
4.3
-
-
66
2,597
1,865
13,668
-
-
604
-
1.3
4.3
1.3
-
111
1,878
25
10
14,766
4.1
1,931
16,868
3.7
2,024
Stockpiles
Gold in Circuit
Surface
5,100
2.0
332
10,844
1.4
487
15,944
1.6
820
Underground
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sub-Total Bronzewing
5,100
2.0
332
10,844
1.4
487
15,944
1.6
820
CONSOLIDATED YANDAL PROJECT
Total Yandal Project
POGO PROJECT
7,202
1.8
426
25,610
2.9
2,418
32,812
2.7
2,844
Stockpiles
Gold in Circuit
Sub-Total Pogo
KCGM
Stockpiles
Gold in Circuit
Sub-Total KCGM
Surface
Underground
Surface
Underground
-
-
-
-
-
-
-
-
-
-
-
-
144
63,662
-
2.5
0.7
-
-
-
-
4
4
-
-
-
-
-
-
5,867
8.0
1,507
5,867
8.0
1,507
-
-
-
-
-
-
-
-
-
-
-
4
5,867
8.0
1,507
5,867
8.0
1,511
-
12
1,525
-
52,291
3,625
-
-
1.8
2.1
-
-
3,064
52,291
245
3,769
-
-
63,662
-
1.8
2.1
0.7
-
3,064
256
1,525
-
63,806
0.7
1,537
55,916
1.8
3,309
119,721
1.3
4,845
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 RESOURCES & RESERVES
RESOURCES & RESERVES
Table 5 Ore Reserves (continued)
ORE RESERVES AS AT 30 JUNE 2020 (CONTINUED)
ORE RESERVES AS AT 30 JUNE 2020
NST ATTRIBUTABLE RESERVE
KANOWNA GOLD PROJECT
Tonnes
(000’s)
PROVED
Grade
(gpt)
Ounces
(000’s)
Tonnes
(000’s)
PROBABLE
Grade
(gpt)
Ounces
(000’s)
TOTAL RESERVE
Grade
(gpt)
Tonnes
(000’s)
Ounces
(000’s)
44
Surface
-
Underground
2,415
43
-
2,459
Stockpiles
Gold in Circuit
Sub-Total Kanowna
KUNDANA GOLD PROJECT
Surface
Underground
Stockpiles
Gold in Circuit
Sub-Total Kundana Gold
EAST KUNDANA JOINT VENTURE
Surface
Underground
Stockpiles RHP
Stockpiles Raleigh
Stockpiles GEM (100%)
Gold in Circuit
Sub-Total East Kundana JV
SKO GOLD PROJECT
Surface
Underground
Surface
Underground
Surface
Underground
Stockpiles
Jubilee ROM stocks
Gold in Circuit
Sub-Total SKO
CARBINE PROJECT
Stockpiles
Sub-Total Carbine
PAULSENS PROJECT
Stockpiles
Gold in Circuit
Sub-Total Paulsens
ASHBURTON PROJECT
Surface
Stockpiles
Sub-Total Ashburton
CENTRAL TANAMI PROJECT JV
Underground
Stockpiles
Sub-Total Central Tanami JV
WESTERN TANAMI PROJECT
Underground
Stockpiles
Sub-Total Western Tanami
-
255
30
-
285
-
665
6
0
2
-
673
-
60
-
13
-
72
-
-
-
-
-
186
11
-
197
-
-
-
-
-
-
-
-
-
-
2.9
2.2
-
3.0
-
4.9
3.3
-
4.9
-
5.2
5.1
1.7
3.2
-
5.2
-
3.7
-
3.1
-
4.7
-
-
-
-
-
5.1
1.6
-
4.9
-
-
-
-
-
-
-
-
-
-
990
224
4,800
3
11
-
-
2.3
2.7
-
-
73
414
-
-
990
7,216
43
-
239
5,790
2.6
486
8,249
-
40
3
2
45
-
112
1
0
0
0
-
1,893
-
-
-
4.0
-
-
-
243
-
-
-
2,148
30
-
1,893
4.0
243
2,177
75
1,642
4.4
4.7
11
248
75
2,307
-
-
-
-
-
-
-
-
-
-
-
-
6
0
2
-
113
1,718
4.7
259
2,391
-
1,490
-
-
-
-
3.4
-
-
-
-
162
-
-
-
-
1,550
-
13
-
1,490
3.4
162
1,562
2.3
2.8
2.2
-
2.7
-
4.1
3.3
-
4.1
4.4
4.9
5.1
1.7
3.2
-
4.8
-
3.4
-
3.1
-
3.4
73
638
3
11
725
-
284
3
2
289
11
360
1
0
0
0
372
-
169
-
1
3
173
581
2.6
49
581
2.6
49
-
-
-
-
-
-
-
-
-
-
-
-
581
2.6
49
581
2.6
49
-
84
-
-
-
4.0
-
-
84
4.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
-
-
11
-
-
-
-
-
-
-
-
-
-
269
11
-
281
-
4.8
1.6
-
4.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
41
1
-
42
-
-
-
-
-
-
-
-
-
-
7
-
1
3
11
-
-
-
-
-
31
1
-
31
-
-
-
-
-
-
-
-
-
NORTHERN STAR TOTAL
74,694
1.0
2,405
98,948
2.7
8,444
173,642
1.9
10,849
1. Ore Reserves are reported at various gold price guidelines: a. A$1,750/oz
Au - All Australian assets except Bronzewing; b. A$1,850 /oz Au - Bronzewing;
US$1,350/oz Au - USA assets.
2. Rounding may result in apparent summation differences between tonnes,
grade and contained metal content.
3. Ounces are estimates of metal contained in the Ore Reserve and do not
include allowances for processing losses.
4. Numbers are 100 % NST attributable.
Competent Persons
1. Jeff Brown
Resources and Reserves
As at 30 June 2020, Northern Star’s Consolidated Group Mineral Resource
Estimate (inclusive of Ore Reserves) was 376.2 million tonnes at 2.6 grams per
tonne gold for 31.8 million ounces (refer Table 4) and the Consolidated Group Ore
Reserve Estimate is 173.6 million tonnes at 1.9 grams per tonne gold for 10.8 million
ounces (refer Table 5).
The inventory growth stems from Northern Star’s exploration success at its
Jundee and Pogo Operations, the acquisition of the Bronzewing Project, the
disposal of the Ashburton Project and after mining depletion of 915koz.
Group Mineral Resources increased significantly by 12.7 million ounces gold from
20.7 million ounces gold as at 30 June 2019 to the current 31.8 million ounces gold
Measured, Indicated and Inferred Mineral Resource.
Group Proved and Probable Ore Reserve increased by 5.5 million ounces gold
from 5.4 million ounces gold as at 30 June 2019 to the current 10.8 million ounces
gold Proven and Probable Reserve at 30 June 2020.
Mineral Resource and Ore Reserve governance and internal controls
Northern Star ensures that the Mineral Resource and Ore Reserve estimates
quoted are subject to governance arrangements and internal controls activated
at a site level and at the corporate level. Internal and external reviews of Mineral
Resource and Ore Reserve estimation procedures and results are carried out
through a technical review team that is comprised of highly competent and
qualified professionals. These reviews have not identified any material issues.
The Company has finalised its governance framework in relation to the Mineral
Resource and Ore Reserve estimates in line with the expansion of its business.
Northern Star reports its Mineral Resources and Ore Reserves on an annual basis
in accordance with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (the JORC Code) 2012 Edition. Mineral
Resources are quoted inclusive of Ore Reserves. Competent Persons named by
Northern Star are Members or Fellows of the Australasian Institute of Mining
and Metallurgy and/or the Australian Institute of Geoscientists and qualify as
Competent Persons as defined in the JORC Code.
Competent persons statements
The information in this Report that relates to Mineral Resource estimations,
exploration results, data quality and geological interpretations for the Company’s
Project areas (excluding the KCGM Operations, the Central Tanami Gold
Project, the Bronzewing Project, the Anthill Project and the Mt Clement Project)
is based on information compiled by Michael Mulroney, a Competent Person
who is a Member of the Australasian Institute of Mining and Metallurgy and
a full-time employee of Northern Star Resources Limited. Mr Mulroney has
sufficient experience that is relevant to the styles of mineralisation and type of
deposits under consideration and to the activity being undertaken to qualify as
a Competent Person as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" for the
Company’s Project areas. Mr Mulroney consents to the inclusion in this Report of
the matters based on this information in the form and context in which it appears.
The information in this Report that relates to Ore Reserve estimations for the
Company’s Project areas (including the KCGM Operations and excluding
the Bronzewing Project) is based on information compiled by Jeff Brown, a
Competent Person who is a Member of the Australasian Institute of Mining and
Metallurgy and is a full-time employee of Northern Star Resources Limited. Mr
Brown has sufficient experience which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken to
qualify as a Competent Persons as defined in the 2012 Edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Mr Brown consents to the inclusion in this Report of the matters based on this
information in the form and context in which it appears.
The information in the Report that relates to Mineral Resource estimations and
exploration results for the KCGM Operation is based on information compiled by
Emma Murray-Hayden, a Competent Person who is a Member of the Australasian
Institute of Mining and Metallurgy and the Australian Institute of Geoscientists
and a full-time employee of Kalgoorlie Consolidated Gold Mines Pty Ltd .
Ms Murray-Hayden has sufficient experience that is relevant to the style of
mineralisation and type of deposits under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. Ms Murray-Hayden consents to the inclusion in this Report of the
matters based on this information in the form and context in which it appears.
The information in the Report that relates to all open pit Ore Reserves for the
KCGM Operation is based on information compiled by Mr Ibrahim Omari, a
Competent Person who is a Member of the Australasian Institute of Mining and
Metallurgy and a full-time employee of Kalgoorlie Consolidated Gold Mines
Pty Ltd . Mr Omari has sufficient experience that is relevant to the style of
mineralisation and type of deposits under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. Mr Omari consents to the inclusion in this Report of the matters
based on this information in the form and context in which it appears.
The information in this Report that relates to the Central and Western Tanami
Gold Projects is extracted from the Tanami Gold NL ASX announcement entitled
“Quarterly Report for the Period Ending 31 March 2014” released on 1 May 2014
and is available to view on www.tanami.com.au.
The information in this Report that relates to Mineral Resource estimations, data
quality, geological interpretations and potential for eventual economic extraction
for the Groundrush deposit at the Central Tanami Gold Project is based on
information compiled by Brook Ekers a Competent Person who is a Member of
the Australian Institute of Geoscientists and a full-time employee of Northern Star
Resources Limited. Mr. Ekers has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr. Ekers consents to the inclusion in this Report of
the matters based on this information in the form and context in which it appears.
The Company confirms that it is not aware of any further new information or
data that materially affects the information included in the original market
announcement entitled “Quarterly Report for the Period Ending 31 March 2014”
released on 1 May 2014 and, in the case of estimates of Mineral Resources, that
all material assumptions and technical parameters underpinning the estimates
in the relevant market announcement continue to apply and have not materially
changed. To the extent disclosed above, the Company confirms that the form and
context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcement.
The information in this Report that relates to the Bronzewing Project is extracted
from the Echo Resources Ltd announcement entitled “Yandal Gold Project BFS &
Growth Strategy” released on 23 April 2019 and is available to view on www.asx.
com.au.
The Company confirms that it is not aware of any further new information or
data that materially affects the information included in the original market
announcement entitled “Yandal Gold Project BFS & Growth Strategy” released on
23 April 2019 and, in the case of estimates of Mineral Resources, that all material
assumptions and technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially changed. To the
extent disclosed above, the Company confirms that the form and context in which
the Competent Person’s findings are presented have not been materially modified
from the original market announcement.
The information in this Report that relates to the Anthill Project is extracted from
the Intermin Resources Limited (now Horizon Minerals Limited) announcement
entitled “Anthill Resource Grows 60% to Over 125,000 ounces ” released on 18
December 2018 and is available to view on www.asx.com.au.
The Company confirms that it is not aware of any further new information or
data that materially affects the information included in the original market
announcement entitled “Anthill Resource Grows 60% to Over 125,000 ounces”
released on 18 December 2018 and, in the case of estimates of Mineral Resources,
that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and have not
materially changed. To the extent disclosed above, the Company confirms that
the form and context in which the Competent Person’s findings are presented
have not been materially modified from the original market announcement.
The information in this Report that relates to the Mt Clement Project is
extracted from the Artemis Resources Limited) announcement entitled
“Substantial Resource Increase at Mt Clement Gold & Silver Project” released
on ASX announcement dated 26 July 2011 and is available to view on www.
artemisresources.com.au.
The Company confirms that it is not aware of any further new information or
data that materially affects the information included in the original market
announcement entitled “Substantial Resource Increase at Mt Clement Gold &
Silver Project” released on ASX announcement dated 26 July 2011 and, in the case
of estimates of Mineral Resources, that all material assumptions and technical
parameters underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed. To the extent disclosed above,
the Company confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original market
announcement.
45
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 M
a
n
a
g
e
m
e
n
t
R
i
s
k
RISK MANAGEMENT
RISK MANAGEMENT
RISK MANAGEMENT
Risk Management
Our vision is to continue to build a safe,
quality mining and exploration company,
focused on creating value for Shareholders.
To achieve this, Northern Star maintains an ongoing
commitment to enhancing how we identify, assess
and mitigate our risks.
The continuous review of our risks means that our
Board receives the most up to date information
about the business, enabling them to make strategic
decisions regarding risks which affect the Company
now, but also those which have potential to impact our
success in the future.
The following Figure 5 is a summary of the Company’s
top 10 ranked risks from the corporate risk register
as at the Report date, and environmental1 risks
and social2 risks outside of the top 10 ranked risks
to which the Company has a material exposure,
disclosed in accordance with Recommendation 7.4 in
the ASX Corporate Governance Council Principles &
Recommendations (4th edition).
Further information is detailed in our latest
Sustainability Report released on 4 March 2020 and
via the Sustainability dropdown menu on the website:
www.nsrltd.com/sustainability/.
Figure 4 Risk Assessment Matrix
CONSEQUENCES
5
Insignificant
4
Minor
3
Moderate
2
Major
1
Catastrophic
48
LIKELIHOOD
A
Almost
Certain
B
Likely
C
Possible
D
Unlikely
E
Rare
Key Risk Level
Low
Medium
High
“The Company’s risk reporting and control mechanisms are designed
to ensure strategic, operational, legal, financial, reputational and other
risks are identified, assessed and appropriately managed, with
oversight by the Board who have significant understanding of the
global gold industry in which the Company operates.”
HILARY MACDONALD, GENERAL COUNSEL & COMPANY SECRETARY
1. As defined in the ASX Corporate Governance Council Principles and Recommendations. For example, it includes risks of polluting or degrading the environment, adding
to carbon levels in the atmosphere or threatening a region's cultural heritage.
2 For example, modern slavery risk, mistreating employees or suppliers, harming the local community and risks associated with pandemic.
Figure 5 Corporate Top 10 Risk Summary & Key Environmental and Social Risks
Risk
#
Risk
Inherent Risk
rating
Residual Risk
rating
Key control measures examples
1
2
3
4
Safety
Loss of Key
Personnel
Under-performance
against Shareholder
expectations
Pandemic or
Epidemic virus or
infectious disease
5
Market risk
6
7
8
Loss of social
licence to operate
Exploration Success
Geological Risk
9
Mining Operations
10
Mergers,
Acquisitions &
Divestment
16
Cybersecurity
20
Climate Change
• Group Safety Management system
• Regular audit and review processes
• Competitive remuneration and benefits framework
• Ongoing training and mentoring programmes
• Ongoing assessment of operations against guidance
supported by modelling
• Operability levels matrix responding to situational
level
• Maintaining close contact and relationships with
supply chain
• Treasury Risk Management Policy addressing
parameters for managing market risk exposures
(including active gold hedging programme)
• Maintain access to liquidity through banking facilities
• Ability to alter/flex operations to suit prevailing
macro-economic climate
•
Inclusion and engagement with local communities,
Governments and other key stakeholders
• Environmental, Social & Safety Committee driving
ESR plan and sustainability reporting
• Sufficient budget provided to support exploration
pipeline
• LOM review and reserve and resource updates
• Continued sustained exploration pipeline
• Mine planning and operational procedures,
including reconciliation and grade control plans
• Manage operations to profit margin
•
Internal and external due diligence performed
over target entities, including external established
subject matter experts
• Offsite disaster recovery for all ICT systems
• Business continuity planning and incident monitoring
• Advanced anti-virus and firewalls
• Water balance model and water usage forecasting
•
Implementation of the TCFD Recommendations
49
49
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
R
e
p
o
r
t
D
i
r
e
c
t
o
r
s
’
Board of
Directors
Your Directors present
their report on the
consolidated entity
consisting of Northern
Star and the entities it
controlled at the end
of, or during, FY20.
Bill Beament
Executive Chair
John Fitzgerald
Lead Independent
Director
52
53
Peter O’Connor
Shirley In’t Veld
Non-Executive
Director
Non-Executive
Director
Mary Hackett
Nick Cernotta
Non-Executive
Director
Non-Executive
Director
DIRECTORS REPORT
DIRECTORS REPORT
Biographies of Directors for full year FY20
Bill Beament
B.Eng-Mining (Hons), MAICD
Executive Chair
Term of office: Director since August 2007;
Executive Chair since November 2016
Committee membership:
John Fitzgerald
CA, Fellow FINSIA, GAICD
Lead Independent Director
Peter O’Connor
MA, Economics and Political Science; Barrister-at Law
Shirley In’t Veld
B.Com LLB (Hons)
Independent Non-Executive Director
Independent Non-Executive Director
Term of office: Director since November 2012
Term of office: Director since May 2012
Term of office: Director since September 2016
Committee membership:
Committee membership:
Committee membership:
• Chair of the Audit & Risk Committee
• Member of the Environmental, Social & Safety
• Member of the Audit & Risk Committee
• Member of the Environmental, Social & Safety
Committee
• Chair of the Nomination Committee
• Member of the Nomination Committee
• Member of the Remuneration Committee
Experience and expertise: Mr Beament is a mining
engineer with more than 20 years’ experience in the
resource sector. Previously he held several senior
management positions, including General Manager
of Operations for Barminco Limited with overall
responsibility for 12 mine sites across Western
Australia, and General Manager of the Eloise
Copper Mine in Queensland.
Other roles (current & past 3 years):
• Director Mining & Infrastructure Group Pty Ltd^
(since 2008)
54
• Director Precision Funds Management Pty Ltd^
& Precision Opportunities Fund Ltd (since 2016)
• Chairman of the Western Australian School of
Mines Alumni Patrons Group^ (since Aug 2017)
Experience and expertise: Mr Fitzgerald has over
25 years’ resource financing experience and has
provided project finance and corporate advisory
services to a large number of companies in the
resource sector. He has previously held senior
positions at NM Rothschild & Sons, Investec Bank
Australia, Commonwealth Bank, HSBC Precious
Metals and Optimum Capital. Mr Fitzgerald is a
Chartered Accountant, a Fellow of the Financial
Services Institute of Australasia and a graduate
member of the Australian Institute of Company
Directors.
Other roles (current & past 3 years):
• Chairman Exore Resources Limited* (since Dec
2015)
• Director Danakali Limited* (since Feb 2015)
• Trustee of the Channel 7 Telethon Trust^ (since
• Director Optimum Capital Pty Ltd^ (since Jan 2009)
Dec 2017)
Board skills matrix: Executive leadership, technical
skills, HSE, major projects and construction, capital
markets, commodities exposure and strategy,
gained and developed during his experience
described above.
• Former Chairman Carbine Resources Limited#
(Apr 2016 – Mar 2018)
Board skills matrix: Finance, commerce & accounting,
capital markets, commodities exposure, previous
board experience, risk management & compliance,
strategy, and ethics & integrity, gained and developed
during his experience described above.
BOARD TENURE AND DIVERSITY AS AT 30 JUNE 2020
TENURE
>2 Years
33%
7-10 Years
33%
3-6 Years
17%
11+ Years
17%
GENDER
33%
67%
Females
33%
Female
Male
AGE
70+
17%
<40
0%
40-49
17%
60-99
17%
LOCATION
UK
17%
Australia
83%
50-59
50%
e
g
n
a
h
c
x
e
s
e
i
t
i
r
u
c
e
s
a
n
o
d
e
t
s
i
l
s
i
y
n
a
p
m
o
c
s
e
t
a
c
d
n
i
i
#
d
e
t
s
i
l
n
u
s
i
n
o
i
t
a
s
i
n
a
g
r
o
/
y
n
a
p
m
o
c
s
e
t
a
c
d
n
i
i
^
• Member of the Nomination Committee
Experience and expertise: Ms In’t Veld was the
CEO of Verve Energy, a WA utility, for five years.
Prior to this Ms In’t Veld held a number of senior
commercial, legal and marketing positions with
Alcoa, WMC Resources Ltd, Bond Corporation and
BankWest, including Managing Director of Alcoa of
Australia Rolled Products based in Geelong.
Other roles (current & past 3 years):
• Director of Alumina Ltd* (since August 2020)
• Director APA Group* (since Mar 2018)
• Director of NBN Co Ltd^ (since Dec 2015)
• Member of the Takeovers Panel^ (since 2016)
• Former Deputy Chairperson CSIRO^ (until 2020)
55
• Former Director Chamber of Commerce &
Industry Western Australia Limited (until 2019)
Board skills matrix: Executive leadership, previous
board experience and board dynamics, gained and
developed during her experience described above.
Committee
• Member of the Nomination Committee
• Member of the Remuneration Committee
Experience and expertise: Mr O’Connor
has extensive global experience in the funds
management industry, both public and private
companies in developed and emerging economies.
He was co-founder, Director and Deputy Chairman
of IMS Selection Management Ltd which had $10
billion under management or advice from 1998 to
2008. Following the sale of IMS to BNP Paribas
in 2008, he was Deputy Chairman of FundQuest
UK Ltd with $10 billion under management, and
FundQuest globally had $35 billion of assets under
management from 2008 to 2010. Mr O’Connor was
the Lead Director and then Chairman of TSX-listed
Neo Material Technologies from 1993 to 2012.
Other roles (current & past 3 years):
• Chairman Neurotech International Limited*
(Jan 2016 – Apr 2019)
• Chairman Boss Resources Ltd* (since Jan 2020)
• Director of Blue Ocean Monitoring Limited^
(since Nov 2015), Blue Ocean Monitoring UK
Ltd^ (since May 2019) & Blue Ocean Monitoring
(Ireland)^ (since Nov 2019)
• Director Tea Tree Founders Pty Ltd^ & Tea Tree
Group Holdings Pty Ltd^ (since Sep 2017)
Board skills matrix: Executive leadership, capital
markets, previous board experience, strategy,
board dynamics, issues management, and ethics
& integrity, gained and developed during his
experience described above.
“Experienced governance specialists at Nasdaq evaluated Northern
Star’s Board to be highly functional, responsive and engaged.”
JOHN FITZGERALD, LEAD INDEPENDENT DIRECTOR
* Indicates company is listed on a securities exchange
^ Indicates company / organisation is unlisted
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
DIRECTORS REPORT
DIRECTORS REPORT
Biographies of Directors for full year FY20 (continued)
Directors
Former Director
Mary Hackett
B.Eng-Mech, FIEAUST
Nicholas Cernotta
B.Eng-Mining
Independent Non-Executive Director
Independent Non-Executive Director
Term of office: Director since July 2019
Term of office: Director since July 2019
Committee membership:
Committee membership:
• Chair of the Environmental, Social & Safety
• Chair of the Remuneration Committee
Committee
• Member of the Audit & Risk Committee
• Member of the Nomination Committee
Experience and expertise: Ms Hackett has an
extensive career in the resource sector, spanning
more than 30 years, with senior executive roles in
Brown & Root, Woodside, and General Electric. Her
most recent role being Vice President of General
Electric Oil & Gas for Australasia.
A fellow of Engineers Australia, Ms Hackett holds a
degree in Mechanical Engineering from University
College Galway, Ireland.
Other roles (current & past 3 years):
• Founding Director LNG Marine Fuel Institute^
56
(since Feb 2017)
• Chair Elect of the Future Energy Exports
Cooperative Research Centre^ (since Apr 2020)
Board skills matrix: HSE, major projects &
construction, risk management & compliance, and
ethics & integrity, gained and developed during her
experience described above.
• Member of the Audit & Risk Committee
• Member of the Nomination Committee
Experience and expertise: Mr Cernotta is a
mining engineer having held senior operational
and executive roles in Australia and overseas
over a 30 plus year period. He has considerable
experience in the management and operation of
large resource projects, with a track record for
improving safety performance, managing costs and
improving operational efficiencies, across multiple
commodities and international jurisdictions.
Most recently Mr Cernotta served as Director
of Operations at Fortescue Metals Group, and
was previously Director of Operations for Barrick
(Australia Pacific) Pty Ltd.
Other roles (current & past 3 years):
• Director Pilbara Minerals Ltd* (since Feb 2017)
• Director Panoramic Resources Limited* (since
May 2018)
• Director New Century Resources Ltd* (since Mar
2019)
• Former Chairman ServTech Global Holdings Ltd*
(Oct 2016 – Nov 2017)
Board skills matrix: Executive leadership, HR &
workplace relations, HSE, risk management &
compliance and strategy, gained and developed
during his experience described above.
* Indicates company is listed on a securities exchange
^ Indicates company / organisation is unlisted
The following Directors were on the Board of Directors
for the full year FY20:
Bill Beament
Executive Chair
John Fitzgerald Lead Independent Director
Peter O’Connor Non-Executive Director
Shirley In’t Veld Non-Executive Director
Mary Hackett Non-Executive Director
Nick Cernotta Non-Executive Director
Founding Chairman, Christopher Rowe, was a Director
at the start of FY20. Mr Rowe resigned effective at the
end of the Company’s Annual General Meeting held
on 14 November 2019.
Company Secretary
Hilary Macdonald LLB (Hons), FGIA, was the Company
Secretary (in addition to her role as General Counsel)
for the full financial year ended 30 June 2020. Ms
Macdonald is a corporate and resources lawyer with
more than 25 years’ experience in the UK and Australia
with particular focus on corporations compliance and
governance.
Table 6 Director attendance at Board & Committee meetings held during FY20
Director
Board
Audit & Risk
Committee
Environmental,
Social & Safety
Committee
Remuneration
Committee
Non-
Executive
Directors
Attended/Held1
Attended/Held1
Attended/Held1
Attended/Held1
Attended/Held2
Bill Beament
20 of 21
John Fitzgerald
20 of 21
Peter O’Connor
20 of 21
Shirley In’t Veld
17 of 21
Mary Hackett
20 of 21
Nick Cernotta
20 of 21
Christopher Rowe
9 of 10
n/a
4 of 4
1 of 1
4 of 4
3 of 3
3 of 3
n/a
4 of 4
n/a
4 of 4
n/a
4 of 4
n/a
n/a
n/a
6 of 6
5 of 5
1 of 1
n/a
5 of 5
1 of 1
1 3
8 of 8
8 of 8
6 of 8
8 of 8
8 of 8
4 of 4
There were no discrete meetings of the Nomination
Committee held in FY20. The Nomination Committee
business for FY20 was dealt with during meetings of
the Board.
Board skills matrix
The Company has devised a Board skills matrix
(depicted on pages 58 and 59) for each Director to
self-assess their skills and experience considered
relevant to Northern Star and soft skills considered
desirable for effective Directors generally.
An assessment of the composition of the Board is
undertaken in relation to the Board skills matrix
annually, to identify any potential gaps and ensure
there is an appropriate balance of skills, experience,
expertise and diversity on the Board. The review of
the Board skills matrix during the FY20 financial year
concluded that no change to the selection of skills
used in the matrix was warranted.
1 The number of meetings held during the time the Director held office, or was a member of the Committee, during FY20. Note that during the initial outbreak of the
COVID-19 pandemic in Australia and the US, the Board met weekly for regular updates from the CEO, COO, CFO, and Principal Health and Safety, on the safety and
wellbeing of employees, business continuity planning and financial measures to ensure the Company was in the strongest possible position to withstand the unpredictable
challenges presented by the global public health emergency and limitations on the movement of individuals. This explains the unusually large number of Board meetings,
in addition to several Board meetings in connection with the acquisition of a 50% interest in the KCGM Operations (Super Pit).
2 In addition to Board and Committee meetings, meetings of the Non-Executive Directors are held separately to the full Board meetings without the Executive Chair or
Chief Executive Officer in attendance. A rather higher than usual number of Non-Executive Director meetings was held due to discussions around KMP remuneration and
the acquisition of the 50% interest in the KCGM Operations (Super Pit).
3 Executive Chair Bill Beament was invited to attend one meeting of the Non-Executive Directors during FY20.
57
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
DIRECTORS REPORT
DIRECTORS REPORT
Board Skills & Experience Matrix
EXECUTIVE
LEADERSHIP
FINANCE / COMMERCE /
ACCOUNTING
ESG, LEGAL /
REGULATORY,
POLICY
HR / WORKPLACE
RELATIONS
TECHNICAL SKILLS
IN RESOURCES
COMMODITIES
EXPOSURE
PREVIOUS BOARD
EXPERIENCE
RISK MANAGEMENT &
COMPLIANCE
Evaluating the
performance of senior
management, overseeing
strategic human capital
planning, industrial
relations, organisational
change management
programmes and
sustainable success in
business at a senior level.
Financial accounting
and reporting, internal
financial and risk controls,
corporate finance and,
restructuring corporate
transactions (eg: JVs,
listings etc).
Experience in integrating
environmental, social
and governance (ESG)
principles into company
decision-making, working
in a legal and/or regulatory
environment and/or dealing
with legal/regulatory
matters in an executive
role in an organisation, and
identifying key issues and
developing appropriate
policy parameters.
Board Remuneration
Committee membership
or, succession planning,
remuneration and talent
management (including
incentive programs,
superannuation etc), the
legislative and contractual
framework governing
remuneration and, the
legislative framework
workplace relations.
Advanced technical
understanding of geology,
mining engineering or
processing.
Executive expertise in
commodities, mining or
resources sectors.
Serving on Boards
of varying size and
composition, in varying
industries and for a
range of organisations.
An awareness of
global practices and
benchmarking and, some
international experience.
Applying broad based risk
management frameworks
in various regulatory or
business environment,
identifying key risks to an
organisation related to
key areas of operations,
monitoring risk and
compliance.
58
HSE
IT & INNOVATION
MAJOR PROJECTS /
CONSTRUCTION
CAPITAL MARKETS
STRATEGY
BOARD DYNAMICS
ISSUES
MANAGEMENT
ETHICS & INTEGRITY
59
Workplace health and
safety and environmental,
implementing health, safety
and wellbeing strategies,
proactive identification and
prevention of health, safety
and environmental risks.
Executive knowledge
and experience in the
management of information
technology including but
not limited to IT strategies
and networks, data storage,
data security, cyber
security and experience in
applying new technologies
and innovation to deliver
business improvement.
Contract negotiations,
project management,
projects involving large-
scale outlays and projects
with long-term investment
horizons.
Expertise and commitment
to sustainability initiatives,
social responsibility, and
investor engagement.
Identifying and critically
assessing strategic
opportunities and threats
to the organisation
and, developing and
implementing successful
strategies in context to an
organisation's policies and
business objectives.
Constructively challenge
and contribute to
Board discussions and
communicate effectively
with management and
other Directors. Build
consensus, negotiate
and, achieve stakeholder
support for Board
decisions.
Constructively manage
major issues, provide
leadership around
solutions and contribute to
a communications strategy
with stakeholders.
Model correct behaviours
as a Director and, continue
to self educate on legal
responsibility, maintain
Board confidentiality,
declare conflicts etc.
KEY BOARD RATING PER SKILL
5 Excellent
level of skills /
experience
4 Strong
level of skills/
experience
3 Solid level
of skills/
experience
2 Average
level of skills/
experience
1 Scope to seek
new skills/
experience
0 Priority to
seek new skills/
experience
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 60
DIRECTORS REPORT
Board Evaluation
In addition to the annual performance evaluation
of each individual Director conducted by the Lead
Independent Director and/or Executive Chair, during
FY20 the Board undertook a comprehensive evaluation
conducted by external governance specialists at
Nasdaq Corporate Solutions. The objective of the
evaluation was to:
In addition to the effectiveness of the Board, the
evaluation also focused on three of the four sub-
committees of the Board – the Audit and Risk
Committee, the Remuneration Committee and
the Environmental, Social and Safety Committee.
Separate evaluation reports were created for each
sub-committee, for discussion at sub-committee level.
• provide the Board with an unbiased, greater
The areas of assessment included:
understanding of its functioning and performance;
• highlight areas of strength and opportunities for
improvement;
• Mission and Values
• Ethics and Accountability
• encourage positive relationships among Board
• Board Composition and Culture
members, and
• improve the Board’s overall performance and
effectiveness.
Effective corporate governance advances the
Company’s culture of continuous improvement.
Nasdaq anonymously gathered and assessed
Directors’ individual responses to questions crafted
by governance specialists in conjunction with the
Company Secretary, aligned with Northern Star’s
business and governance goals. The web-based Q&A
accommodated insightful, more comprehensive
contributions where Directors wished to expand on
their responses, and delivered an actionable report
of aggregated and anonymous individual responses
and comments. There was subsequent opportunity for
discussion on any outlier results and patterns in the
responses.
• Board Meetings and Administration
• Strategy and Performance Measures
• Board’s Relationship to Management
• Risk Monitoring and Crisis Control
• Succession Planning and Human Resources
• Shareholder and Stakeholder Involvement, both
generally and specific to the mining industry.
A SWOT diagram in the evaluation report (showing
Strengths, Weaknesses, Opportunities and Threats)
provided a graphical picture of the statistical ratings
and comments made by Directors and formed the
main focus of discussion by the Board at a subsequent
off-site strategy day. SWOT examples included:
STRENGTHS
WEAKNESSES
• The Board actively promotes an atmosphere of ethical
behaviour and accountability, with open, collegial,
respectful, and direct relationships among Directors and
with CEO
• Culture of engaging in productive challenge
• Board member training/continuing professional
development
• Emergency succession planning
OPPORTUNITIES
THREATS
•
Increase Board’s understanding of management’s
perspective
• Geopolitical event resulting in gold price collapse
• COVID-like events in future that shut mines for extended
• Build Board and management bench strength with a
more pro-active, robust succession planning process
period(s)
Various areas were identified in the evaluation report
for focus and action by the Board. The Board will
address these during FY21 and in subsequent years.
The Board intends to repeat the evaluation in FY21.
Nasdaq Corporate Solutions’ overall finding was
that the Northern Star Board is highly functional,
responsive and engaged, consistent with other Boards
in the top quartile of companies for whom Nasdaq
Corporate Solutions conducts Board evaluations.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
61
KANOWNA BELLE,
KALGOORLIE OPERATIONS
DIRECTORS REPORT
DIRECTORS REPORT
Principal activities
During FY20 the principal activities of the Group were:
• exploration, development, mining and processing
of gold deposits and sale of refined gold derived
from the Jundee, Kalgoorlie and KCGM Operations
in Western Australia and from the Pogo Operations
in Alaska; and
• exploration in relation to gold deposits in Western
Australia, the Northern Territory and Alaska.
Dividends Paid
Table 7 Dividends Paid
Final ordinary dividend for FY19 of 7.5 cents (FY18: 5 cents) per fully paid Share paid on 20
November 2019
FY20
$’000
$48,670
FY19
$’000
31,973
Interim ordinary dividend for FY20 of 7.5 cents (FY19: 6 cents) per fully paid Share paid on 16
July 20204
$55,459
38,367
Total
$104,129
70,340
Dividends recommended but
not yet paid
Since the end of FY20 the Directors have
recommended the payment of a fully franked:
62
• final ordinary dividend of $70.4 million (9.5 cents
per fully paid Share; FY19: 7.5 cents); and
• special dividend of $74.0 million (10.0 cents per
fully paid Share; FY19: nil),
to be paid on 30 September 2020 out of retained
earnings at 30 June 2020.
Review of operations
Information on the operations and financial position of
the Group and its business strategies and prospects is
set out in the Operations Review section of this Annual
Report.
Significant changes in the state of
affairs
A significant change in the state of affairs of the Group
during FY20 was the Company’s acquisition of Echo
Resources Limited by way of off-market takeover for
consideration of $0.33 per Share. The takeover was
announced on 27 August 2019 and completed on 6
December 2019.
A further significant change in the state of affairs
of the Group during FY20 was the Company’s
acquisition of all the shares in Kalgoorlie Lake View
Pty Ltd, which holds a 50% interest in Kalgoorlie
Consolidated Gold Mines Pty Ltd (KCGM) and in the
three unincorporated joint ventures comprising the
KCGM Operations and assets managed by KCGM
including the Kalgoorlie Super Pit gold mine, from
Newmont Goldcorp Australia Pty Ltd, a subsidiary
of Newmont Goldcorp Corporation, for total
consideration of US$800 million.
Northern Star completed the acquisition on 3 January
2020 and received the full financial benefit of the
KCGM operations from 1 January 2020.
For further details of this acquisition refer to note 13 of
the financial statements.
Events since the end of FY20
No matter or circumstance has arisen since 30 June
2020 that has significantly affected the Group’s
operations, results or state of affairs, or may do so in
future years.
Likely developments and expected
results of operations
There are no likely developments to disclose in the
Group’s operations in future financial years.
4 The interim dividend payment date was originally 30 March 2020. It was deferred on 26 March 2020 as a cash preservation initiative to ensure the Company was in the
strongest possible financial position to respond to the COVID-19 pandemic and subsequent global financial impact. The interim dividend was paid subsequent to the
balance date, on 16 July 2020.
Performance in relation to
environmental regulation
The Group’s exploration, mining and processing
operations are subject to Commonwealth of Australia,
Western Australian, Northern Territory, State of
Alaska and Federal US legislation which regulates the
environmental aspects of the Group’s activities, including
discharges to the air, surface water and groundwater,
and the storage and use of hazardous materials.
The Group is not aware of any material breach of
environmental legislation and regulations applicable
to the Company’s operations during FY20. The Group
continues to comply with environmental regulations in
all material respects.
Insurance of officers and
indemnities
During FY20 the Company has paid a premium to
insure the Directors and Officers of the Company
and its controlled entities. Details of the premium are
subject to a confidentiality clause under the contract
of insurance. The liabilities insured are costs and
expenses that may be incurred in defending civil or
criminal proceedings that may be brought against the
Directors and Officers in their capacity as officers of
entities in the Group, to the extent permitted by the
Corporations Act. In addition similar liabilities are
insured for Officers holding the position of nominee
Director for the Company in other entities.
Proceedings on behalf of the
Company
No person has applied to the Court under Section
237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene
in any proceedings to which the Company is a party,
for the purpose of taking responsibility on behalf of
the Company for all or part of those proceedings.
Non-audit services
The Company may decide to employ the Auditor on
assignments additional to their statutory audit duties
where the Auditor’s expertise and experience with the
Company and/or Group are important.
Details of the amounts paid or payable to the Auditor
(Deloitte Touche Tohmatsu) for the audit and non-audit
services provided during FY20 are disclosed in note 21
to the financial statements.
The Directors are satisfied that the provision of
non-audit services is compatible with the general
standard of independence for Auditors imposed by
the Corporations Act 2001. The Directors are satisfied
that the provision of non-audit services by the Auditor
(review of the 2019 Sustainability Report disclosures)
did not compromise the Auditor independence
“Northern Star and the Board
are committed to consistently
demonstrating the highest
standards of corporate
governance.”
JOHN FITZGERALD, LEAD INDEPENDENT DIRECTOR
requirements of the Corporations Act 2001 because
none of the services undermine the general principles
relating to Auditor independence as set out in APES
110 Code of Ethics for Professional Accountants.
Auditor independence declaration
A copy of the Auditor’s independence declaration as
required under section 307C of the Corporations Act
2001 is set out on page 98.
Rounding
The Company is of a kind referred to ASIC Legislative
Instrument 2016/191, relating to the “rounding off”
of amounts in the financial statements. Amounts
in the financial statements have been rounded off
in accordance with the instrument to the nearest
thousand dollars, or in certain cases, the nearest dollar.
Corporate Governance Statement
Northern Star and the Board are committed to
consistently demonstrating the highest standards
of corporate governance. In addition to this Annual
Report, a description of the Company’s current
corporate governance practices is set out in the
Corporate Governance Statement (http://www.nsrltd.
com/about/corporate-governance/).
Northern Star has elected to publish the 2020 Tax
Corporate Governance Statement on a voluntary
basis as a part of our commitment to tax transparency.
The report includes information recommended to
be disclosed under the Australian voluntary Tax
Transparency Code (TTC). The report can be found on
the Company website under Corporate Governance -
Rules and Special Reports.
This report is made in accordance with a resolution of
Directors dated 18 August 2020.
Bill Beament
Executive Chair
18 August 2020
63
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 R
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REMUNERATION REpORT
REMUNERATION REpORT
66
Introduction from
the Chair of the
Remuneration Committee
Dear Shareholder,
On behalf of the Board, I am pleased to
present the Northern Star Resources Limited
Remuneration Report for FY20.
No Board member, leader in a company, employee or
family has had to deal with a crisis like the profound
public health, community and economic impact of the
COVID-19 pandemic. The enormous upheaval caused
by the restriction in people movements globally and
the consequential massive economic decline has
already changed the world and its outlook for this and
the next generation.
Australia’s progress so far in flattening the curve has
encouraged Australia’s leaders to start mapping the
route to a sustainable way of running businesses
living with COVID-19. Western Australia in particular
has had a lead on economic recovery compared to
most states and nations, so far, but we face our own
challenges with remoteness and restricted labour
supply exacerbated by the self imposed hard borders
restricting people movements, both in and out of
Western Australia, and in and out of the US, where our
Pogo Operations are located.
The Remuneration Committee is focused on
developing an executive remuneration framework
which attracts and retains senor quality executives
who will work to create a sound working culture which
produces long term sustainable value creation for
Shareholders.
Government subsidies were received by the Company;
36 of our employees experienced COVID-19 first
hand, and recovered well; none of our sites closed and
there were no disruptions to our supply chain. There
were no cuts to employee pay; we also introduced
parity in sick leave entitlements across all operations
in Australia and the US, and we were early movers
in Australia to introduce special COVID-19 leave for
employees directly and indirectly affected in their
ability to work.
Northern Star has a history of delivering sector
leading results by acquiring and investing in Tier-1
assets. FY20 was no different, with the acquisition of
the Echo Resources Bronzewing Project and the 50%
joint venture interest in the Kalgoorlie Consolidated
Gold Mines Pty Ltd (KCGM) “Super Pit” in Kalgoorlie,
Western Australia. Northern Star achieved record gold
sales of 900,388 ounces and doubled the Group’s Ore
Reserves during FY20.
During FY20 the Company delivered a total return to
Shareholders (TSR) of 27% for its Shareholders. The
Special Dividend of 10 cents per Share approved on
18 August 2020 in addition to the 27% increase in the
Final Dividend approved for FY20 is significant.
Figure 6 Value delivered to Shareholders since
2010 (including FY20 Final and Special Dividends)
Few incentive frameworks would have been designed
to accommodate the sort of disruption to the
workplace and the significant adjustments required in
responding to the challenges presented by COVID-19.
The Northern Star response to COVID-19 is driven
by our STARR Core Values of Safety, Teamwork,
Accountability, Respect and Results. Safety is central
to our culture, and commitment to the health and
wellbeing of our people is at the core of Northern Star.
The extraordinary efforts taken to protect our people
in the workplace, physically and psychologically were
given absolute priority.
$10,000
$8,000
M
$
$6,000
$4,000
$2,000
$0
0
8
8
,
9
$
3
4
1
,
9
$
Over $9B of value
added through
executing organic
and inorganic
growth.
3
6
2
,
1
$
6
3
5
$
0
1
$
STARTING
MARKET CAP
(30/6/10)
EQUITY
ISSUED
DIVIDEND
PAID/
APPROVED
VALUE
ADD
MARKET CAP
(30/06/20)
We also made our workers’ job security an imperative,
in ensuring continuous operations at all of our sites.
There were zero redundancies or furloughs; no
42% of all equity capital raised has been returned to
Shareholders as dividends
67
“The Remuneration Committee
designs executive remuneration
to attract, retain and motivate
high quality senior executives
and to align their interests with
the creation of value for Northern
Star's Shareholders.”
NICK CERNOTTA, CHAIR OF THE
REMUNERATION COMMITTEE
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
68
Our primary focus is to deliver similar returns to our
Shareholders over the coming years through accretive
organic and inorganic growth. This strategy has been
achieved through financial discipline, developing an
exceptional management team, operational excellence
and investing heavily in exploration and growing
production.
Remuneration Outcomes FY20
Short Term Incentives
The following FY20 STI targets were achieved:
Risk management, which was excellent with continued
improvement year on year resulting in injury frequency
rates substantially lower than the Metalliferous
Industry benchmark. The Northern Star TRIFR of
3.2 (FY19: 3.3) against the Metalliferous Industry
total of 6.4 is a significant achievement particularly
considering the upheaval, distractions and unique
accommodations demanded in the response to
COVID-19 in the second half of the financial year,
with social distancing, longer shifts, relocation of all
meetings outdoors and reduced personnel numbers.
No significant environmental or community incidents
occurred at any of our operations in Australia or Alaska.
The FY20 STI targets for Production Performance and
Financial Management were not achieved.
Production and costs guidance was withdrawn in
March 2020, although Australian operations achieved
611,527 ounces (excluding KCGM), higher than the
bottom end of Australian guidance at 600,000
ounces. Pogo achieved 173,036 ounces, below original
guidance of 200-240,000 ounces. The implementation
of the Company’s business model at Pogo is now
complete in line with the 18-month transition plan
announced at completion in September 2018. We
estimate up to a 25% negative impact on Pogo
productivity whilst COVID-19 remains at current levels
in the US.
Notwithstanding outstanding performance in many
areas of the business in responding to COVID-19,
the total STI awarded to the KMP was 23% out of
a total possible 70% for Company KPIs. Individual
KPI satisfaction ranged from 10% to 30% out of a
total possible 30%. In other words the total FY20 STI
awarded to the KMP ranged from 33% to 53%.
No portion of the STI attributable to those unfulfilled
KPIs were paid. The Board did not exercise its
discretion to vary the level of the FY20 STI award
or pay any bonus, notwithstanding the overall
Shareholder value generated over the STI one year
performance period.
See pages 78 and 79 of this Report for further details
of the STI performance targets and performance
outcome.
Long Term Incentives
The FY17 Long Term Incentive Plan Performance
Rights, which were granted to the Executive KMP in
2016, vested in October 2019 following a three year
performance period. The share price outperformance
chart in this Report demonstrates the best in class
returns delivered by Northern Star during this time.
There were no grants of equity to Executive KMP
in 2017 or 2018. In November 2019 Shareholders
approved a new long term incentive plan under which
annual grants of Performance Rights occurred with a
three year performance period.
An FY20 LTI grant was made subject to achieving
stretch targets such as Relative TSR measured
against the GDX, whereby in order to achieve the
maximum opportunity under this KPI, Northern
Star’s TSR would have to outperform the GDX TSR
by 18 percentage points. For example, if the GDX
TSR is 10% over the three year performance period,
Northern Star’s TSR would have to be 28% in order
for the KMP to earn the maximum opportunity under
this KPI (50% weighting in FY20 LTI; 40% weighting
in FY21 LTI). Given that the GDX is highly correlated
to the gold price, achievement of this challenging
metric represents real value creation and a significant
outcome for Shareholders. Furthermore if Northern
Star’s TSR performance is negative, only 50% of the
LTI opportunity under this KPI will vest.
For the first time, in FY20 Northern Star offered
Executive KMP the opportunity to elect to take the
FY20 STI in Performance Rights rather than 50% cash
and 50% Performance Rights, thereby aligning the
Executive KMP further with Shareholders’ interests.
Both the Executive Chair and Chief Executive Officer
elected Performance Rights.
FY20 Remuneration decisions
There has been significant organic and inorganic
growth in the Company’s operations and a large
increase in size and scale of the business, expanding
the KMP and senior leadership team’s responsibilities
and risk management base as a result of the
US$800M 50% acquisition of KCGM and associated
assets. In addition, the takeover of Echo Resources
Ltd completed on 6 December 2019 enlarged the
tenure around Jundee and opened up numerous
opportunities for the Company to increase production.
A key to navigating crises successfully is to retain the
best talent. A crisis will not last forever and finding
ways to retain your best people will mean the business
will be in a stronger position during the recovery.
During FY20 the Remuneration Committee took into
account and responded to real poaching risk and
competition for our exceptional people by developing
a retention share plan and issuing Restricted Shares
under it during May 2020 as detailed on p88, as a
retention tool, where a service condition is the only
performance requirement, in order to defend the
Company against significant pressure for our people.
To ensure that the remuneration framework continues
to support the achievement of our strategy and
future needs of the business for our high performing
employees, the Board benchmarked Executive KMP
remuneration against the ASX100 and mining industry
peers. This benchmarking identified some of our KMP
were paid well under industry and market cap peers.
Also, in light of current competition for our leading
talent, and to recognise the increased workload,
managing a workforce close to 4,000 persons and the
complexity in the Group’s assets and operations, there
has therefore been an upward adjustment to fixed and
variable remuneration amongst the Executive KMP.
These are disclosed on page 81 of the Remuneration
Report in the “FY21 Changes to Executive KMP fixed
and variable remuneration” Table 14.
Yours faithfully
Nick Cernotta
Chair of the
Remuneration
Committee
FY20 pERFORMANCE SNApSHOT
SAFETY pERFORMANCE
RECORD DIVIDENDS
LIQUIDITY
FY19
TRIFR 3.3
(excl KCGM)
FY20
TRIFR
3.2
$ 770M As at 30
$ 710.4M
CASHFLOW FROM OpERATIONS
FY19:
$379M
June 2020
Increase in final Dividend to
9.5¢ per Share (FY19: 7.5¢ps)
27%
+10¢
SpECIAL
DIVIDEND
69
FY20
RESOURCES INCREASED
12.7Moz
to 31.8 Moz
(incl KCGM)
RECORD GROUp SALES (OZ)
RESERVES INCREASED
900,388
FY19 840, 580oz
102%to 10.8Moz
(incl KCGM)
1 Cash ($677M), bullion ($71M) and liquid investments ($21M) as at 30 June 2020, after drawdown on revolver facility ($200M) as a financially prudent measure early in the
COVID-19 response to strengthen the Balance Sheet.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
REMUNERATION REpORT
Transparency in reporting Key Management personnel remuneration
Executive KMp Remuneration policy and link to performance
Plain English explanations and transparency in
remuneration reporting is important to Northern
Star and its Shareholders. This Remuneration Report
includes the following voluntary and statutory
disclosures:
• FY20 LTI – details of the KPIs (three year
performance period ending 30 June 2022)
• FY21 Fixed, STI and LTI remuneration changes and
issue of Shares as retention tool
• Remuneration Policy and Performance – how they
• FY21 STI awards - Key Performance Indicators
are linked
• The objectives of our Remuneration Policy
• The mix of fixed and variable remuneration
explained - with a timeline showing grant and
vesting
• FY17 Performance Rights vested on 16 October
2019 – results, and share price performance during
the three year performance period
• FY20 STI – details of the KPIs and one year
performance measured at 30 June 2020
• FY21 LTI awards - Key Performance Indicators
• FY20 and FY21 Non-Executive Directors’
Remuneration
• Statutory Disclosures – includes assessed fair value
remuneration
• Summaries of the FY20 Share Plan and FY20 Non-
Executive Directors' Share Plan
Details of the Key Management personnel
The following Executives and Non-Executive Directors
(NEDs) were considered Key Management Personnel
(KMP) for FY20. Former Executives and NEDs who
were KMP for part of FY19 or FY20 are also covered by
this Report, where required.
70
Table 8 Key Management personnel
Directors
Role
Appointment Date
Bill Beament
John Fitzgerald
peter O’Connor
Shirley In’t Veld
Mary Hackett
Nick Cernotta
Former Director
Christopher Rowe
Executive
Stuart Tonkin
Luke Creagh
Ryan Gurner
Executive Chair
20 August 2007
Lead Independent Director
30 November 2012
Non-Executive Director
21 May 2012
Non-Executive Director
1 September 2016
Non-Executive Director
Non-Executive Director
1 July 2019
1 July 2019
Former Non-Executive Director
20 February 2003
Ceased on 14 November 2019
Role
Appointment Date
Chief Executive Officer
29 October 2016
Chief Operating Officer
1 November 2018
Chief Financial Officer
16 October 2018
Hilary Macdonald
General Counsel & Company Secretary
23 February 2018
Former Executive
Shaun Day
Former Chief Financial Officer
13 October 2014
ceased on 16 October 2018
Our Remuneration Policy is designed to support our
Vision and our Mission. Our strategy is clear: to develop a
responsible Company that is attractive to global investors.
Our Executive KMP Remuneration Policy and practices
underpin our business strategy, which includes:
1. Sustaining critical mass – maintaining gold production
from Tier-1 mining operations.
2. Maintaining a geographically diversified asset base
through our portfolio of Tier-1 operating mines.
3. Ensuring our assets have significant mine lives.
4. Driving efficiencies and productivity to achieve the
lowest possible all-in sustaining costs.
5. Upholding strong financial discipline – continuing to
deliver superior results and maintaining our track record
of paying fully-franked dividends to Shareholders.
“In FY20 the Company generated record underlying free cash flow of
$423 million which translates to greater returns to our Shareholders.”
RYAN GURNER - CHIEF FINANCIAL OFFICER
Financial performance over the past 5 years
Figure 7 Net profit after tax
Figure 8 Cashflow from Operations
71
300
250
200
150
100
50
0
M
$
8
5
2
5
1
2
4
9
1
1
5
1
4
5
1
M
$
0
1
7
3
8
3
9
5
3
3
5
3
9
7
3
800
700
600
500
400
300
200
100
0
FY16
FY17
FY18
FY19
FY20
FY16
FY17
FY18
FY19
FY20
Figure 9 Gold Sold
Figure 10 Underlying Free Cashflow
1,000,000
900,000
800,000
700,000
600,000
z
o
500,000
400,000
300,000
200,000
100,000
0
8
8
3
,
0
0
9
0
8
5
,
0
4
8
3
5
1
,
1
6
5
5
1
5
,
6
2
5
0
1
1
,
0
7
5
M
$
3
2
4
4
2
2
6
7
1
6
8
1
6
4
1
450
400
350
300
250
200
150
100
50
0
FY16
FY17
FY18
FY19
FY20
FY16
FY17
FY18
FY19
FY20
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
REMUNERATION REpORT
Table 9 Remuneration policy objectives & practices aligned to them
policy objective
practices aligned with policy objective
Retain an experienced, cohesive,
proven high performance multi-
disciplinary team to deliver the
Company’s strategic objectives
•
•
•
Provide remuneration that is internally fair and benchmarked against appropriate peer group on a
regular basis.
Ensure remuneration is competitive with the external gold industry market.
Provide total remuneration opportunities to retain proven and experienced Executive KMP who are
global company poaching targets.
Figure 11 Executive KMp FY20 & FY21 remuneration structure timeline
The Remuneration Structure Timeline below illustrates how and when the different
components of Executive KMP remuneration provided in respect of the FY20 financial
year were delivered. It also illustrates the current holding locks applicable to the FY17 LTI
Performance Rights, as well as remuneration for FY21. It is a visual demonstration of when
performance measurement points, vesting and holding locks coincide.
Align Executive KMp interests
with Shareholders
• A significant proportion of remuneration is at risk, performance-based and delivered in Shares,
aligning Executive KMP reward with increased value for Shareholders.
FY17
OCT
FY18
FY19
FY20
OCT
FY21
FY22
FY23
FY24
FY25
•
Performance metrics measured against stretch targets that reward for longer term value, consistent
with our business strategy.
• Minimum holding policies applies to Executive KMP requiring a minimum level of Share and vested
Performance Rights ownership as follows:
-
-
-
Executive Chair & CEO:
100% of FAR
Non-Executive Directors:
100% NED base fee of $125,000
COO, CFO & GC/Co Sec: 50% of FAR
Focus on safety
•
Safety performance metrics (employee and contractors) building in year on year improvements,
to measure performance over different time horizons for sound risk management and to ensure
outcomes focus on the longer term.
Focus on sustained costs and
production performance
•
STI including:
-
-
Challenging annual production targets;
Deliver on competitive production costs.
Focus on our people and create a
desirable Company culture
•
•
Provide targeted strategic incentives from the top down, to promote improvements in organisational
culture, to attract and retain a diverse and inclusive workforce in line with the STARR Core Values.
Focus and facilitate the development and retention of our people to ensure a sustainable pipeline of
diverse talent within the business.
72
Executive KMp remuneration mix
Remuneration for the Executive KMP set by the Board is designed to:
•
•
attract and retain high performing employees in an increasingly
competitive market; and
drive superior performance and achievement of the Company’s
strategic objectives.
The remuneration mix is weighted towards variable performance-
based remuneration awarded in Performance Rights, to motivate,
focus and reward for achievement of strategic objectives aligned with
Shareholders.
• Comprises cash salary and direct costs of employee benefits
Salary
•
•
•
Provides a base level of remuneration appropriate for level of responsibility and which is
competitive in the market
Benchmarked against ASX100 and mining industry peers for comparable roles and responsibilities
Periodic remuneration reviews conducted as appropriate
STI
LTI
• Comprises 50% cash (with a right to elect to receive Performance Rights in lieu of cash) and 50%
Performance Rights
•
•
•
Provides an incentive to reward high-performing Executive KMP for achievement of a balanced
scorecard of Company (financial and non-financial) and individual stretch performance measures
Based on a fixed % of salary having regard to role
The Board retains downward and upward discretion over award and forfeiture of STI
• Comprises 100% Performance Rights
•
•
•
Provides an incentive for Executive KMP to deliver sustained performance over 3 years of
Company performance measures aligned to deliver the Company’s long-term growth and
success
Based on a fixed % of fixed remuneration having regard to role
The Board retains discretion over award and forfeiture of LTI, only exercised in exceptional
circumstances and disclosed
In addition our Retention Share Plan facilitates the issue of Shares
subject to vesting provided a service condition is met, which can
operate as an effective retention tool. Table 23 on page 88 discloses
the issue of Restricted Shares subject to a holding lock until 1 July
2021 to the Chief Operating Officer, a key employee whose future
contributions to Northern Star are highly valued. The Restricted
Shares are subject to a holding lock, a service condition applies and
are otherwise issued on substantially the same terms as the NED
Share Rights insofar as there are no performance hurdles. The service
condition requires continuous employment to 1 July 2021 in order to
vest, and dividends approved and paid during the holding lock period
are withheld and transferred upon vesting on 1 July 2021.
FY17 LTI
(100%
Rights)
FY20
SALARY
FY20 LTI
(100%
Rights)
FY20 STI
(50% Cash)
(50% rights)
OR
FY20 STI
(100% Rights)
(election)
FY21
SALARY
FY21 LTI
(100%
Rights)
FY21 STI
(50% Cash)
(50% rights)
OR
FY21 STI
(100% Rights
Election)
50%
25%
50%
50%
50%
50%
50%
50%
73
50%
50%
Key
Performance period
Cash paid
Holding lock / Escrow applies
Holding lock lifted
Performance Rights measurement point
Performance Rights can be exercised & Shares can be sold
The Company’s remuneration framework is key to
promoting engagement, retention, accountability,
encouraging and rewarding appropriate behaviours,
and encouraging good conduct.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
Share price outperformance during FY17 LTI performance period
Northern Star year on year Resource and Reserve growth
Northern Star has materially outperformed both the
ASX 200 Index and the VanEck Vectors Gold Miners
ETF (GDX) and delivered best in class returns for its
Shareholders over this period. The returns and levels
of outperformance are illustrated in Figure 12 below
for the FY17 tranche (which vested during FY20).
Following vesting of the FY17 LTI Performance Rights
in October 2019, during FY20 Northern Star’s organic
and inorganic growth in Resources and Reserves has
resulted in a 67% increase in Resources (by 12.7Moz),
to 31.8Moz, and a 102% increase in Reserves (by
5.5Moz), to 10.8Moz.
Figure 12 NST Share price outperformance against the ASX 200 and GDX
Figure 13 Northern Star Resource and Reserve Growth
$10.50
400
350
300
250
%
200
150
100
$3.08
50
0
-50
74
6
1
-
2
1
7
1
-
3
0
7
1
-
6
0
7
1
-
9
0
7
1
-
2
1
8
1
-
3
0
8
1
-
6
0
8
1
-
9
0
8
1
-
2
1
9
1
-
3
0
9
1
-
6
0
9
1
-
9
0
z
o
M
s
e
c
r
u
o
s
e
R
35
30
25
20
15
10
5
0
10.8Moz
31.8Mozs
5.4Moz
20.8Mozs
4.0Moz
15.9Mozs
s
z
O
0
0
0
‘
s
e
v
r
e
s
e
R
75
12,000
10,000
8,000
6,000
4,000
2,000
0
3.5Moz
10.2Mozs
1.5Moz
8.9Mozs
2.0Moz
9.2Mozs
1.2Moz
6.2Mozs
155
0.9Mozs
160
1.4Mozs
45
257
2.2Mozs
Key
NST AU Equity
VanEck Vectors Gold
Miners ETF (ASX:GDX)
ASX200 Index
(ASX: AS51)
Key
Measured
Indicated
Inferred
Reserves
This graph shows the Northern Star Share price increase over the three year performance period for the FY17 LTI performance Rights (which vested during FY20).
The face value for the FY17 LTI performance Rights at grant is $3.08 and at vesting is $10.50. Face values were calculated using a 5-day VWAp.
FY10FY11FY12FY13FY14FY15FY16FY18FY17FY19FY20NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
Vested Long Term Incentives – performance against FY17 LTI Targets
(performance period 1 July 2016 to 16 October 2019)
This table sets out performance against the KPIs applicable to the FY17 LTI granted to the Executive KMP, which
vested on 21 October 2019, as announced on ASX on 21 October 2019:
Table 10 LTI KpIs
KpI's
Weighting Measure
Target
Maximum
Outcome
Financial –
Absolute Total
Shareholder
Return (TSR)
Financial –
Relative Total
Shareholder
Return (TSR)
Safety –
Reduction
in LTIFR
60%
Absolute TSR of 15%
compound annual growth
rate (CAGR)
20%
Relative TSR of ≥50% of
peer group 5
20%
20% year on year reduction
in LTIFR from current levels
<10% = 0%
10% = 50%
>10% = pro-rata
≥15% = 100%
<50th percentile = 0%
50th percentile = 50%
>50th to <75th
percentile = pro-rata
≥75th percentile = 100%
>2% = 0%
2.5 = 50%
<2.5 to ≥2.1 = pro-rata
≤15% = 100%
60%
43.884%
CAGR
60%
20%
100th
percentile
20%
20%
LTIFR 0.5
20%
Total LTI
100%
100%
100%
76
77
Figure 14 Cumulative Dividends ($M) and cents per Share approved
11
2.5
25
2.5
1.0
46
2.5
1.0
76
3.0
2.0
190
3.0
6.0
118
4.0
3.0
3.0
249
5.0
4.5
536
10.0
9.5
7.5
336
7.5
6.0
Key
Interim Dividend
Final Dividend
Special Dividend
Cumulative Dividend Approved ($M)
5 Peer group comprises the following ASX, LSE and TSX listed companies: Saracen Mineral Holdings Limited, Evolution Mining Limited, Centerra Gold Inc., Alacer
Gold Corp., Dundee Precious Metals Inc., Regis Resources Limited, Gold Fields Limited, B2Gold Corp., St Barbara Limited, Endeavour Mining Corporation, IAMGOLD
Corporation, Centamin PLC, Oceanagold Corporation, Detour Gold Corporation, SEMAFO Inc., Resolute Mining Limited, Alamos Gold Inc., Eldorado Gold Corporation,
New Gold Inc., selected in 2016 on the basis of the Company’s operations and market capitalisation. Acacia Mining PLC was removed from the peer group due to their
acquisition by Barrick Gold during the performance period.
NORTHERN STAR RESOURCES ANNUAL REpORT 2020
FY12FY13FY14FY15FY16FY18FY17FY19FY20 REMUNERATION REpORT
REMUNERATION REpORT
Short Term Incentives – performance against FY20 STI Targets
(performance period, 1 July 2019 to 30 June 2020)
This table sets out performance against the KPIs applicable to the FY20 STI granted to the Executive KMP. This
excludes the effect of acquiring Echo Resources Ltd and 50% KCGM. A summary of the FY20 Share Plan appears
on pages 94 and 95. The total FY20 STI achievement for the Executive KMP ranged from 33% to 53%, in part due to
COVID-19 response taking priority.
Table 11 STI Company KpI's
Company
KpI's
Weighting Measure
Target
Maximum
Outcome
15%
Total Recordable Injury
Frequency Rate
TRIFR < 4.0 = 100%
(Industry 6.4)
TRIFR < 3.0 =
125%
TRIFR 3.2
18%
Risk
Management
5%
Environment, Social Licence
Nil significant
environmental or
community incidents
5%
Nil events
5%
Gold
production
performance
30%
Gold production sold within
stated guidance of 800-
900koz (pro-rata)
<840koz = 0%
840koz = 40%
875koz = 90%
900koz = 100%
>900koz
- 125%
784,564koz
gold sold
(COVID-19
disruption)
78
10%
AISC within stated guidance
of A$1,200-A$1,300/oz
(pro-rata)
A$1,225 = 100%
A$1,200 -
125%
ASIC
$1,507/oz
(COVID-19
disruption)
Financial
Management
10%
Net Profit After Tax
(at FY20 Budget gold price)
NPAT
> FY20
Budget
(commercial
in
confidence)
10%
NPAT
$250M
(after
adjustment
for FY20
budget gold
price, target
was not
achieved)
Total
Company
70%
0%
0%
0%
23%
Industry means the DMIRS Safety performance in the Western Australian Mineral Industry - Accident and Injury statistics - 2018-19 Metalliferous total
Table 12 STI Individual KpI's
Individual
KpI's
Bill Beament
Executive Chair
Stuart Tonkin
Chief Executive
Officer
Luke Creagh
Chief Operating
Officer
Ryan Gurner
Chief Financial
Officer
Hilary Macdonald
General Counsel
& Company
Secretary
Weighting Measure
Maximum
Outcome
10%
10%
5%
5%
10%
5%
5%
10%
10%
20%
5%
10%
10%
5%
10%
10%
10%
• Accretive transactions achieved
• Advance non-core asset strategy
•
• Culture Survey outcomes
Senior management succession plan
•
•
Business improvements targeting
reduced operating costs per tonne
for use in FY21 budget
Focus business on wider use of
leading indicators (hazard ID and
rectification)
Senior management succession plan
•
• Culture Survey outcomes
•
•
•
Business improvements targeting
reduced operating costs per tonne
for use in FY21 budget
Specific targets for gold production
and costs
Business improvements targeting
reduced operating costs per tonne
for use in FY21 budget
• Maximise debt facility and cash
management for growth options
•
•
•
•
•
Improve costs reporting and analysis
for operations
Improve risk register assessment and
management
Improve level of proxy advisor
engagement
Improve quality of Annual and
Sustainability Reports
Improve digital Board packs and
Director evaluations
30%
30%
30%
30%
30%
10%
9%
2.5%
2.5%
10%
0%
2.5%
5%
10%
0%
5%
10%
10%
5%
10%
10%
10%
24%
17.5%
10%
30%
30%
79
Total Individual
30%
TOTAL STI
100%
100%
100%
10%-30%
33%-53%
No holding lock applies to the STI Performance Rights
upon vesting. However some KMP have elected to apply
a voluntary holding lock to their vested STI Performance
Rights for a period of 4 months to reflect the 4 month period
for which payment of the interim dividend to Shareholders
was deferred. (Refer to Northern Star’s 26 March 2020
announcement of prudent fiscal measures taken in response
to COVID-19, including deferral of payment of the interim
dividend and withdrawal of production and costs guidance.
The interim dividend was paid to Shareholders on 16 July
2020.)
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
REMUNERATION REpORT
Granted Long Term Incentives – summary of FY20 LTI KpIs
(performance period 1 July 2019 to 30 June 2022)
This table sets out the KPIs applicable to the FY20 LTI granted to the Executive KMP to be measured
following the end of the 3 year performance period, on 30 June 2022.
Table 13 LTI KpIs
KpI's
Weighting Measure
Target
Maximum Rationale for this KpI
Financial –
Return on
Invested Capital
(ROIC)
25%
ROIC is calculated as 3
years’ NPAT divided by
the average invested
capital (i.e. equity plus
debt) for the 3 year
performance period
<15% = 0%
15% = 50%
>15 to <20% = pro-rata
≥20% = 100%
Financial –
Relative Total
Shareholder
Return (TSR)
50%
Relative TSR measured
against the VanEck
Vectors Gold Miners ETF
(GDX)6
GDX to <18% =pro-rata
≥GDX 18% = 100%
100%
100%
ROIC is an appropriate
measure for assessing
business performance. The
return on invested capital
ratio gives a sense of how
well the Company is using its
money to generate returns.
Relative TSR is preferred
to Absolute TSR which can
be materially impacted by
external factors such as the
gold price. GDX is chosen
over other indices or peer
groups to best reflect the
competitive landscape
the Company operates in,
comprising all the major
and mid cap gold producers
globally, with whom the
Company competes for
assets, people and investment
capital.
FY21 Executive KMp remuneration changes
Following the end of FY20, the Remuneration
Committee conducted a benchmarking review in
order to ensure total remuneration packages for the
Executive KMP (and other leaders) remain market
competitive, to incentivise delivery of strategic
objectives and to assist with retention of a high-
performing management team, for the benefit of
Shareholders.
Industry benchmarking analysis was undertaken
by remuneration consultants against peer groups
included the GDX Index companies, the ASX100
companies and mining industry peers.
The Remuneration Committee’s changes to Executive
KMP fixed and variable remuneration following the
review are set out in the table below.
During FY20 the Company has undergone a further
period of growth with the scale of the Company’s
operations increasing following the completion of
the Echo Resources Ltd takeover in December 2019
and the acquisition of a 50% interest in the KCGM
Operations including the Super Pit in Kalgoorlie
Western Australia, acquired in January 2020 from
Newmont Goldcorp Corporation.
Increases in the base salary have the result of
increasing the proportion of performance-based
remuneration. This means more of the overall
remuneration will be at risk, with a view to better
incentivising the achievement of the Company’s
strategy and further increasing alignment to
Shareholders’ interests.
The Company’s early and effective management
of social distancing, early COVID-19 asymptomatic
testing and rigorous hygiene measures ensured that
our people remained safe, all sites remained fully
operational, no jobs were lost, and the Company
was well placed to assist local communities with
donations and early payments to suppliers. Further
sector leading safety improvements, and record
cashflow generation and dividends during FY20,
notwithstanding COVID-19, has demonstrated the
effectiveness and abilities of Northern Star’s Executive
KMP during this crisis.
(The voluntary disclosures in the table below are
included in this Report to improve transparency
around how Northern Star rewards Executive KMP.
This table has NOT been prepared in accordance
with statutory obligations or Australian Accounting
Standards.)
80
81
6.25%
Ore Reserves are
maintained post-depletion
Satisfied in year 1 = 33.3%
Satisfied in year 2 = 33.3%
100%
Satisfied in year 3 = 33.3%
Encourages replacement of
Reserves depleted through
mining, resulting in an
extended mine life.
Strategic –
Ore Reserves &
production
6.25%
Ore Reserves grown by
10% per Share over a
financial year
Satisfied in year 1 = 33.3%
Satisfied in year 2 = 33.3%
100%
Satisfied in year 3 = 33.3%
12.5%
Production grows to a
sustainable run rate per
annum7
Run rate taken to be
sustained if achieved in at
least 1 quarter during the
performance period and
forms the FY23 budget
Total LTI
100%
100%
100%
Encourages extension of mine
life involving considerable
effort to build Reserves in
addition to replacement of
Reserves depleted through
mining. Compound annual
Reserves growth of this
magnitude uear on year is an
extremely challenging metric.
Encourages focus on a
particular operation to
ensure production growth
is achieved on a sustainable
basis.
Table 14 FY21 changes to Executive KMp fixed and variable remuneration
Individual
KpI's
FY20
FAR
Measure
FY20
max STI
as a % of
FAR
FY20
max LTI
as a % of
FAR
FY20 STI
+ LTI as a
% of FAR
FY21
FAR
FY21 max
STI as a
% of FAR
FY21 max
LTI as a %
of FAR
FY21 STI
+ LTI as a
% of FAR
Bill Beament
Executive Chair
Stuart Tonkin
Chief Executive
Officer
Luke Creagh
Chief Operating
Officer
Ryan Gurner
Chief Financial
Officer
Hilary
Macdonald
General Counsel
& Company
Secretary
$1,400,000
113.75%
300%
413.75%
$1,400,000
120%
300%
420%
$1,100,000
113.75%
173%
286.75%
$1,200,000
120%
200%
320%
$565,000
113.75%
100%
213.75%
$600,000
120%
100%
220%
$425,000
85.31%
100%
185.31%
$500,000
90%
100%
190%
$425,000
56.88%
75%
131.88%
$475,000
90%
75%
165%
6 If the Company’s TSR performance is negative, only 50% vests.
7 Commercial in confidence
8 FAR means base salary and superannuation capped at $25,000 per annum
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
Short Term Incentives – FY21 Targets (performance period 1 July 2020 to 30 June 2021)
FY20 and FY21 Non-Executive Directors’ Remuneration
This table sets out the KPIs applicable to the FY21 STI granted to the Executive KMP, to be measured following the end of the
1-year performance period on 30 June 2021:
The table below sets out fees payable to Non-Executive Directors for FY20 and FY21 (no change).
Table 15 STI KpIs
Table 17 Non-Executive Director FY20 and FY21 fees
Company
KpI's
Weighting
Measure
Target
Target %
Stretch %
Australia
Pogo
Aus
Pogo
Aus
Pogo
FY21
FY20
≥6.4 = 0%
<6.4 = 50%
<3.3 = 125%
(Industry 6.4%)
20%
25%
Base fee payable in cash (inclusive of super)
$125,000
$125,000
Share Rights (vest 30 June, subject to service condition)
$50,000
$50,000
Non-Executive Director fees
Risk
Management
20%
Total Recordable Injury
Frequency Rate (TRIFR)
(pro-rata)
Gold
production
performance
40%
Gold production sold
within stated guidance
(pro-rata)
Financial
Management
20%
AISC within stated
guidance (pro-rata)
Total
Company
80%
≤760koz = 0%
≤180koz = 0%
840koz = 100%
200koz = 100%
30%
10%
37.5%
12.5%
≥860koz = 125%
≥230koz = 125%
>A$1,540/oz = 0%
>US$1,400/oz =0%
A$1,540/oz = 50%
US$1,400/oz = 50%
A$1,490/oz = 100%
US$1,300/oz =100%
≤A$1,465/oz = 125%
≤US$1,250/oz = 125%
15%
5%
18.75% 6.25%
80%
100%
20%
n/a
100%
120%
Individual
KpI's
20%
Strategic measures
Up to three measures covering improved
operational performance, strategic
Company objectives, sustainable profitable
growth.
82
TOTAL STI
100%
Long Term Incentives – FY21 Targets (performance period 1 July 2020 to 30 June 2023)
This table sets out the KPIs applicable to the FY21 LTI granted
to the Executive KMP, subject to Shareholder approval at
the November AGM for the Executive Chair, to be measured
following the end of the 3-year performance period on 30 June
2023. The rationale for these KPIs is explained in Table 13 on
page 80, with the exception that for FY21 Ore Reserves, the
Board has decided not to require compound annual growth for
each year of the three year performance period, on the basis
that given the current size of the Company's Ore Reserves
(including 50% KCGM share), the Ore Reserves maintenence
at 10% per Share growth metrics are extrememly challenging
to achieve over a three year performance period as it is.
Table 16 LTI KpIs
KpI's
Weighting Measure
Target
Target %
Financial –
Return on
Invested Capital
(ROIC)*
Financial –
Relative Total
Shareholder
Return (TSR)9
Strategic –
Mine Life
Extension
30%
ROIC is calculated as 3 years’ average NPAT
divided by the average invested capital (i.e.
equity plus debt)
40%*
Relative TSR is measured against the
VanEck Vectors Gold Miners ETF (GDX)
<10% = 0%
10% = 50%
>10 to <20% = pro-rata
≥20% = 100%
GDX by up to 18% = pro-rata
>18% than GDX = 100%
30%
Ore Reserves are maintained post-depletion
over the three year performance period
Satisfied by the end of year 3 = 50%
Ore Reserves grown by 10% per Share over
the three year performance period
Satisfied by the end of year 3 = 50%
Total LTI
100%
30%
40%
15%
15%
100%
* ROIC is calculated as:
Average annual net profit after tax (NpAT) for the 3 year period (sum of NpAT divided by 3)
Average capital employed over the vesting period (opening and closing capital employed divided by two)
Where: Capital employed is defined as equity plus debt
9 If the Company's TSR
performance is negative, but
exceeds GDX TSR, only 50% of this
KPI vests
Additional fees
Lead Independent Director
Audit & Risk Committee
Remuneration Committee
Environmental, Social
& Safety Committee
Nomination Committee
Chair
Member
Chair
Member
Chair
Member
Chair
Member
$40,000
$35,000
$20,000
$30,000
$15,000
$15,000
$7,500
Nil
Nil
$40,000
$35,000
$20,000
$30,000
$15,000
$15,000
$7,500
Nil
Nil
The table below details the statutory remuneration disclosures for Non-Executive Directors for the current and previous
financial year, calculated with reference to the Corporations Act and Australian Accounting Standards, in Australian dollars.
83
Table 18 Non-Executive Directors FY20 remuneration
Name
Year
Base fee#
$
Share
Rights
$
Audit & Risk
Committee
$
ESS
Committee
$
Remuneration
Committee
$
Super-
annuation
$
Total
$
peter
O’Connor
John
Fitzgerald
Shirley In’t
Veld
Mary Hackett
Nick Cernotta
2020
114,155
42,578
2,602
2019
125,000
-
15,000
2020
150,685
42,578
31,963
2019
146,119
-
22,831
2020
114,155
42,578
13,849
2019
114,155
-
13,699
2020
114,155
42,578
15,749
2019
-
-
-
2020
114,155
42,578
15,663
2019
-
-
Christopher
Rowe∆
2020
42,847
15,933
2019
114,155
-
-
-
-
6,849
9,315
976
8,507
976
8,507
11,747
-
-
-
1,952
21,267
11,736
12,857
190,777
-
14,821
9,132
1,952
22,831
-
-
-
149,315
18,852
17,726
12,439
15,123
13,457
-
259,875
204,315
185,949
174,315
197,686
-
25,162
14,723
212,281
-
2,004
9,132
-
4,400
13,733
-
67,136
158,287
2020
650,152
228,823
79,826
22,500
55,675
76,728
1,113,704
Total
2019
499,429
-
51,530
47,596
41,095
46,582
686,232
# Base fee in this table includes the Lead Independent Director fee payable to John Fitzgerald
∆ Christopher Rowe resigned as a Non-Executive Director of the Company at the Annual General Meeting held on 14 November 2019
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
FY19 and FY20 Executive KMp Statutory
Remuneration Disclosures
The following table details the statutory remuneration disclosures for Executive KMP for the current and previous financial year,
calculated with reference to the Corporations Act and Australian Accounting Standards, in Australian dollars. The figures provided
in relation to share-based payments represent the amortised fair value of equity instruments granted to Executive KMP
Table 19 Statutory Executive Remuneration Expenses13
Fixed Remuneration
Variable Remuneration
Total Remuneration
Name & Role
Year 14
Cash Salary
Other
Benefits15
$
$
Movement
in leave
provisions
$
post-employment
benefits17
$
84
Bill Beament
Executive Chair
Stuart Tonkin
Chief Executive
Officer
Luke Creagh
Chief Operating
Officer 22
Ryan Gurner
Chief Financial
Officer 23
Hilary Macdonald
General Counsel &
Company Secretary
Michael Mulroney
Chief Geological
Officer 24
Shaun Day
Former Chief
Financial Officer 25
Total
2020
1,375,000
10,244
253,685
2019
725,000
17,350
12,916
2020
1,075,000
2019
590,000
7,414
9,774
127,689
66,610
2020
540,000
11,450
74,071
2019
231,096
9,775
–
2020
401,290
12,185
55,719
2019
211,233
8,723
–
2020
400,000
10,834
17,721
2019
325,000
11,639
2020
–
–
2019
350,000
5,688
2020
–
–
–
–
–
–
2019
109,932
57,367
79,526
25,000
30,000
25,000
30,000
25,000
19,808
25,000
21,123
25,000
30,000
–
30,000
–
8,795
FY19 pogo
completion
bonus
$
–
160,000
–
STI cash
$
–21
–
–21
STI
performance
Rights18
$
LTI performance
Rights19 20
$
Total
$
490,329
1,004,302
3,158,560
–
2,230,704
3,175,970
385,684
438,520
2,059,307
125,000
151,900
–
639,533
1,612,817
–
–
–
–
–
93,225
271,297
132,174
1,147,217
42,135
–
134,358
437,172
84,469
62,680
93,236
734,579
37,931
–21
–
97,505
77,779
77,735
356,789
628,795
65,000
62,125
–
–
50,000
93,100
–
25,000
–
–
–
–
–
–
–
136,628
630,392
–
–
360,464
889,252
–
–
41,399
242,493
performance-
related pay
%
47%
75%
40%
57%
47%
40%
33%
32%
28%
42%
–
57%
–
27%
42%
60%
85
2020
3,791,290
52,127
528,885
125,000
-
177,694
1,307,495
1,745,967
7,728,458
2019
2,542,261
120,316
79,526
169,726
425,000
387,191
-
3,620,865
7,344,885
13 This table represents remuneration for FY20 or part thereof during which a person was a KMP
14 Financial year
15 Other Benefits include telephone allowance, salary continuance insurance, private health insurance, D&O Insurance and parking – as well as any termination payments
paid during FY20
16 Recognised in accordance with the Company’s long service leave policy. Refer to Note 9(i) to the Financial Statements for further details. A significant proportion of the
movements in provisions relate to remeasurement of past accruals using revised current period salaries
17 Superannuation, which in FY20 is capped at $25,000 for each member of the Executive KMP
18 FY20 STI Performance Rights granted on 20 December 2019, measured for vesting at 30 June 2020 and 30 June 2021. In light of the low FY20 STI achievement, subsequent
to 30 June 2020 the Board has removed the deferred vesting period. Consequently $183K has been expensed on 17 August 2020 rather than over FY21
19 FY20 LTI Performance Rights granted on 20 December 2019, to be measured for vesting at 30 June 2022
20 FY17 LTI Performance Rights approved on 29 November 2016 (Bill Beament) and granted on 21 December 2016 to Executive KMP, measured for vesting on 16 October 2019
21 Elected to take 100% of the FY20 STI in Performance Rights
22 Appointed as Chief Operating Officer on 1 November 2018. Remuneration disclosed in this table is pro rata for the period since appointment as Chief Operating Officer.
23 Appointed as Chief Financial Officer on 16 October 2018. Remuneration disclosed in this table is pro rata for the period since appointment as Chief Financial Officer.
24 For FY20, Michael Mulroney, Chief Geological Officer, is not included in the Company’s Executive KMP, since he no longer falls within the definition of key management
personnel under AASB 124 Related Party Disclosures (being “those persons having authority and responsibility for planning, directing and controlling the activities of the
entity, directly or indirectly, including any director (whether executive or otherwise) of that entity”)
25 Shaun Day resigned as Chief Financial Officer on 16 October 2018. Remuneration disclosed in this table is pro rata for the period up to his cessation as Chief Financial
Officer. Other Benefits includes a $54,811 termination payment. The Board exercised discretion to forfeit 165,000 performance shares held by Mr Day so that Mr Day
only received performance shares reflective of his pro rata service period up to the date that his employment with the Company ceased, on 15 January 2019.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
REMUNERATION REpORT
Allocation methodology for grant of FY20 STI & LTI performance Rights,
and FY20 Restricted Shares
The quantum of Performance Rights which were granted
to the Executive KMP in FY20 was determined by
dividing a percentage of their respective FAR26 by the
face value of Shares (20 day VWAP up to and including
30 June 2019 which was $10.8145). The percentage is set
by the Board.
The maximum possible total value of the Performance
Rights is the assessed fair value at the grant dates of
the Performance Rights multiplied by the number of
Performance Rights granted.
The fair value of Performance Rights as at grant date
was independently determined using a Monte Carlo
simulation model (market based vesting conditions)
and a Black Scholes Model (non-market vesting
conditions) that takes into account the exercise price,
the term of the Performance Right, the impact of
dilution (where material), the Share price at grant date
and expected price volatility of the underlying Share,
the expected dividend yield, the risk free rate for the
term of the Performance Right and the correlations
and volatilities of the peer group companies.
The following tables detail:
•
the model inputs for the fair value assessment of;
and
•
the fair value of the total number of,
FY20 STI Performance Rights, FY20 LTI Performance
Rights and FY20 Restricted Shares.
Table 21 Fair value of vested FY20 STI performance Rights held by Executive KMp at 30 June 2020
Number of
Rights
Fair value
per Right
($)
Fair value of
Rights total
($)
performance
achieved
(%)
Number
vested 28
Number
forfeited /
lapsed
Executive Chair
Bill Beament
Executive KMP
147,256
$9.21
$1,356,228
47%
60,844
Nil
Stuart Tonkin
115,701
$10.70
$1,238,001
40.5%
41,194
Luke Creagh
29,714
$10.70
$317,940
Ryan Gurner
16,764
$10.70
$179,375
Hilary Macdonald
22,351
$10.70
$239,156
33%
53%
53%
8,620
7,810
10,414
Nil
Nil
Nil
Nil
Total
331,786
$3,330,700
128,882
Table 20 Model inputs for fair value assessment of FY20 STI, FY20 LTI and
FY20 Restricted Shares
86
FY20 STI performance
Rights
FY20 LTI performance
Rights
FY20 Restricted
Shares
Executive
Chair
Other
Executive
KMP
Executive
Chair
Other
Executive
KMP
Chief Operating
Officer
Table 22 Fair value of unvested FY20 LTI performance Rights held by Executive KMp at 30 June 2020
Number of
Rights
Fair value
per Right
($)
Fair value of
Rights total
($)
performance
achieved 29
(%)
Number
vested
Number
forfeited /
lapsed
Director
Bill Beament
388,367
$6.10
$2,369,039
4.17%
Nil
Nil
87
Exercise price
Nil
Nil
Nil
Nil
Nil
Executive KMP
Approval / grant date
14 Nov 2019
20 Dec 2019
14 Nov 2019
20 Dec 2019
25 May 2020
Stuart Tonkin
175,967
$7.49
$1,317,993
4.17%
performance period start
1 Jul 2019
1 Jul 2019
1 Jul 2019
1 Jul 2019
1 Jun 2020
Luke Creagh
52,245
$7.49
$391,315
4.17%
performance period end
30 Jun 2020
30 Jun 2020
30 Jun 2022
30 Jun 2022
30 Jun 2021
Ryan Gurner
39,299
$7.49
$294,350
4.17%
3
1.08
$10.70
$14.64
Hilary Macdonald
29,474
$7.49
$220,760
4.17%
Total
685,352
$4,593,457
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Vesting period (years)
Refer to
footnote 28
Refer to
footnote 28
Share price at grant date
$9.21
$10.70
Expected volatility of the Shares 27
Expected dividend yield
Risk free interest rate
n/a
n/a
n/a
n/a
n/a
n/a
3
$9.21
40%
1.51%
40%
1.51%
0.74%
0.85%
n/a
n/a
n/a
Grant date fair value
$9.21
$10.70
$6.10
$7.49
$14.64
26 FAR means total fixed annual remuneration comprising base salary and superannuation (only)
27 Expected volatility of the Company’s Shares is based on historic volatility (based on the remaining performance period)
Table 23 Fair value of unvested FY20 Restricted Shares held by the COO at 30 June 2020
Number of
Restricted
Shares
Fair value per
Restricted
Share ($)
Fair value of
Restricted
Shares total
($)
Service
Condition
satisfied to
vest 100%30
(%)
Number
vested
Number
forfeited /
lapsed
Luke Creagh
150,000
$14.64
$2,196,000
Nil
Nil
Nil
28 Elections were made by Bill Beament, Stuart Tonkin and Hilary Macdonald to take the FY20 STI as 100% Performance Rights. 25% of the Performance Rights are subject
to deferred vesting for measurement according to a service condition on 30 June 2021. For KMP who did not make an election, the FY20 STI was received 50% cash and
50% Performance Rights. All the cash is payable upon vesting on 30 June 2020 and 50% of the Performance Rights are subject to deferred vesting for measurement
according to a service condition on 30 June 2021. Calculations have been rounded down to the nearest whole Performance Right number. In light of the low FY20 STI
achievement the Board has removed the deferred vesting period
29 This relates to banked Ore Reserves maintained and growth in Ore Reserves of 10% per Share KPIs. Refer to Table 13 on page 80 for more details of the KPIs .
30 Vesting period does not end until 1 July 2021
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
REMUNERATION REpORT
Allocation methodology for grant of FY20 NED Share Rights
Securities held by the KMp during FY20
The quantum of Share Rights which were granted
to the Non-Executive Directors as approved by
Shareholders on 14 November 2019 was determined
by dividing the amount of $50,000 for each Non-
Executive Director by the face value of Shares
(calculated as the 20 day VWAP up to and including
30 June 2019).
The maximum possible total value of the NED Share
Rights is the assessed fair value at the grant dates of
the NED Share Rights multiplied by the number of
NED Share Rights granted.
The fair value of NED Share Rights as at grant date
was determined with reference to the grant date Share
price.
The following tables detail:
•
the model inputs for the fair value assessment of;
and
•
the fair value of the total number of,
FY20 NED Share Rights.
Table 24 Model inputs for fair value assessment of FY20 NED Share Rights
Exercise price
Approval /
Grant date
performance
period start
performance
period end
Vesting period
(years)
Share price at
grant date
Grant date fair
value
Nil
14 Nov 2019
1 Jul 2019
30 Jun 2020
1
$9.21
$9.21
88
Table 25 Fair value of vested FY20 NED Share Rights held by the Non-Executive Directors at
30 June 2020
Number of
Share Rights
Fair value per
Share Right
($)
Fair value
of Share
Rights total
($)
Service
Condition
satisfied to
vest 100% 31
(%)
Number
of vested
Share
Rights
Number
forfeited
/ lapsed
(due to
resignation)
John Fitzgerald
4,623
$9.21
$42,578
100%
4,623
peter O’Connor
Shirley In’t Veld
Mary Hackett
4,623
4,623
4,623
$9.21
$9.21
$9.21
$42,578
100%
4,623
$42,578
100%
4,623
$42,578
100%
4,623
Nick Cernotta
4,623
$9.21
$42,578
100%
4,623
Christopher Rowe 32
1,730
$9.21
$15,933
37.42%
1,730
Nil
Nil
Nil
Nil
Nil
Nil
TOTAL
24,845
$228,823
The following tables set out the Shares and Performance Rights held by the KMP at the start and end of financial year ended
30 June 2020.
Table 26 Shares held by the KMp33 on 1 July 2019 and 30 June 2020 and changes
Balance on
1 July 2019
Changes during
FY20
Balance on
30 June 2020
Directors
Bill Beament
John Fitzgerald
peter O’Connor
Shirley In’t Veld
Mary Hackett
Nick Cernotta
3,141,793
60,000
400,000
50,000
-
-
Christopher Rowe 36
1,600,000
Executive KMP
Stuart Tonkin
150,000
Luke Creagh
Ryan Gurner
Hilary Macdonald
-
-
-
2,703,481
5,845,274 34 35
3,198
-
3,198
15,405
-
20,000
950,000
475,000
5,555
11,111
63,198
400,000
53,198
15,405
-
1,620,000
1,100,00037
475,00038
5,555
11,111
89
TOTAL
5,401,793
4,186, 948
9,588,741
31 The only vesting condition is that the individual remains a Non-Executive Director of the Company on 30 June 2020, with pro rata reduction if the directorship ends for
any reason prior to 30 June 2020.
32 The number of Share Rights for Christopher Rowe was reduced pro rata to reflect a service period from 30 June 2019 up to the date of his resignation as a Non-
Executive Director of the Company at the Annual General Meeting held on 14 November 2019.
33 Including their close family members and entities controlled by them. No Shares are held nominally by any of the KMP
34 750,000 are subject to holding lock until 17 October 2020 and 750,000 are subject to holding lock until 17 October 2021
35 976,001 are subject to holding lock until the loan associated with these former vested FY15 and FY16 performance shares is repaid. Refer to Table 29 on page 91
36 Former Non-Executive Director
37 275,000 are subject to holding lock until 17 October 2020 and 275,000 are subject to holding lock until 17 October 2021
38 87,500 are subject to holding lock until 17 October 2020 and 87,500 are subject to holding lock until 17 October 2021. 150,000 of these are Restricted Shares. Refer to
Table 23 on page 87
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
Table 27 performance Rights and NED Share Rights 39 held by the KMp on 1 July 2019 and on 30
June 2020
Contractual arrangements with Executive KMp
FY17 performance
Rights
FY20 performance
Rights & NED Share Rights*
Balance on
1 July 2019
Balance on
30 June 2020
Balance on
1 July 2019
Balance on
30 June 2020
Directors
Bill Beament
3,000,000
John Fitzgerald
peter O’Connor
Shirley In’t Veld
Mary Hackett
Nick Cernotta
Christopher Rowe
Executive KMp
-
-
-
-
-
-
Stuart Tonkin
1,100,000
90
Luke Creagh
350,000
-
-
-
-
-
-
-
-
-
Ryan Gurner
190,000
140,000
Hilary Macdonald
235,000
135,000
TOTAL
4,875,000
275,000
-
-
-
-
-
-
-
-
-
-
-
-
535,622
4,623
4,623
4,623
4,623
4,623
1,73040
291,668
81,959
56,063
51,825
1,037,359
39 There were no options, performance shares or other convertible securities held by any KMP during FY20
40 Balance of resignation on 14 November 2019 following pro rata reduction
* Refer to Table 21 on page 87 for details of FY20 STI Performance Rights which vested on 17 August 2020
The table below provides a summary of the key provisions of contractual arrangements between the Company
and the Executive KMP applicable in FY20.
Table 28 Summary of current contractual arrangements with Executive KMp applicable in FY20
Element
Executive Chair
Other Executive KMp
Contract duration
No fixed term, subject to termination with or
without cause
No fixed term, subject to termination with or
without cause
Notice period for termination by the
Company
Notice period for termination by the
employee
FAR
STI opportunity
LTI opportunity
12 months
3 months
$1,400,000
113.75% of FAR delivered as 50% cash
and 50% Performance Rights, or 100%
Performance Rights at employee’s election
6 months
3 months
Ranging from $425,000 to $1,100,000 – refer
to the Table 14 on page 81
Percentage of FAR delivered as 50% cash
and 50% Performance Rights, or 100%
Performance Rights at employee’s election,
ranging from 56.88% to 113.75% – refer to
Table 14 on page 81
300% of FAR delivered as 100% Performance
Rights
Percentage of FAR delivered as 100%
Performance Rights, ranging from 75% to
173% – refer to Table 14 on page 81
Impact on performance-based remuneration
upon termination
As specified in each invitation for an STI and
LTI, subject to overriding discretion of the
Board
As specified in each invitation for an STI and
LTI, subject to overriding discretion of the
Board
91
Other
Contract contains provisions regarding
duties, leave entitlements, confidentiality,
intellectual property, moral rights,
restrictions and ancillary clauses
Contract contains provisions regarding
duties, leave entitlements, confidentiality,
intellectual property, moral rights,
restrictions and ancillary clauses
Loans to Executive KMp under the FY16 LTI performance Share grants
The details of the outstanding interest free non-recourse loans provided to Executive KMP under the FY16 LTI
performance share grants are as follows:
Table 29 Outstanding loans to Executive KMp
Balance on 1 July 2019
Repayments during FY20
Balance on 30 June 2020
Bill Beament
1,129,291
(55,424)
1,073,867
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
REMUNERATION REpORT
REMUNERATION REpORT
Other Statutory Disclosures
The Remuneration Committee comprises three
independent Non-Executive Directors, namely Nick
Cernotta (Chair), John Fitzgerald (Lead Independent
Director) and Peter O’Connor. The CEO and others are
invited to attend all or part of the Committee meetings
as required but have no vote on matters before the
Committee.
The Committee meets several times a year to
review and makes recommendations to the Board
in accordance with the Remuneration Committee
Charter to ensure that KMP remuneration remains
aligned to business needs and performance.
A copy of the Charter is available under the
Corporate Governance section of the Company’s
website available at www.nsrltd.com. The
Committee is responsible for robust governance
of the interconnection between performance and
remuneration, with particular focus on:
•
the Company’s remuneration policy and
framework (including determining short term
incentives (STIs) key performance indicators and
long-term incentives (LTIs) performance hurdles,
and vesting of STIs/LTIs);
•
senior executives’ remuneration and incentives
(including KMP and other senior management);
•
•
•
•
•
•
superannuation arrangements; and
overseeing remuneration by gender.
The Board and the Remuneration Committee
use remuneration consultants’ advice and
recommendations from time to time. The
Remuneration Committee observes the following
protocols:
remuneration consultants are engaged by and
report directly to the Remuneration Committee;
the Committee must, in deciding whether to
approve the engagement, have regard to any
potential conflicts of interest including factors
that may influence independence such as
previous and future work performed by the
adviser. and any relationships that exist between
any executive KMP and the consultant;
communication between the remuneration
consultants and Executive KMP is restricted
to minimise the risk of undue influence on the
remuneration consultant;
The Board makes its decisions after it considers
the issues and the advice from the Remuneration
Committee and consultants.
• Non-Executive Director individual remuneration,
and the aggregate pool for approval by
Shareholders (as required);
No remuneration recommendations (within the
meaning of the Corporations Act 2001) were sought or
provided during FY20.
92
Transactions with KMp and previous disclosure of “Related party”
transactions with Bill Beament
The Company has in place policies and procedures
which govern transactions involving KMPs and their
related parties, and these policies and procedures
restrict the involvement of the KMP or related party
in the negotiation, awarding or direct management of
the resultant contract. In the Company’s 2017 Annual
Report, specifically Note 18 to the Consolidated
Financial Statements, the Company reported that the
beneficial minority interest of 23% held by Mr Beament
in AUD Pty Ltd, the sole shareholder of Australian
Underground Drilling Pty Ltd (AUD), being a supplier
of goods and services to the Company, did not require
reporting under the Accounting Standards. For the
purposes of the FY20 Annual Report, the Company is
of the same view, having applied the necessary criteria
under the Australian Accounting Standards for FY20.
The Company’s policies and procedures continue
to apply to ensure that Mr Beament is not involved
in the negotiation, awarding of contracts or direct
management of the contract with AUD. Mr Beament’s
continued shareholding in AUD also remains the
subject of regular review by the independent
Directors. They recognise that, notwithstanding the
position under the Australian Accounting Standards,
good corporate governance would normally be
exhibited by the absence of a key executive holding
a 23% interest in a drilling contract with a material
supplier to the Company.
AUD is a material supplier due to the aggregate total
of fees paid, the nature of the services provided
to the Company by the supplier, and the place
the supplier has in the Company’s risk mitigation
strategy, in seeking to maintain diversity amongst its
suppliers where it is commercially feasible to do so,
to ensure that there is no reliance by the Company
on one supplier for a particular service across all the
Company’s operations.
The Independent Directors’ unanimous view remains
that the continuing contractual relationship between
the Company and AUD is more beneficial to the
Company than terminating the contract would be. The
results of the multiple party tender processes have
demonstrated that there was no comparable supplier
with the capacity at the time of the tenders to provide
the services for the same quality, productivity rates
and price offered by AUD. Further, the selection of
AUD was and remains consistent with the Company-
wide risk mitigation strategy in striving for diversity in
its supply chain, having regard to the other suppliers
providing underground diamond drilling services to
the Company’s other operations (in which Mr Beament
has no shareholding or other basis for inferring a
significant influence). The addition of Pogo and a 50%
shareholding in Kalgoorlie Consolidated Gold Mines
Pty Ltd has increased the diversity and improved the
risk mitigation strategy further.
93
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
Summary of Company’s FY20 Share plan
Below is a summary of the FY20 Share Plan approved
by Shareholders on 14 November 2019. The Company
issues long term and short term incentives as
Performance Rights under this Plan, using a face value
allocation methodology. Incentivising the Company’s
high-performing team is the essential link between
senior management remuneration, the Company’s
performance and delivery of long-term sustainable
Shareholder value. Under the FY20 grants, for the first
time Executive KMP could elect to take all their STI in
Performance Rights rather than cash.
1
2
3
purpose
The main objectives of the Plan are to create a stronger link between performance and longer-
term remuneration outcomes for those who participate in the Plan (Participants) and allow
Participants to share in the future growth and profitability of the Company.
Eligible Directors
Broadly, any full or part-time employee (including an executive director) of the Company
or a subsidiary (Group Employee) who has not given a notice of resignation or been given a
notice of termination of employment is eligible. Non-Executive Directors are not eligible to
participate.
Administration of the plan
The Plan is administered by the Remuneration Committee under the directions of the
Board. The Board may delegate its powers and discretions, determine procedures for the
administration of the Plan, and resolve questions of interpretation and disputes in relation to
the Plan.
4
Invitations
The Board may issue Invitations to Eligible Employees to be granted Awards under the Plan.
The terms and conditions in the Invitation will prevail to the extent of any inconsistency with
the FY20 Share Plan rules. For Group Employees, the measurable objectives, the weighting
amongst them and the performance periods during which time they are required to be met, are
set by the Board annually in relation to the Executive KMP, and by the CEO annually in relation
to other senior management employees, for the short term incentives and long term incentives
for each year in which Awards are granted under the Plan.
94
5
6
7
8
Awards
Awards consist of grants of Performance Rights or other conditional rights to be delivered a
Share on the vesting of the Participant's Share Rights.
No transfer
A Share Right may not be transferred without the prior written approval of the Board.
Vesting conditions
Awards are subject to Vesting Conditions. Vesting Conditions are determined by the Board and
described in the Invitation, and include performance conditions set by the Board.
The Board may waive, replace or amend a Vesting Condition, for example, if the Board
determines that the original performance measure is no longer appropriate, practical or
applicable.
Vesting of Awards
Awards will vest if and when the Board determines that the Vesting Conditions are satisfied
and the Participant is notified of this in writing.
9
Delivery of Shares
Following vesting of a Share Right, the Participant will be entitled to delivery of a Share
upon exercising the Share Right. Awards that vest are normally exercisable up until the tenth
anniversary of the date of grant of the Awards (although shorter periods will apply if the
Participant ceases to be employed).
The Board will determine how the Shares are to be delivered, which may be by issue of new
Shares to, purchase and transfer to, or procuring Shares to be held for the benefit of (i.e.
through the Company’s Employee Share Trust), the relevant Participant, or a combination of
such methods of delivery.
Alternatively, the Board may determine to settle in cash in lieu of delivering Shares. The cash
payment would be based on the volume weighted average price of Shares in the 20 ASX
trading days prior to the date of exercise.
10
Ranking of Shares
Any Shares delivered to a Participant when an Award is exercised will rank equally with all
other issued Shares.
11
Restricted Shares
Invitations may specify that Shares delivered on vesting cannot be disposed of for a specified
period following delivery.
12
Termination of employment
13
Malus and Clawback
The Invitation will specify the consequences of cessation of employment during a performance
period, depending on the reasons, and subject to Board discretion. For example, where
employment ends because of agreed mutual separation, the proportion of the unvested Share
Rights which is the same as the proportion of the relevant performance period during which
the Participant was employed, may or may not lapse according to Board discretion, and the
balance of the Share Rights will lapse on cessation, unless the Board exercises discretion
otherwise.
The Board may reduce unvested Awards, and clawback previously vested Awards from a
Participant or former Participant within two years from the date of delivery of Shares (or
receipt of cash paid in lieu of delivering Shares). The Board may exercise this power having
regard to matters it considers relevant acting in good faith in the interests of the Company,
such as instances of:
• material financial misstatements;
•
•
•
•
significant negligence;
significant legal, regulatory and/or policy non-compliance;
significant harmful act by the individual; or
the Board holding the opinion that the Participant received or would receive a grossly
unjustifiable benefit because of factors outside the Participant’s control.
14
No participation
Share Rights do not entitle the holder to participate in a new issue of Shares or other securities,
or the right to any dividends or distributions paid on Shares.
95
15
Control transactions
If a control event occurs:
a
the proportion of the unvested Share Rights of each Participant which is the same as the
proportion of the relevant performance period that has expired before the date of the
control event (determined by the Board) will vest immediately (regardless of the status
of the Vesting Conditions, without limiting the Board’s ability to exercise downward
discretion if circumstances warrant this); and
b
the balance of the Share Rights will vest or lapse on that date, as the Board determines in
its discretion.
A "control event" includes: a takeover bid where the bidder has acquired a relevant interest
in more than 50% of the Shares and either the Board has recommended the bid or the bid has
become unconditional; court approval of a scheme of arrangement which will result in a person
having a relevant interest in more than 50% of the Shares; or another event which the Board
declares to be a control event.
16
Amendment
The Board may amend the Plan. However, the Participant's consent is required for amendments
to the Plan that reduce the rights of the Participant in respect of an Award that has already
been granted (other than for legal reasons, correcting manifest errors/mistakes or tax reasons).
17
Operation
The operation of the Plan is subject to the Company's Constitution, the Listing Rules, the
Corporations Act and other applicable laws.
18
Board Discretion
The Board retains absolute discretion to vary Awards or the application of the rules of the Plan,
and to exercise or refrain from exercising any power or discretion under the FY20 Share Plan
rules.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
REMUNERATION REpORT
Summary of key terms of FY20 Non-Executive Directors Share plan
1
purpose
The objective of the FY20 NED Share Plan is to provide the Non-Executive Directors
(Participants) with some alignment with the interests of the Company’s Shareholders. The Plan
was approved by resolution of the Shareholders on 14 November 2019.
2
3
Eligible Directors
Non-Executive Directors.
Administration of the plan
The FY20 NED Share Plan will be administered under the directions of the Board. The Board
may delegate its powers and discretions, determine procedures for the administration of the
FY20 NED Share Plan, and resolve questions of interpretation and disputes in relation to the
FY20 NED Share Plan.
11
Non-Executive Director loss
of office
Pro rata reduction of Awards will apply based on the number of days in the relevant financial
year during which the Non-Executive Director held office, regardless of the reason for leaving
office (such as retirement, not being re-elected, being removed, death, incapacity, or total and
permanent disability).
12
Malus and Clawback
The Board may reduce unvested Awards, and clawback previously vested Awards from a
Participant or former Participant within two years from the date of delivery of Shares (or
receipt of cash paid in lieu of delivering Shares). The Board may exercise this power having
regard to matters it considers relevant acting in good faith in the interests of the Company.
The Board intends for this power to be exercised in instances of:
material financial misstatements by the Company;
significant negligence by the Company;
significant legal, regulatory and/or policy non-compliance by the Company;
significant harmful act by the individual; or
grossly unjustifiable benefit because of factors outside the Participant’s control.
the Board holding the opinion that the Participant received or would receive a
4
Invitations
The Board may issue Invitations to Non-Executive Directors to be granted Awards under the
FY20 NED Share Plan. The terms and conditions in the Invitation will prevail to the extent of
any inconsistency with the FY20 NED Share Plan rules.
13
No participation rights
Share Rights do not entitle the holder to participate in a new issue of Shares or other securities,
or the right to any dividends or distributions paid on Shares.
5
Awards
Awards will consist of grants of Share Rights or other conditional rights to be delivered a Share
on the vesting of the Participant's Share Rights.
96
6
Share Rights not
transferable
A Share Right may not be transferred without the prior written approval of the Board.
7
Vesting of Awards
Awards will vest on the last date of the financial year in which Awards are granted, and the
Participant is notified of this in writing.
8
Delivery of Shares
Following vesting of a Share Right, the Participant will be entitled to delivery of a Share upon
exercising the Share Plan Right. Awards that vest are normally exercisable up until the tenth
anniversary of the date of grant of the Awards (although shorter periods will apply if the
Participant ceases to be a Director for any reason).
The Board will determine how the Shares are to be delivered, which may be by issue of new
Shares to, purchase and transfer to, or procuring Shares to be held for the benefit of (i.e.
through the Company’s Employee Share Trust), the relevant Participant, or a combination of
such methods of delivery.
Alternatively, the Board may determine to settle in cash in lieu of delivering Shares. The cash
payment would be based on the volume weighted average price of Shares in the 20 ASX
trading days prior to the date of exercise.
9
Ranking of Shares
Invitations may specify that Shares delivered on vesting cannot be disposed of for a specified
period following delivery.
10
Restricted Shares
Any Shares delivered to a Participant when an Award is exercised will rank equally with all
other issued Shares.
If a control event occurs:
the proportion of the unvested Share Rights of each Participant which is the same
(a)
as the proportion of the relevant financial year that has expired before the date of the control
event (determined by the Board) will vest immediately (without limiting the Board’s ability to
exercise downward discretion if circumstances warrant this); and
97
14
Control transactions
(b)
determines in its discretion.
the balance of the Share Rights will vest or lapse on that date, as the Board
A "control event" includes: a takeover bid where the bidder has acquired a relevant interest
in more than 50% of the Shares and either the Board has recommended the bid or the bid has
become unconditional; court approval of a scheme of arrangement which will result in a person
having a relevant interest in more than 50% of the Shares; or another event which the Board
declares to be a control event.
15
Amendment
The Board may amend the FY20 NED Share Plan. However, the Participant's consent is
required for amendments to the FY20 NED Share Plan that reduce the rights of the Participant
in respect of an Award that has already been granted (other than for legal reasons, correcting
manifest errors/mistakes or tax reasons).
16
Operation
The operation of the FY20 NED Share Plan is subject to the Company's Constitution, the
Listing Rules, the Corporations Act and other applicable laws.
17
Board Discretion
The Board retains absolute discretion to vary Awards or the application of the rules of the FY20
NED Share Plan, and to exercise or refrain from exercising any power or discretion under the
FY20 NED Share Plan rules.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 REMUNERATION REpORT
Auditor’s Independence Declaration
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Tower 2, Brookfield Place
123 St Georges Terrace
Perth WA 6000
GPO Box A46
Perth WA 6837 Australia
Tel: +61 8 9365 7000
Fax: +61 8 9365 7001
www.deloitte.com.au
The Directors
Northern Star Resources Limited
Level 1, 388 Hay Street
Subiaco WA 6008
18 August 2020
Dear Directors
98
Auditor’s Independence Declaration to Northern Star Resources Limited
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide
the following declaration of independence to the directors of Northern Star Resources
Limited and its controlled entities.
As lead audit partner for the audit of the financial report of Northern Star Resources
Limited for the year ended 30 June 2020, I declare that to the best of my knowledge and
belief, there have been no contraventions of:
(i) the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.
Yours faithfully
DELOITTE TOUCHE TOHMATSU
D K Andrews
Partner
Chartered Accountants
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte Network.
NORTHERN STAR RESOURCES ANNUAL REpORT 2020
99
R
e
p
o
r
t
i
F
n
a
n
c
i
a
l
FINANCIAL REPORT
FINANCIAL REPORT
In this Financial Report
Consolidated Statement of Profit or Loss and Other Comprehensive Income
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
104
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS
105
106
107
109
111
164
165
For the year ended 30 June 2020
Revenue
Cost of sales
Other income and expense
Space
Corporate, technical services and projects
Acquisition and integration costs
Impairment of assets
Finance costs
Profit before income tax
Income tax expense
Profit for the year
Other comprehensive income (OCI)
Items that may be reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
accounted for using the equity method
Exchange differences on translation of foreign operations
Items that may not be reclassified to profit or loss
Changes in the fair value of financial assets at fair value through OCI
Income tax relating to these items
Other comprehensive income for the year, net of tax
Notes
3
6(a)
5
6(b)
6(c)
6(d)
7
30 June
2020
$'000
30 June
2019
$'000
1,971,653
(1,447,565)
524,088
1,401,165
(1,100,932)
300,233
(3,028)
1,911
(81,249)
(44,993)
(28,251)
(21,935)
344,632
(86,305)
258,327
183
7,500
(10,309)
2,083
(543)
(59,143)
(6,686)
(9,929)
(11,602)
214,784
(60,073)
154,711
232
10,091
(12,134)
116
(1,695)
Total comprehensive income for the year
257,784
153,016
105
Total comprehensive income for the year is attributable to:
Owners of the Company
257,784
153,016
Cents
Cents
Earnings per share for profit attributable to the ordinary equity holders of the
Company:
Basic earnings per share
Diluted earnings per share
22(a)
22(b)
37.3
37.2
24.4
24.0
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Consolidated Statement of Financial Position
As at 30 June 2020
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Current tax asset
Total current assets
Non-current assets
Trade and other receivables
Inventories
Derivative financial instruments
Financial assets at fair value through other comprehensive income
Investments accounted for using the equity method
Property, plant and equipment
Right of use asset
Exploration and evaluation assets
Mine properties
Intangible assets
Assets classified as held for sale
Total non-current assets
106
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Borrowings
Current tax liabilities
Provisions
Total current liabilities
Non-current liabilities
Borrowings
Provisions
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
EQUITY
Share capital
Reserves
Retained earnings
Total equity
Notes
8(b)
8(a)
9(g)
9(f)
8(a)
9(g)
8(c)
15(c)
9(a)
9(b)
9(c)
9(d)
9(e)
9(c)
8(f)
8(d)
9(f)
9(h)
8(d)
9(h)
9(f)
30 June
2020
$'000
30 June
2019
$'000
677,260
144,511
289,654
-
1,111,425
4,283
314,820
805
13,346
8,023
731,337
102,920
479,013
1,018,547
9,436
17,430
2,699,960
266,179
67,731
113,631
6,285
453,826
1,438
-
1,333
23,027
27,861
501,084
-
266,038
356,361
12,867
-
1,190,009
3,811,385
1,643,835
155,671
361,283
11,959
109,314
638,227
449,779
448,057
131,564
1,029,400
149,710
23,899
-
44,872
218,481
24,505
220,345
65,569
310,419
1,667,627
528,900
2,143,758
1,114,935
10(a)
1,323,900
13,393
806,465
473,708
42,099
599,128
2,143,758
1,114,935
Consolidated Statement of Changes in Equity
For the year ended 30 June 2020
Financial
assets at fair
value through
OCI
$'000
Share
based
payments
reserve
$'000
Foreign
currency
translation
reserve
$'000
Retained
earnings
$'000
Total
equity
$'000
Notes
Share capital
$'000
Balance at 1 July 2018
291,290
5,417
10,144
(173)
514,758
821,436
Profit for the year
Other comprehensive income
Total comprehensive income for the
year
-
-
-
-
(12,018)
(12,018)
Transactions with owners in their
capacity as owners:
Contributions of equity, net of
transaction costs and tax
Dividends provided for or paid
Employee share and option plans -
value of employee services
Exercise of employee share awards
Share plan loan repayment
Tax
10(a)
12(b)
Balance at 30 June 2019
171,009
-
1,306
10,103
-
-
182,418
473,708
-
-
-
-
-
-
-
(6,601)
-
-
-
-
-
-
10,324
154,711
-
154,711
(1,695)
10,324
154,711
153,016
-
-
-
(70,340)
171,009
(70,340)
7,090
(9,994)
6,365
24,944
28,405
38,549
-
-
-
-
-
10,151
8,396
-
109
-
6,365
-
24,944
-
(70,340)
140,483
599,128 1,114,935
Financial
assets at fair
value through
OCI
$'000
Share
based
payments
reserve
$'000
Foreign
currency
translation
reserve
$'000
Notes
Share capital
$'000
Retained
earnings
$'000
Total
equity
$'000
107
Balance at 1 July 2019
473,708
(6,601)
38,549
10,151
599,128 1,114,935
Adjustment on adoption of
AASB 16 (net of tax)
Restated total equity at the
beginning of the financial year
Profit for the year
Other comprehensive income
Total comprehensive income for
the year
Transactions with owners in their
capacity as owners:
Contributions of equity, net of
transaction costs and tax
Dividends provided for or paid
Employee share and option plans -
value of employee services
Exercise of employee share awards
Share plan loan repayment
Tax
10(a)
12(b)
Balance at 30 June 2020
808,050
-
1,299
12,251
-
28,592
850,192
1,323,900
-
-
-
-
(2,320)
(2,320)
473,708
(6,601)
38,549
10,151
596,808 1,112,615
-
-
-
-
(8,226)
(8,226)
-
-
-
-
-
-
-
-
7,683
258,327
-
258,327
(543)
7,683
258,327
257,784
-
-
-
(48,670)
808,050
(48,670)
-
-
-
-
-
(14,827)
6,553
(12,251)
62
(22,527)
(28,163)
10,386
-
-
-
-
-
17,834
7,852
-
-
-
62
-
6,065
-
773,359
(48,670)
806,465 2,143,758
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Consolidated Statement of Changes in Equity
Nature and purposes of reserves:
Financial assets at FVOCI
The Group has elected to recognise changes in the fair value of certain investments in equity securities in OCI, as
explained in note 8(c). These changes are accumulated within the FVOCI reserve within equity. The Group transfers
amounts from this reserve to retained earnings when the relevant equity securities are derecognised.
Share based payments
The share based payments reserve relates to shares, performance shares, performance rights and share options
granted by the Company to its employees. Further information about share based payments to employees is set out
in note 20.
The increase in share based payment reserve and expense for services rendered by employees during the period is
determined with reference to the grant date fair value of the applicable award. The tax benefit, where available, in
respect of those awards is made with reference to the share price at the time the underlying shares are acquired or
issued by the Group to satisfy those awards. Where the tax benefit available is in excess of the tax effect on the
cumulative charge to profit and loss, the remaining credit is determined to relate to the equity issue and is included
within the share based payment reserve. Amounts recorded in the share based payment reserve are reclassified to
contributed equity on vesting of the performance rights. During FY20 $28.6 million (FY19: nil) was transferred from the
share based payment reserve to contributed equity in relation to tax benefits on respective awards.
Foreign currency translation
Exchange differences arising on translation of the foreign controlled entities are recognised in other comprehensive
income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss
when the net investment is disposed of.
Cash flow hedge reserve
On entering into the Share Sale Deed to acquire a 50 percent stake in KCGM and associated assets (refer note 13),
the Group entered into foreign currency forward arrangements to hedge the USD denominated transaction price
(USD$800.0 million) between the date of signing the Share Sale Deed and the date of completion. On completion
the value recognised in the hedge reserve ($15.6 million) was derecognised and recognised as part of the
consideration allocated to the fair value of assets and liabilities as part of the initial purchase price accounting for
the transaction. There was no opening or closing balance, or other transactions recorded through the cash flow
hedge reserve during the period.
108
Consolidated Statement of Cash Flows
For the year ended 30 June 2020
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Interest received
Interest paid
Income taxes paid
Net cash inflow from operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Payments for exploration and evaluation
Payments for mine properties
Payments for investments
Payments for acquisition of business and associated assets, net of cash
acquired
Payments for acquisition of assets, net of cash acquired
Proceeds from sale of property, plant and equipment
Lease receipt
Net cash outflow from investing activities
Cash flows from financing activities
Proceeds from issues of shares and other equity securities
Proceeds from borrowings
Principal elements of lease (Jun 2019: finance lease) payments
Dividends paid to Company's shareholders
Net cash inflow/(outflow) from financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial period
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of year
30 June
2020
$'000
30 June
2019
$'000
Notes
1,939,685
(1,182,867)
4,264
(9,357)
(41,283)
710,442
(96,659)
(76,425)
(189,597)
(2,628)
(1,137,874)
(177,738)
4,854
5,749
(1,670,318)
803,128
693,600
(63,280)
(48,670)
1,384,778
424,902
266,179
(13,821)
677,260
1,359,249
(892,979)
4,937
(1,660)
(90,350)
379,197
(67,906)
(87,168)
(131,768)
(10,056)
(350,550)
(1,726)
1,038
-
(648,136)
177,395
-
(17,458)
(70,340)
89,597
(179,342)
442,997
2,524
266,179
8(b)
9(a)
9(c)
13
14
12(b)
8(b)
109
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Contents of the notes to the consolidated financial statements
1 Critical estimates and judgements
1
Critical estimates and judgements
How numbers are calculated
2
3
4
5
6
7
8
9
Segment information
Revenue
Significant changes in the current reporting period
Other income and expense items
Expenses
Income tax expense
Financial assets and financial liabilities
Non-financial assets and liabilities
10
Equity
Risk
11
12
Financial risk management
Capital management
Group structure
13
14
15
16
17
18
110
Business combination
Asset acquisition
Interests in other entities
Contingent liabilities
Commitments
Events occurring after the reporting period
Other information
19
20
21
22
23
24
25
26
Related party transactions
Share-based payments
Remuneration of auditors
Earnings per share
Deed of cross guarantee
Parent entity financial information
Summary of significant accounting policies
Changes in accounting policies
Page
111
112
112
115
115
116
116
118
119
124
136
138
138
141
143
143
147
147
150
150
150
151
151
152
154
154
156
156
159
163
(a) Critical accounting estimates and assumptions
(i) Determination of mineral resources and ore reserves
The Group reports its Mineral Resources and Ore Reserves in accordance with the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves - the JORC
Code. The information on Mineral Resources and Ore Reserves is prepared by Competent Persons as defined by the
JORC Code.
There are numerous uncertainties inherent in estimating Mineral Resources and Ore Reserves. Assumptions that are
valid at the time of estimation may change significantly when new information becomes available.
Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the
economic status of reserves and may, ultimately, result in the reserves being restated. Such changes may impact
asset carrying values, depreciation and amortisation rates, deferred development costs and provisions for
restoration.
Other critical accounting judgements, estimates and assumptions are discussed in the following notes:
Unit of production method of depreciation/amortisation
Exploration and evaluation expenditure
Business combination
Mine rehabilitation provision
Impairment of assets
note 6(a)
note 9(c)
note 13
note 9(h)
note 25(e); 9(d)
111
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
How numbers are calculated
This section provides additional information about those individual line items in the financial statements that the
Directors consider most relevant in the context of the operations of the entity, including:
(a) accounting policies that are relevant for an understanding of the items recognised in the financial statements.
These cover situations where the accounting standards either allow a choice or do not deal with a particular
type of transaction
(b) analysis and subtotals, including segment information
(c)
information about estimates and judgements made in relation to particular items.
The Group recognised the income, expenses, assets and liabilities from transactions undertaken during the period
from the date of acquisition. A 50 percent stake in KCGM (refer note 13) was acquired on 3 January 2020 and
consequently the results for the period reflect approximately six months of ownership of the Groups 50 percent
interest in this operating segment (refer note 2).
2 Segment information
The Group's Executive Committee consisting of the Executive Chairman, Chief Executive Officer, Chief Financial
Officer, Chief Operating Officer and Chief Geological Officer examine the Group's performance and have
identified five reportable segments relating to the operations of the business:
(a) Description of segments and principal activities
The Group's reportable operating segments are:
1. Pogo, Alaska USA - Mining and processing of gold
2. Kalgoorlie Operations, WA Australia - Mining and processing of gold
3. KCGM Joint Venture (50%), WA Australia - Mining and processing of gold
4. Jundee, WA Australia - Mining and processing of gold
112
5. Exploration - Exploration and evaluation of gold mineralisation
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues or incur expenses. During the current period, the Group completed the acquisition of the 50 percent
interest in KCGM through the acquisition of all the shares in Kalgoorlie Lake View Pty Ltd, refer to note 13 for further
details. Following the completion of the transaction to acquire a 50 percent interest in KCGM and review by the
Executive Committee the Group now has eight operating segments (East Kundana JV, Kanowna Belle, Millennium,
Jundee, South Kalgoorlie, Pogo, 50 percent interest in KCGM and Exploration). As in the prior year, Kanowna Belle,
East Kundana JV, Millennium and South Kalgoorlie is considered as and has been presented as one reporting
segment (Kalgoorlie Operations). Following review by the Executive Committee, Paulsens, Tanami and the recently
acquired Bronzewing project have been included in the Exploration segment for the year ended 30 June 2020. The
Bronzewing project has been renamed Yandal operations and, where related exploration assets are transferred to
mine properties in the future, these will be incorporated into the Jundee segment. Refer to note 14 for further details
regarding the Bronzewing acquisition.
Exploration comprises all projects in the exploration and evaluation phase of the Group. These include the Group's
regional prospects as well as ongoing exploration programmes at the Group’s respective sites.
An analysis of segment revenues is presented in note 3.
(b) Segment results
The segment information for the year ended 30 June 2020 is as follows:
(b) Segment results (continued)
2020
Segment information
KCGM
(50%)
$'000
Kalgoorlie
Operations
$'000
Pogo
$'000
Jundee Exploration
$'000
$'000
Total
$'000
Segment net operating profit (loss) before
income tax
Depreciation and amortisation
Impairment
Finance costs
Segment EBITDA
36,773
29,874
-
1,178
67,825
157,447
132,447
-
2,603
292,497
10,900
73,478
-
2,658
87,036
297,469
111,991
-
2,236
411,696
(40,234)
3,261
28,251
532
(8,190)
462,355
351,051
28,251
9,207
850,864
Total segment assets
1,363,276
346,773
574,162
222,756
497,888
3,004,855
Total segment liabilities
(227,580)
(188,869)
(166,180)
(132,183)
(46,452)
(761,264)
-$3,094,455
Pogo's revenue is generated from production activities located in the United States of America (USA). Its non-current
assets are also held in the USA. Total non-current assets for Pogo as at 30 June 2020 was $521.0 million (2019: $482.1
million). All other segments are Australian.
-$1,203,521 -$450,401
-$502,269
-$495,018
-$443,246
The segment information for the year ended 30 June 2019 is as follows:
2019
Kalgoorlie
Operations
$'000
Pogo
$'000
Jundee Exploration
$'000
$'000
Total
$'000
Segment net operating profit (loss) before income tax
Depreciation and amortisation
Impairment
Finance costs
Segment EBITDA
104,920
141,939
-
2,290
249,149
(31,938)
47,449
-
2,491
18,002
217,834
55,696
-
910
274,440
(16,568)
120
9,929
504
(6,015)
274,248
245,204
9,929
6,195
535,576
113
Total segment assets
349,540
521,819
157,927
267,046
1,296,332
Total segment liabilities
(191,643)
(136,732)
(92,905)
(22,475)
(443,755)
-$407,046
-$403,089
-$339,462
-$238,556
-$1,388,153
(c) Segment EBITDA
Segment EBITDA is a non-IFRS measure, being earnings before interest, tax, depreciation and amortisation and is
calculated as follows: profit before income tax plus depreciation, amortisation, impairment and finance costs, less
interest income.
Interest income, finance charges, interest expense and acquisition costs are not allocated to the operating
segments as this type of activity is driven by the corporate treasury function which manages the cash position of the
Group.
Segment EBITDA reconciles to profit before income tax for the year ended 30 June 2020 as follows:
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
(c) Segment EBITDA (continued)
Segment EBITDA
Other income and expense
Finance costs
Depreciation
Amortisation
Corporate and technical services
Share based payments
Impairment of assets
Profit before income tax
(d) Segment assets
Segment information
30 June
2020
$'000
850,864
(3,028)
(21,935)
(130,621)
(224,200)
(90,345)
(7,852)
(28,251)
344,632
30 June
2019
$'000
535,576
1,911
(11,602)
(77,432)
(170,051)
(45,293)
(8,396)
(9,929)
214,784
Segment assets are measured in the same way as in the financial statements. These assets are allocated based on
the operations of the segment and the physical location of the asset.
Reportable segments' assets are reconciled to total assets as follows:
Segment assets
Unallocated:
Financial assets at fair value through OCI
Asset classified as held for sale
Investment in equity accounted associates
Cash and cash equivalents
Derivative financial instruments
Trade and other receivables
Current tax asset
Property, plant and equipment
114
Total assets as per the Consolidated Statement of Financial Position
30 June
2020
$'000
3,004,855
13,346
17,430
8,023
643,060
805
114,338
-
9,528
3,811,385
30 June
2019
$'000
1,296,332
23,027
-
27,861
227,252
1,333
53,945
6,285
7,800
1,643,835
Investments in equity securities (classified as financial assets at fair value through OCI) and in associates held by the
Group are not considered to be segment assets as they are managed by the corporate treasury function.
(e) Segment liabilities
Reportable segments' liabilities are reconciled to total liabilities as follows:
Segment liabilities
Unallocated:
Trade and other payables
Borrowings
Provisions
Current tax liabilities
Deferred tax (net)
Total liabilities as per the Consolidated Statement of Financial Position
30 June
2020
$'000
(761,264)
(4,028)
(699,177)
(59,635)
(11,959)
(131,564)
(1,667,627)
30 June
2019
$'000
(443,755)
(5,751)
-
(13,825)
-
(65,569)
(528,900)
3 Revenue
Segment Information
Accounting Policy
(i) Sale of goods
The Group primarily generates revenue from the sale of gold and silver bullion. The Group delivers dore bars to
refiners, who convert the product into investment grade bullion for a fee, which is subsequently sold either to the
refinery or third parties (financial institutions).
Revenue from the sale of these goods is recognised when control over the inventory has transferred to the customer.
Control is generally considered to have passed when:
• physical possession and inventory risk is transferred (including via a third-party transport provider arranged by the
refinery):
• payment terms for the sale of goods can be clearly identified through the sale of metal credits received or
receivable for the transfer of control of the asset;
• the Group can determine with sufficient accuracy the metal content of the goods delivered; and
• the refiner has no practical ability to reject the product where it is within contractually specified limits.
Where the economic inflows arise from other by-products, for example from the presence of other valuable metals,
these amounts are credited to the costs of producing the primary products to the extent the amounts generated
are not considered significant.
(ii) Sale of services
Tolling revenue is recognised as the tolling services are performed. The number of units processed is considered to
be the most direct measurement of value delivered to the customer under the contractual arrangements and
therefore tolling revenue is earned per tonne of ore processed.
The Group derives the following types of revenue:
Sale of gold
Sale of silver
Toll treatment
Total revenue
(a) Segment revenue
115
30 June
2020
$'000
1,957,581
3,170
10,902
1,971,653
30 June
2019
$'000
1,378,004
2,401
20,760
1,401,165
The total of revenue, broken down by operating segment, is shown in the following table. All revenue is from external
customers. No revenues are generated by the Exploration operating segment.
KCGM (50%)
$000's
235,797
-
Pogo
$000's
388,166
253,057
2020
2019
Kalgoorlie
Operations
$000's
704,202
620,245
Jundee
$000's
643,488
527,863
Total
$000's
1,971,653
1,401,165
4 Significant changes in the current reporting period
The financial position and performance of the Group was particularly affected by the following events and
transactions during the reporting period:
•
•
the acquisition of all of the shares in Kalgoorlie Lake View Pty Ltd, which holds a 50 percent interest in Kalgoorlie
Consolidated Gold Mines (KCGM) as a jointly controlled operation. For details of the acquisition refer to note 13
of the financial statements; and
the Company acquired control of Echo Resources Limited ("Echo") on 14 October 2019 though a combination
of the Group's pre-existing stake, acceptances of the Northern Star Resources Ltd Share Offer and on-market
acquisitions. The takeover was completed on 6 December 2019. For details of the acquisition refer to note 14 of
the financial statements.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
For a detailed discussion about the Group’s performance and financial position please refer to our operating
and financial review on pages 30 to 39.
(b) Corporate and technical services
Significant changes in the current reporting period
5 Other income and expense items
Net gain/(loss) on disposal of property, plant and equipment
Interest income
Other
30 June
2020
$'000
(4,245)
4,264
(3,047)
(3,028)
30 June
2019
$'000
(276)
4,064
(1,877)
1,911
Administration and technical services
Depreciation
Employee benefit expenses
Share based payments
Amortisation
Exploration projects
Expenses
30 June
2019
$'000
23,372
1,122
18,883
8,396
1,830
5,540
59,143
30 June
2020
$'000
32,885
5,753
25,565
7,852
1,278
7,916
81,249
Interest
Interest income is recognised as it accrues using the effective interest method.
Other
Other includes the Group's share of net loss from equity accounted investments (2020: $3.6 million; 2019: $3.5 million)
6 Expenses
(a) Cost of sales
116
Mining
Processing
Site services
Employee benefit expenses
Depreciation
Amortisation
Government and other royalty expense
Change in inventories
30 June
2020
$'000
380,066
273,036
50,249
325,830
124,868
222,922
41,948
28,646
1,447,565
30 June
2019
$'000
363,715
179,069
47,518
223,692
76,310
168,221
25,052
17,355
1,100,932
Depreciation/amortisation method
Items of property, plant and equipment and mine properties are depreciated/amortised over their useful lives. The
Group uses the unit-of-production basis when depreciating/amortising mine specific assets which results in a
depreciation/amortisation charge proportional to the depletion of the anticipated remaining life of mine which is
referenced to the estimated economic reserve and resources of the property to which the assets relate. Each item’s
economic life, which is assessed annually has due regard to both its physical life limitations and to present
assessments of economically recoverable reserves and resources of the mine property at which it is located.
Depreciation of non-mine specific property, plant and equipment is calculated using the straight-line method to
allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of
leasehold improvements and certain leased plant and equipment, the shorter lease term as follows:
Land and buildings
Plant and equipment
•
•
• Motor Vehicles
• Office equipment
5 - 20 years
2 - 20 years
4 - 10 years
2 - 10 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
Royalties
Royalties under existing royalty regimes in Australia are payable on lodgement with the refining counterparty and
are recognised as the sale occurs. Production Royalties in Alaska are based on taxable profit and are consequently
treated as an income tax.
Accounting policy
Share-based compensation benefits are provided to employees via Option, Share and Performance Rights Plans as
discussed in note 20.
The fair value of shares and options granted under these Plans are recognised as a share based payments expense
with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair
value of the shares or options granted, which includes any market performance conditions and the impact of any
non-vesting conditions, but excludes the impact of any service and non-market performance vesting conditions.
Non-market vesting conditions are included in assumptions about the number of shares and options that are
expected to vest. The total expense is recognised over the vesting period, which is the period over which all of the
specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the
number of shares and options that are expected to vest based on the non-market vesting conditions. It recognises
the impact of the revision to original estimates, if any, in profit or loss with a corresponding adjustment to equity.
(c) Impairment of assets
Exploration and evaluation assets (note 9(c))
(d) Finance costs
Interest expense
Provisions: unwinding of discount (note 9(h))
Finance charges
117
30 June
2020
$'000
28,251
28,251
30 June
2020
$'000
13,060
4,737
4,138
21,935
30 June
2019
$'000
9,929
9,929
30 June
2019
$'000
1,660
5,624
4,318
11,602
Provision - unwinding of discount
The Group records the present value of the estimated cost of legal and constructive obligations to rehabilitate
operating locations and decommission assets in the period in which the obligation is incurred. The unwinding of the
effect of discounting the provision is recorded as a finance charge in profit or loss.
Total expenses
1,623,993
1,188,292
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
7
Income tax expense
The income tax expense for the period is the tax payable on the current period’s taxable income based on the
applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
end of the reporting period in the countries where the Company’s subsidiaries operate and generate taxable
income. Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of
amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
This note provides an analysis of the Group’s income tax expense, showing what amounts are recognised directly in
equity and how the tax expense is affected by non-assessable and non-deductible items. It explains significant
estimates made in relation to the Group's tax position.
(a) Income tax expense
Current tax
Current tax on profits for the year
Adjustments for current tax of prior periods
Total current tax
118
Deferred income tax
Decrease/(increase) in deferred tax assets (note 9(f))
Increase in deferred tax liabilities (note 9(f))
Total deferred tax expense/(benefit)
30 June
2020
$'000
30 June
2019
$'000
58,789
536
59,325
(1,038)
28,018
26,980
70,672
(569)
70,103
(10,578)
548
(10,030)
Income tax expense
86,305
60,073
(b) Numerical reconciliation of income tax expense to prima facie tax payable
Profit from continuing operations before income tax expense
Tax at the Australian tax rate of 30.0% (2019 - 30.0%)
Tax effect of amounts which are not deductible (taxable)
in calculating taxable income:
Share based payments
Sundry items
Recognition of deferred tax assets on acquired tax losses
Adjustment for current tax of prior periods
Non-deductible amounts
Derecognition of deferred tax assets on investments accounted for using the
equity method
Subtotal
30 June
2020
$'000
344,632
103,390
-
-
(21,511)
536
3,725
1,442
87,582
30 June
2019
$'000
214,784
64,435
(2,681)
(1,196)
-
(569)
2,588
-
62,577
Difference in overseas tax rates
(1,277)
(2,504)
(b) Numerical reconciliation of income tax expense to prima facie tax payable (continued)
Income tax expense
Income tax expense
30 June
2020
$'000
30 June
2019
$'000
86,305
60,073
(430,937)
(274,857)
The tax rate for Australian Operations remains at 30%. The blended tax rate for Alaskan operations is 35.4%. The
Alaskan operations are subject to the following taxes: Federal (21%) and State Income Taxes (9.4%), Alaska Mining
Licence Tax (7%) and Alaska Production Royalty Tax (3%). The blended rate for Alaskan operations is not the sum of
the aforementioned rates due to the inter-relationship of deductibility of these taxes in determining taxable income
upon which the tax rates are levied.
(c) Amounts recognised directly in equity
Aggregate current and deferred tax arising in the reporting year and
not recognised in net profit or loss or other comprehensive income but
directly debited or credited to equity:
Deferred tax: Assets available for sale
Deferred tax: financial assets at fair value through OCI
Deferred tax: cost of share issue
Deferred tax: share based payments
30 June
2020
$'000
30 June
2019
$'000
9(f)
9(f)
9(f)
(2,081)
-
(4,984)
(5,862)
(12,927)
-
(116)
-
(24,944)
(25,060)
119
8 Financial assets and financial liabilities
This note provides information about the Group's financial instruments, including:
•
•
•
•
an overview of all financial instruments held by the Group
specific information about each type of financial instrument
accounting policies
information about determining the fair value of the instruments, including judgements and estimation
uncertainty involved.
The Group holds the following financial instruments:
Assets at FVOCI
$'000
Assets at FVPL
$'000
Notes
Financial assets
at amortised
cost
$'000
Financial assets
2020
Cash and cash equivalents
Trade and other receivables*
Derivative financial instruments
Financial assets at fair value through other
comprehensive income
8(b)
8(a)
8(c)
-
-
-
13,346
13,346
-
-
805
-
805
677,260
89,323
-
-
766,583
Total
$'000
677,260
89,323
805
13,346
780,734
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Financial assets and financial liabilities
Financial assets and financial liabilities
2019
Cash and cash equivalents
Trade and other receivables*
Derivative financial instruments
Financial assets at fair value through other
comprehensive income
8(b)
8(a)
8(c)
* Excluding prepayments and goods and services tax recoverable.
-
-
-
23,027
23,027
-
-
1,333
-
1,333
266,179
54,557
-
-
320,736
Financial liabilities
2020
Trade and other payables**
Borrowings
2019
Trade and other payables**
Borrowings
** Excluding payroll tax and other statutory liabilities.
Liabilities at
amortised cost
$'000
Notes
8(f)
8(d)
8(f)
8(d)
150,135
811,062
961,197
Liabilities at
amortised cost
$'000
147,319
48,404
195,723
266,179
54,557
1,333
23,027
345,096
Total
$'000
150,135
811,062
961,197
Total
$'000
147,319
48,404
195,723
120
The Group’s exposure to various risks associated with the financial instruments is discussed in note 11. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above.
(a) Trade and other receivables
Accounting policy
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment.
Trade receivables
Sundry debtors
Goods and services tax recoverable
Prepayments*
Other receivables
Net finance lease receivables
30 June
2020
Non-
current
$'000
30 June
2019
Non-
current
$'000
Total
$'000
Current
$'000
-
-
-
1,188
-
3,095
4,283
72,493
7,996
9,093
50,378
1,280
7,554
148,794
47,318
6,008
4,735
8,439
1,231
-
67,731
-
-
-
1,438
-
-
1,438
Current
$'000
72,493
7,996
9,093
49,190
1,280
4,459
144,511
Total
$'000
47,318
6,008
4,735
9,877
1,231
-
69,169
*Included with the current prepayments balance is a US$22.5 million payment made to Newmont as part of the 50
percent acquisition of KCGM. Refer to note 13 for further details of the acquisition. The payment was for a
conditionally refundable option to acquire the Newmont power business which supplies power to KCGM. As a result
of further discussions on with Newmont, the Company allowed the option to lapse during the June quarter, however
the amount remains conditionally refundable and is expected to be recovered within the next 12 months through
conditions being met.
(a) Trade and other receivables (continued)
(i) Classification as trade and other receivables
If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are
presented as non-current assets. Trade receivables are generally due for settlement within 30 days and therefore are
all classified as current.
(ii)
Fair value of trade and other receivables
As the majority of receivables are short term in nature, their carrying amount is assumed to be the same as their fair
value.
(b) Cash and cash equivalents
Accounting policy
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term,
highly liquid investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value.
Cash at bank and in hand
Restricted cash
(i) Reconciliation to the statement of cash flows
Reconciliation of profit after tax to net cash flow from operating activities:
Profit for the year
Adjustment for
Depreciation and amortisation
Non-cash employee benefits expense - share-based payments
Rehabilitation provision - unwinding of discount
Net (gain)/ loss on sale of non-current assets
Upfront debt transaction costs written off
Impairment of assets during the period
Fair value adjustment to derivatives
Share of losses of associates and joint ventures
Amortisation of upfront debt transaction costs
Change in operating assets and liabilities:
Increase in trade and other receivables
(Increase)/decrease in inventories
(Increase) in deferred tax assets
(Decrease)/increase in trade and other payables
Increase in interest expense accrual
(Decrease)/increase in current tax liability/asset
(Decrease)/increase in deferred tax liabilities
Increase in provisions
Net cash inflow from operating activities
30 June
2020
$'000
675,445
1,815
677,260
30 June
2019
$'000
263,134
3,045
266,179
30 June
2020
$'000
30 June
2019
$'000
258,327
154,711
121
354,821
7,852
4,737
4,245
1,330
28,251
528
3,602
1,179
(24,133)
23,086
-
(40,260)
2,481
-
45,077
39,319
710,442
247,484
8,396
5,624
276
-
9,929
4,379
3,530
-
(32,679)
11,463
(10,578)
(5,050)
-
(21,244)
1,614
1,342
379,197
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Financial assets and financial liabilities
Financial assets and financial liabilities
(c) Financial assets at fair value through other comprehensive income
Accounting policy
Financial assets at fair value through other comprehensive income (FVOCI) comprises equity securities which are not
held for trading, and which the Group has irrevocably elected at initial recognition to recognise is this category.
These are strategic investments and the Group considers this classification to be more relevant. Refer to note 8(e) for
further information on accounting policies in relation to fair value measurements.
FVOCI assets include the following classes of financial assets:
(d) Borrowings (continued)
(i)
Secured liabilities and assets pledged as security
Lease liabilities are effectively secured as the rights to the leased assets recognised in the financial statements revert
to the lessor in the event of default.
(ii)
Leases
As at 30 June 2020, the Group leased various assets under leases expiring within three to seven years. The interest
rates are fixed and payable over a period of the lease term from the inception of the lease.
Non-current assets
Listed equity securities
(i) Classification of financial assets as FVOCI
30 June
2020
$'000
30 June
2019
$'000
13,346
23,027
Commitments in relation to finance leases are payable as follows:
Within one year
Later than one year but not later than five years
Later than five years
Minimum lease payments
The financial assets are presented as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period.
(ii) Amounts recognised in profit or loss and other comprehensive income
During the year, the following gains were recognised in profit or loss and other comprehensive income.
Future finance charges
Total lease liabilities
(iii) Fair value
30 June
2020
$'000
68,230
38,985
13,326
120,541
(6,739)
113,802
30 June
2019
$'000
26,436
24,220
-
50,656
(2,252)
48,404
122
Gains/(losses) recognised in other comprehensive income
(10,309)
(12,134)
(d) Borrowings
30 June
2020
$'000
30 June
2019
$'000
Accounting policy
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost.
Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of
ownership are classified as finance leases. Finance leases are capitalised under plant and equipment at the lease's
inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The
corresponding rental obligations, net of finance charges, are included in borrowings.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting date or there is an expectation the Group will repay amounts within
the following 12 months. In FY20 the Group classified $200.0 million of the revolving credit facility within current bank
loans as it was expected this amount would be repaid within the next 12 months (contractually repayable on 31
December 2022) and was subsequently repaid on 6 July 2020. $100.0 million of the Group's term loan is repayable
within the 12 months of balance date. The remaining $100.0 million drawn on the revolving credit facility and $300.0
million drawn on the term loan are classified within non-current bank loans.
30 June
2020
Non-
current
$'000
394,779
55,000
449,779
Current
$'000
302,481
58,802
361,283
30 June
2019
Non-
current
$'000
-
24,505
24,505
Total
$'000
-
48,404
48,404
Total
$'000
Current
$'000
697,260
113,802
811,062
-
23,899
23,899
Bank loans
Lease liabilities
Total secured borrowings
For the majority of the borrowings, the fair values are not materially different to their carrying amounts, since the
interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term
nature. Refer above for differences as at year end.
(iv) Financing arrangements
At the end of the report period, the Group had:
•
•
•
•
•
•
As part of funding the acquisition of the Group's 50 percent interest in KCGM, the Group entered into and drew
down on a $400.0 million term loan. This facility amortises over 4 years from origination, with a final maturity date
of 31 December 2023;
Revolving credit facility limit of $300.0 million which is fully drawn at 30 June 2020 (2019: $200.0 million undrawn).
Subsequent to balance date $200.0 million was repaid on 6 July 2020;
$7.0 million bank guarantee facility drawn down by $3.0 million (2019: $5.0 million drawn down by $3.3 million);
$5.0 million bank guarantee facility drawn down by $4.5 million (2019: $5.0 million drawn down by $4.5 million);
US$72.0 million bank guarantee and stand by letter of credit facility drawn down by US$71.9 million (2019:
US$72.0 bank guarantee and stand by letter of credit facility drawn down by US$71.9 million); and
US$3.0 million bank guarantee and stand by letter of facility drawn down by US$1.5 million (2019: US$3.0 million
bank guarantee and stand by letter of facility drawn down by US$1.3 million).
(e) Recognised fair value measurements
(i)
Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments
that are recognised and measured at fair value in the financial statements. To provide an indication about the
reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three
levels prescribed under the Accounting Standards. An explanation of each level follows underneath the table.
123
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Financial assets and financial liabilities
Non-financial assets and liabilities
(e) Recognised fair value measurements (continued)
(i)
Fair value hierarchy (continued)
Recurring fair value measurements
At 30 June 2020
Financial assets
Derivatives
Derivative financial asset - warrants
Financial assets at fair value through OCI
Australian listed equity securities
Total financial assets
Recurring fair value measurements
At 30 June 2019
Financial assets
Derivatives
Derivative financial asset - warrants
Financial assets at fair value through OCI
Australian listed equity securities
Total financial assets
Level 1
$'000
Level 2
$'000
Total
$'000
-
13,346
13,346
Level 1
$'000
-
23,027
23,027
805
-
805
Level 2
$'000
1,333
-
1,333
805
13,346
14,151
Total
$'000
1,333
23,027
24,360
There were no transfers between levels 1 and 2 for recurring fair value measurements during the year.
Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end
of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price.
These instruments are included in level 1.
124
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2. Valuation inputs include underlying spot prices, implied volatility, discount curves and time until expiration,
expressed as a percent of a year.
(f)
Trade and other payables
Accounting policy
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year
which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months from the reporting date.
They are recognised initially at their fair value and subsequently measured at amortised cost using the effective
interest method.
Trade payables
Accruals
Payroll tax and other statutory liabilities
Other payables
30 June
2020
$'000
46,981
86,807
5,536
16,347
155,671
30 June
2019
$'000
59,941
63,401
2,391
23,977
149,710
The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their
short-term nature.
9 Non-financial assets and liabilities
This note provides information about the Group's non-financial assets and liabilities, including:
•
specific information about the following non-financial assets and non-financial liabilities
•
•
property, plant and equipment
right-of-use assets
•
exploration and evaluation assets
• mine properties assets
•
•
•
tax balances
inventories
provisions
accounting policies
information about determining the fair value of the assets and liabilities, including judgements and
estimation uncertainty involved.
•
•
(a) Property, plant and equipment
Accounting policy
Property, plant and equipment is carried at historical cost less accumulated depreciation and impairment losses.
Refer to note 25 for further information on accounting policies associated with impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting
period in which they are incurred.
Land &
buildings
$'000
Plant &
equipment
$'000
Motor
Vehicles
$'000
Office
equipment
$'000
Capital work in
progress
$'000
Total
$'000
At 30 June 2019
Cost or fair value
Accumulated
depreciation
Net book amount
Year ended 30
June 2019
Opening net book
amount
Additions
Exchange
differences
Acquired as part
of a business
combination
Disposals
Transfers
Depreciation
charge
Closing net book
amount
At 30 June 2020
Cost or fair value
Accumulated
depreciation
Net book amount
53,214
609,437
(11,193)
42,021
(189,510)
419,927
12,546
(6,933)
5,613
10,304
(4,089)
6,215
27,308
712,809
-
27,308
(211,725)
501,084
125
4,320
-
878
29,626
-
9,163
111,875
-
8,100
279,015
(1,634)
94,962
3,629
-
27
786
(96)
3,398
(1,966)
(72,391)
(2,131)
42,021
419,927
5,613
1,532
-
118
3,961
(410)
1,958
(944)
6,215
17,688
114,859
139,044
114,859
172
9,295
4,070
-
(109,481)
317,458
(2,140)
-
-
(77,432)
27,308
501,084
Land &
buildings
$'000
Plant &
equipment
$'000
Motor
Vehicles
$'000
Office
equipment
$'000
Capital work in
progress
$'000
Total
$'000
70,024
833,234
(16,367)
53,657
(224,668)
608,566
17,118
(9,145)
7,973
12,759
(6,259)
6,500
54,641
987,776
-
54,641
(256,439)
731,337
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
(a) Property, plant and equipment (continued)
(b) Right-of-use assets (continued)
Land &
buildings
$'000
Plant &
equipment
$'000
Motor
Vehicles
$'000
Office
equipment
$'000
Capital work in
progress
$'000
Total
$'000
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined,
the Group uses its incremental borrowing rate.
Non-financial assets and liabilities
Non-financial assets and liabilities
Year ended 30
June 2020
Opening net book
amount
Reclassification to
right-of-use asset
Additions
Acquired as part
of asset acquisition
Exchange
differences
Acquired as part
of a business
combination
Disposals
Transfers
Depreciation
charge
Closing net book
amount
(i)
Leased assets
42,021
419,927
5,613
6,215
27,308
501,084
-
-
3,609
644
8,524
-
4,066
(45,971)
-
14,853
5,662
182,043
(6,344)
102,212
-
-
246
(9)
979
(260)
4,622
-
-
286
103
-
96,094
1,517
(51)
794
-
1,244
41,917
-
(112,144)
(45,971)
96,094
20,511
6,349
234,257
(6,604)
-
(5,207)
(63,816)
(3,218)
(2,142)
-
(74,383)
53,657
608,566
7,973
6,500
54,641
731,337
126
The property, plant and equipment acquired under leases is depreciated over the asset’s useful life or over the
shorter of the asset’s useful life and the lease term if there is no reasonable certainty that the Group will obtain
ownership at the end of the lease term.
From 1 July 2019, leased assets are presented as a separate line item in the Consolidated Statement of Financial
Position, see note 9(b). Refer to note 26 for further details on changes to accounting policies in the current
year.
Cost
Accumulated depreciation
Net book amount
(b) Right-of-use assets
Accounting policy
30 June
2020
$'000
-
-
-
30 June
2019
$'000
63,113
(17,142)
45,971
AASB 16 eliminates the distinction between operating and finance leases and brings all leases (other than short term
and low value leases) on to the balance sheet. As a lessee, the Group recognises a right-of-use asset representing its
right to use the underlying asset and a lease liability representing its obligation to make lease payments.
An assessment is made, at inception or when contract terms are changed, to determine whether the contract is, or
contains, a lease. A contract is or contains a lease if the contract conveys a right to control the use of an identified
asset for a period of time in exchange for consideration.
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a
right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee,
except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets.
For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable
• variable lease payment that are based on an index or a rate
• amounts expected to be payable by the lessee under residual value guarantees
• the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
• payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset)
whenever:
• The lease term has changed or there is a significant event or change in circumstances resulting in a change in the
assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the
revised lease payments using a revised discount rate.
• The lease payments change due to changes in an index or rate or a change in expected payment under a
guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments
using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate,
in which case a revised discount rate is used).
• Ale ase contract is modified and the lease modification is not accounted for as a separate lease, in which case
the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease
payments using a revised discount rate at the effective date of the modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at
or before the commencement day, less any lease incentives received and any initial direct costs. They are
subsequently measured at cost less accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which
it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a
provision is recognised and measured under AASB 137. To the extent that the costs relate to a right-of-use asset, the
costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a
lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects
to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying
asset. The depreciation starts at the commencement date of the lease.
The Group applies AASB 136 to determine whether a right-of-use asset is impaired and accounts for any identified
impairment loss as described in the ‘Property, Plant and Equipment’ policy (as outlined in the financial report for the
annual reporting period).
Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and
the right-of-use asset. The related payments are recognised as an expense in the period in which the event or
condition that triggers those payments occurs and are included in profit or loss.
As a practical expedient, AASB 16 permits a lessee not to separate non-lease components, and instead account for
any lease and associated non-lease components as a single arrangement. The Group has not used this practical
expedient. For a contracts that contain a lease component and one or more additional lease or non-lease
components, the Group allocates the consideration in the contract to each lease component on the basis of the
relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease
components.
127
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
(b) Right-of-use assets (continued)
(c) Exploration and evaluation assets (continued)
Non-financial assets and liabilities
Non-financial assets and liabilities
Lease assets - amounts recognised in the Consolidated Statement of Financial Position
The Consolidated Statement of Financial Position shows the following amounts relating to right-of-use assets:
Right-of-use assets
Land and buildings
Plant and equipment
Total right-of-use assets
30 June 2020
$'000
1,915
101,005
102,920
1 July 2019*
$'000
895
101,293
102,188
* In the previous year, the Group only recognised lease assets and lease liabilities in relation to leases that were
classified as ‘finance leases’ under AASB 117 Leases. The assets were presented in property, plant and equipment
and the liabilities as part of the Group’s borrowings. For adjustments recognised on adoption of AASB 16 on 1 July
2019, please refer to note 26.
Additions to right-of-use assets during the year were $61.8 million. This includes $14.6 million acquired as part of a
business combination. Refer to note 13 for further details.
Lease assets - amounts recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income
Depreciation charge - right-of-use assets
Land and buildings
Plant and equipment
Total depreciation
30 June 2020
$'000
(949)
(55,289)
(56,238)
30 June 2019
$'000
-
-
-
Interest expense (included in finance costs) in relation to leased assets for the year ended 30 June 2020 was $4.5
million.
(c) Exploration and evaluation assets
128
Accounting policy
Exploration and evaluation assets include the costs of acquiring licences, costs associated with exploration and
evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a
business combination. Exploration and evaluation expenditure is capitalised on an area of interest basis. Costs
incurred before the Group has obtained the legal rights to explore an area are recognised in the statement of profit
or loss and other comprehensive income.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either, the
expenditures are expected to be recouped through successful development and exploitation of the area of interest
or activities in the area of interest have not at the reporting date; reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves and active and significant
operations in, or in relation to, the area of interest are continuing.
Once a development decision has been made all past exploration and evaluation expenditure in respect of an
area of interest that has been capitalised is transferred to mine properties where it is amortised over the life of the
area of interest to which it relates on a unit-of-production basis. No amortisation is charged during the exploration
and evaluation phase.
The application of the above accounting policy requires management to make certain estimates and assumptions
as to future events and circumstances, in particular, the assessment of whether economic quantities of reserves will
be found. Any such estimates and assumptions may change as new information becomes available, which may
require adjustments to the carrying value of assets. Capitalised exploration and evaluation expenditure is assessed
for impairment when an indicator of impairment exists, and capitalised assets are written off where required.
Opening balance at 1 July
Expenditure for the period
Acquired as part of asset acquisition (i)
Assets included in a disposal group classified as held for sale (ii)
Transfer to mine properties
Impairment (iii)
Exchange differences
Closing balance
30 June
2020
$'000
266,038
80,127
208,586
(17,430)
(30,191)
(28,251)
134
479,013
30 June
2019
$'000
225,735
67,904
1,726
-
(19,591)
(9,929)
193
266,038
(i) Asset acquisition
During the year, the Company completed the takeover of Echo Resources Limited via a combination of existing
ownership interests, on-market acquisitions and off-market acquisitions. For details of the acquisition, refer to note 14
if the financial statements.
(ii) Assets classified as held for sale
On 18 June 2020, the Company executed a Tenement Sale Agreement for the sale of the Mt Olympus Project to
Kalamazoo Resources Limited subject to conditions including third party rights and approvals.
(iii)
Impairment
At each reporting date the Group undertakes an assessment of the carrying amount of its exploration and
evaluation assets. During the year the Group identified indicators of impairment on certain exploration and
evaluation assets under AASB 6 Exploration for and Evaluation of Mineral Resources. As a result of this review, an
impairment loss of $28.3 million (2019: $10.0 million) has been recognised in the statement of profit or loss and other
comprehensive income in relation to areas of interest where no future exploration and evaluation activities are
expected.
129
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Non-financial assets and liabilities
Non-financial assets and liabilities
(d) Mine properties
Accounting policy
Mine properties includes aggregate expenditure in relation to mine construction, mine development, exploration
and evaluation expenditure where a development decision has been made and acquired mineral interests.
Expenditure incurred in constructing a mine by, or on behalf of, the Group is accumulated separately for each area
of interest in which economically recoverable reserves and resources have been identified. This expenditure
includes direct costs of construction, drilling costs and removal of overburden to gain access to the ore, borrowing
costs capitalised during construction and an appropriate allocation of attributable overheads.
Mine development represents expenditure in respect of exploration and evaluation, overburden removal based on
underlying mining activities and related mining data and construction costs and development incurred by or on
behalf of the Group previously accumulated and carried forward in relation to properties in which mining has now
commenced. Such expenditure comprises direct costs and an appropriate allocation of directly related overhead
expenditure.
All expenditure incurred prior to commencement of production from each development property is carried forward
to the extent to which recoupment out of future revenue from the sale of production, or from the sale of the
property, is reasonably assured. When further development expenditure is incurred in respect of a mine property
after commencement of commercial production, such expenditure is carried forward as part of the cost of the mine
property only when future economic benefits are reasonably assured, otherwise the expenditure is classified as part
of the cost of production and expensed as incurred. Such capitalised development expenditure is added to the
total carrying value of mine development being amortised.
Mine development costs (as transferred from exploration and evaluation and/or mines under construction) are
amortised on a units-of-production basis over the life of mine to which they relate. In applying the units of production
method, amortisation is calculated using the expected total contained ounces as determined by the life of mine
plan specific to that mine property. For development expenditure undertaken during production, the amortisation
rate is based on the ratio of total development expenditure (incurred and anticipated) over the expected total
contained ounces as estimated by the relevant life of mine plan to achieve a consistent amortisation rate per
ounce. The rate per ounce is typically updated annually as the life of mine plans are revised.
130
Mineral interests comprise identifiable exploration and evaluation assets, mineral resources and ore reserves, which
are acquired as part of a business combination or joint venture acquisition and are recognised at fair value at the
date of acquisition. Where possible, mineral interests are attributable to specific areas of interest and are classified
within mine properties.
Opening balance at 1 July
Expenditure for the period
Changes in rehabilitation provision estimates
Transfer from exploration and evaluation
Acquired as part of business combination (i)
Amortisation
Exchange differences
Closing balance
30 June
2020
$'000
356,361
184,032
53,209
30,191
611,231
(219,491)
3,014
1,018,547
30 June
2019
$'000
212,788
136,093
8,511
19,591
140,531
(165,340)
4,187
356,361
(d) Mine properties (continued)
(i) Business combination
On 3 January 2020, Northern Star Resources ("NST") completed the acquisition of all of the shares in Kalgoorlie Lake
View Pty Ltd, which holds a 50 percent interest in Kalgoorlie Consolidated Gold Mines Pty Ltd (KCGM). For details of
the acquisition refer to note 13 of the financial statements.
On 28 September 2018, NST completed the acquisition of the Pogo underground mine in Alaska. The acquisition was
carried out through NST's wholly owned US subsidiary Northern Star (Alaska) LLC. This entity acquired all of the shares
of Sumitomo Metal Mining Pogo LLC and SC Pogo LLC. Refer to note 13 of the Financial Report for further details.
(ii) Impairment
At each reporting date, the Group assesses whether there is any indication that an asset, or group of assets is
impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of
the impairment loss (if any) which is the amount by which the assets carrying value exceeds its recoverable amount.
Where the asset does not generate cash in-flows that are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit (CGU) to which the asset belongs.
The recoverable amount is the higher of ‘fair value less costs of disposal’ (FVLCOD) and ‘value in use’.
Where an impairment loss subsequently reverses for assets other than goodwill, the carrying amount of the asset (or
CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised in profit or loss
immediately.
Impairment testing requires assets to be grouped together into the smallest group that generates cash inflows from
continuing use that are largely independent of the cash inflows of other assets or cash generating units. The Group
generally considers each of its operating mines sites to be a separate CGU. Depending on the location of the mine,
as well as other external factors, the CGU may include more than one operating mine and also include processing
facilities.
(e) Intangible assets
Accounting policy
The Group's intangible asset relates to the tolling synergies it obtained from the South Kalgoorlie Operation ("SKO")
acquisition completed on 29 March 2018. The benefit reflects the expected cost savings to the Company of
processing ore through the Jubilee mill rather than under tolling agreements with third parties.
The tolling benefits acquired as part of the SKO acquisition were recognised at fair value at the acquisition date. This
fair value reflects expectations about the probability that the expected future economic benefits embodied in the
tolling benefits will flow to the Company. The tolling service could also be sold to third parties given the active tolling
market locally.
The useful life of the tolling benefits is considered to be 5 years. The amortisation on this intangible asset has been
allocated on a systematic basis over its useful life commencing from acquisition date.
131
Year ended 30 June 2020
Opening net book amount
Amortisation charge
Closing net book amount
As at 30 June 2020
Cost
Accumulated amortisation and impairment
Total
12,867
(3,431)
9,436
17,156
(7,720)
9,436
Amortisation expense in relation to tolling benefit is included in costs of sales (2020: $3.4 million; 2019: $3.4 million)
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Non-financial assets and liabilities
Non-financial assets and liabilities
(f) Tax balances
(i) Current tax (liability)/ asset
Opening balance at 1 July
Tax paid
Current tax
Adjustment for current tax on prior periods
Closing balance
(ii) Deferred tax assets
The balance comprises temporary differences attributable to:
Acquired tax losses
Employee benefits
Provisions
Accruals
Financial assets at fair value through OCI
Mine properties
132
Other
Other
Share based payments
Sub-total other
Total deferred tax assets
Set-off of deferred tax liabilities pursuant to set-off provisions
Net deferred tax assets
30 June
2020
$'000
6,285
41,283
(58,789)
(738)
(11,959)
30 June
2020
$'000
26,479
14,191
98,555
3,156
1,242
24
143,647
10,094
3,760
13,854
30 June
2019
$'000
(14,959)
90,350
(70,672)
1,566
6,285
30 June
2019
$'000
-
8,170
47,099
3,004
1,084
2,769
62,126
7,619
28,757
36,376
157,501
98,502
(157,501)
-
(98,502)
-
Movements
Employee
benefits
$'000
Provisions
$'000
Investments
$'000
Mine Properties
$'000
Other
$'000
Total
$'000
At 1 July 2018
8,498
39,319
-
3,608
11,555
62,980
(Charged)/credited
- to profit or loss
- directly to
equity
At 30 June 2019
(328)
-
8,170
7,780
-
47,099
1,084
-
1,084
(839)
-
2,769
2,881
24,944
39,380
10,578
24,944
98,502
(f)
Tax balances (continued)
(ii) Deferred tax assets (continued)
Employee
benefits
$'000
2,961
-
3,060
14,191
Movements
(Charged)/credited
- to profit or loss
- directly to equity
- acquisition of
subsidiary
At 30 June 2020
(iii) Deferred tax liabilities
Provisions
$'000
Investments
$'000
Mine properties
$'000
6,906
-
44,550
98,555
158
-
-
1,242
(2,745)
-
-
24
The balance comprises temporary differences attributable to:
Property, plant and equipment
Inventories
Exploration and evaluation
Mine properties
Other
Financial assets at fair value through OCI
Intangible assets
Deferred Consideration received from Plutonic Sale
Sub-total other
Total deferred tax liabilities
Set-off of deferred tax liabilities pursuant to set-off provisions
Net deferred tax liabilities
Other
$'000
(6,242)
10,351
-
43,489
30 June
2020
$'000
49,478
12,977
69,501
157,109
289,065
-
-
-
-
Total
$'000
1,038
10,351
47,610
157,501
30 June
2019
$'000
30,570
5,949
59,276
65,384
161,179
2,082
60
750
2,892
133
289,065
164,071
(157,501)
131,564
(98,502)
65,569
Offsetting within tax consolidated group
Northern Star Resources Limited and its wholly-owned Australian subsidiaries have applied Australia's tax
consolidation legislation which means that the Australian entities are taxed as a single entity. Also, Northern Star
Resources Limited’s US entities are regarded as a single taxpayer in the US for income tax purposes. For accounting
purposes, deferred tax assets and deferred tax liabilities, relating to the same taxation authorities, have been offset
in the consolidated financial statements.
Movements
Exploration and
evaluation
$'000
Mine properties
$'000
Property, plant
and equipment
$'000
Inventories
$'000
Other
$'000
Total
$'000
At 1 July 2018
56,407
51,145
3,461
5,113
3,988
120,114
Charged/(credited)
- profit or loss
- adjustment to
prior year
- directly to
equity
- acquisition of
subsidiary
(note 13)
At 30 June 2019
2,869
2,251
(4,428)
836
(980)
-
-
-
-
-
59,276
11,988
65,384
1,066
-
30,471
30,570
-
-
-
5,949
-
(116)
-
2,892
548
1,066
(116)
42,459
164,071
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Non-financial assets and liabilities
Non-financial assets and liabilities
10,225
(7,828)
18,908
7,028
(316)
28,017
-
-
-
-
(2,576)
(2,576)
(i) Amounts recognised in profit or loss
(f)
Tax balances (continued)
(iii) Deferred tax liabilities (continued)
Charged/(credited)
- profit or loss
- directly to
equity
- acquisition of
subsidiary
(note 13)
At 30 June 2020
-
69,501
99,553
157,109
-
49,478
-
12,977
-
-
99,553
289,065
Recovery of deferred taxes
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses. Deferred tax assets, including those arising from unutilised tax losses (where
applicable), require management to assess the likelihood that the Group will comply with the relevant tax legislation
and will generate sufficient taxable earnings in future years in order to recognise and utilise those deferred tax
assets. Estimates of future taxable income are based on forecast cash flows from operations and existing tax laws in
each jurisdiction. These assessments require the use of estimates and assumptions such as exchange rates,
commodity prices and operating performance over the life of the assets. To the extent that cash flows and taxable
income differ significantly from estimates, the ability of the Group to realise the deferred tax assets reported at the
reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group
operates could limit the ability of the Group to obtain tax deductions in future years.
(g) Inventories
Accounting policy
Gold bullion, gold in circuit and ore stockpiles are physically measured or estimated and valued at the lower of cost
and net realisable value. Cost represents the weighted average cost and includes direct purchase costs and an
appropriate portion of fixed and variable production overhead expenditure, including depreciation and
amortisation, incurred in converting materials into finished goods.
134
Materials and supplies are valued at the lower of cost and net realisable value. Any allowance for obsolescence is
determined by reference to specific stock items identified. A regular and on-going review is undertaken to establish
the extent of surplus items and an allowance is made for any potential loss on their disposal.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale.
Ore stockpiles which are not expected to be processed in the 12 months after the reporting date are classified as
non-current inventory. There is a reasonable expectation the processing of these stockpiles will have a future
economic benefit to the Group and accordingly values these stockpiles at the lower of cost and net realisable
value. The non-current ore stockpiles represent the stockpiles held at the Group's interest in KCGM and Jundee that
are not expected to be processed in the next 12 months. The determination of the current and non-current portion
of ore stockpiles includes the use of estimates and judgements about when ore stockpile draw downs for processing
will occur. These estimates and judgements are based on current forecasts and mine plans.
The initial measurement of the stockpile inventory acquired as part of the KCGM transaction (refer note 13) involved
the use of significant estimates and judgements. The key assumptions employed in measuring this inventory
included: forecast gold prices, processing costs, grade and thus contained metal, processing recoveries and timing
of processing. The initial fair values allocated to ore stockpiles are subsequently considered their deemed cost, and
any future adverse change in the significant estimates and judgements could result in a net realisable value below
deemed cost.
Current assets
Consumable stores
Ore stockpiles
Gold in circuit
30 June
2020
$'000
69,500
156,219
63,935
289,654
30 June
2019
$'000
39,613
42,526
31,492
113,631
(g) Inventories (continued)
Non-current assets
Ore stockpiles
314,820
-
Write-downs of inventories consumable to net realisable value amounted to $0.1 million (2019 - $1.6 million). These
were recognised as an expense during the year ended 30 June 2020 and included in 'cost of sales' in profit or loss.
(h) Provisions
Accounting policy
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it
is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management's best estimate of the expenditure required to settle
the present obligation at the end of the reporting period. The discount rate used to determine the present value is a
pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
Rehabilitation costs include the dismantling and removal of mining plant, equipment and building structures, waste
removal and rehabilitation of the site in accordance with the requirements of the mining permits. Such costs are
determined using estimates of future costs, current legal requirements and technology.
Rehabilitation costs are recognised in full at present value as a non-current liability. An equivalent amount is
capitalised as part of the cost of the asset when an obligation arises to decommission or restore a site to a certain
condition after abandonment as a result of bringing the assets to its present location. The capitalised cost is
amortised over the life of the project and the provision is accreted periodically as the discounting of the liability
unwinds. The unwinding of the discount is recorded as a finance cost.
Any changes in the estimates for the costs or other assumptions against the cost of relevant assets are accounted
for on a prospective basis. In determining the costs of site restoration there is uncertainty regarding the nature and
extent of the restoration due to community expectations and future legislation.
135
Employee entitlements
Rehabilitation
Other
30 June
2020
Non-
current
$'000
1,694
446,363
-
448,057
Current
$'000
57,031
2,071
50,212
109,314
30 June
2019
Non-
current
$'000
794
219,551
-
220,345
Total
$'000
39,863
219,551
5,803
265,217
Total
$'000
Current
$'000
58,725
448,434
50,212
557,371
39,069
-
5,803
44,872
(i)
Employee entitlements - leave obligations
The leave obligations cover the Group’s liability for long service leave and annual leave.
The current portion of this liability includes all of the accrued annual leave, the unconditional entitlements to long
service leave where employees have completed the required period of service and also those where employees
are entitled to pro-rata payments in certain circumstances. The entire amount of the annual leave provision of $34.2
million (2019 - $22.1 million) is presented as current, as the Group does not have an unconditional right to defer
settlement for any of these obligations. Based on past experience, the Group does not expect all employees to take
the full amount of accrued leave or require payment within the next 12 months. The following amounts reflect leave
that is not to be expected to be taken or paid within the next 12 months.
30 June
2020
$'000
30 June
2019
$'000
Current leave obligations expected to be settled after 12 months
11,850
8,008
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
(h) Provisions (continued)
(a) Share capital
Non-financial assets and liabilities
Equity
(ii)
Information about individual provisions and significant estimates
Rehabilitation provision
The Group assesses its mine rehabilitation provision annually. Significant judgement is required in determining the
provision for mine rehabilitation and closure as there are many factors that will affect the ultimate liability payable to
rehabilitate the mine sites, including future disturbances caused by further development, changes in technology,
changes in regulations, price increases, changes in timing of cash flows which are based on life of mine plans and
changes in discount rates. When these factors change or become known in the future, such differences will impact
the mine rehabilitation provision in the period in which the change becomes known.
Long service leave
The liability for long service leave and other long-term benefits is measured at the present value of the estimated
future cash outflows to be made by the Group for those employees with greater than 5 years’ service up to the
reporting date. Long-term benefits not expected to be settled within 12 months are discounted using the rates
attaching to high quality corporate bonds at the reporting date, which most closely match the terms of maturity of
the related liability. In determining the liability for these long-term employee benefits, consideration has been given
to expected future increases in wage and salary rates, the Group’s experience with staff departures and periods of
service. Related on-costs are also included in the liability.
(iii) Movements in provisions
Movements in each class of provision during the financial year, other than employee entitlements, are set out
below:
136
2020
Carrying amount at start of year
Additional provisions recognised
Amounts used
- acquired through asset acquisition (note 14)
- acquired through business combination (note 13)
Unwinding of discount
Exchange differences
Carrying amount at end of year
2019
Carrying amount at start of year
Additional provisions recognised
Amounts used
- acquired through business combination (note 13)
Unwinding of discount
Exchange differences
Carrying amount at end of year
Rehabilitation
$'000
219,551
53,209
-
20,724
148,471
4,737
1,742
448,434
Rehabilitation
$'000
127,929
8,511
-
75,216
5,624
2,271
219,551
Other*
$'000
5,803
50,618
(6,209)
-
-
-
-
50,212
Other
$'000
5,844
3,423
(3,464)
-
-
-
5,803
*Other provisions includes estimates of stamp duty payable on the completion of past transactions. Estimate of
stamp duty payable at 30 June 2020 is $50.2 million (2019: $5.0 million) and includes estimates of stamp duty for the
interests in KCGM, Echo and other previous acquisitions.
10 Equity
Accounting policy
Ordinary shares are classified as equity. They entitle the holder to participate in dividends and have no par value.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
Ordinary shares
Fully paid
Total share capital
(i) Movements in ordinary shares:
30 June
2020
Shares
30 June
2019
Shares
30 June
2020
$'000
30 June
2019
$'000
740,151,041
740,151,041
639,592,634
639,592,634
1,323,900
1,323,900
473,708
473,708
Details
Number of shares
Opening balance 1 July 2018
Employee Share Plan issues
Equity issue net of transaction costs and tax
Performance Share Plan issues
Exercise of options/performance rights
Balance 30 June 2019
Employee Share Plan issues
Equity issue net of transaction costs and tax
Exercise of options/performance rights
Balance 30 June 2020
Equity issue
612,823,852
140,444
26,119,402
-
508,936
639,592,634
102,258
91,110,949
9,345,200
740,151,041
Total
$'000
291,290
1,306
171,009
9,454
649
473,708
1,299
808,050
40,843
1,323,900
During the period, the Company issued a total of 91,110,949 fully paid ordinary shares at an issue price of A$9.00 per
share to raise capital as part of the consideration for the acquisition of all of the shares in Kalgoorlie Lake View Pty
Ltd and certain other associated assets. Total shares issued as part of the transactions were made up of the
following:
• 85,000,000 shares at an issue price of A$9.00 per share to raise A$765.0 million through a fully underwritten
institutional placement;
• 5,555,395 shares at an issue price of A$9.00 per share as part of Share Purchase Plan to raise A$50.0 million; and
• 555,554 shares at an issue price of A$9.00 per share to raise A$5.0 million.
137
Total transaction costs associated with the acquisition of all the shares in Kalgoorlie Lake View Pty Ltd was $11.9
million.
Option and Share Plan
Information relating to the Employee Option Plan, Employee Share Plan and performance rights is set out in note 20.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Risk
This section of the notes discusses the Group’s exposure to various risks and shows how these could affect the
Group’s financial position and performance.
11 Financial risk management
This note explains the Group's exposure to financial risks and how these risks could affect the Group’s future financial
performance. Current year profit and loss information has been included where relevant to add further context.
Risk
Market risk -
foreign
exchange
Market risk –
interest rate
Market risk –
security prices
Market risk -
commodity
price risk
Credit risk
Exposure arising from
Future commercial transactions
Measurement of risk
Cash flow forecasting
Borrowings at variable rates
Sensitivity analysis
Investments in equity securities
Sensitivity analysis
Fluctuations in the prevailing
market prices of gold
Sensitivity analysis
Cash and cash equivalents and
trade and other receivables
Aging analysis and
credit ratings
Liquidity risk
Borrowings and other liabilities
Rolling cash flow
forecasts
How the risk is managed
Net-off foreign exchange
exposures and natural hedge
mechanisms
Fixed interest rates over term of
borrowings on plant and
equipment and monitoring of
variable rates on corporate
bank debt
Management of equity
investments
Gold hedging instruments
Diversification of bank deposits
and credit risk where
appropriate
Management of availability of
committed borrowing facilities
and maturity
138
The Board has the overall responsibility for the establishment and oversight of the risk management framework. The
Audit and Risk Management Committee is responsible for developing and monitoring risk management policies. The
Committee reports regularly to the Board on its activities.
Risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training
and management standards and procedures, aims to develop a disciplined and constructive control environment
in which all employees understand their roles and obligations.
The Group’s Audit and Risk Management Committee oversees how management monitors compliance with the
Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in
relation to the risks faced by the Group.
(a) Market risk
(i)
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the US$. Foreign exchange risk arises from future commercial transactions and
recognised assets and liabilities denominated in a currency that is not the functional currency of the relevant entity.
The carrying value of financial instruments that are held in a currency other than the entities functional currency are
as follows (expressed in Australian dollars):
Financial Assets - USD
Cash and cash equivalents
Trade receivables
30 June
2020
$'000
30 June
2019
$'000
36,854
6,415
43,269
31,440
5,158
36,598
The sensitivity of profit or loss to changes in the exchange rates arises mainly from US dollar-denominated financial
instruments. A 10 percent increase in the AUD/USD exchange rate would decrease post tax profit by $2.7 million
while a 10 percent decrease in the AUD/USD exchange rate would increase post tax profit by $3.4 million.
Financial risk management
(a) Market risk (continued)
(ii) Cash flow and fair value interest rate risk
The Group is exposed to interest rate risk through its long term borrowings comprising a $400.0 million four year term
loan and a three year $300.0 million revolving credit facility. As the borrowings are periodically contractually
repriced, the Group is exposed to the risk of future changes in market interest rates. The contractual repricing dates
for 100 percent of the Group's debt fall within six months of the end of the financial year.
Holding all other variables constant, the impact on FY20 post tax profit of a 1 percent increase/decrease in the rate
of interest on the long term borrowings of the Group would be a decrease/increase of $2.3 million.
Borrowings related to the purchases of plant and equipment under finance lease arrangements have fixed interest
rates over their term and therefore not subject to interest rate risk as defined in AASB 7.
(iii) Price risk
Exposure
The Group is exposed to the risk of fluctuations in the prevailing market prices for the gold and silver currently
produced from its operating mines.
The Group manages a component of this risk through the use of gold forward contracts and options. These
contracts are accounted for as sale contracts with revenue recognised once gold has been physically delivered
into the contract. The physical gold delivery contracts are considered a contract to sell a non-financial item and
therefore do not fall within the scope of AASB 9 Financial Instruments. The Group's contractual sales commitments
are disclosed in note 17.
The Group is also exposed to equity securities price risk arising from investments held by the Group and classified in
the statement of financial position as financial assets at fair value through OCI and investments accounted for using
the equity method.
All of the Group's equity investments are publicly traded on the Australian Securities Exchange or TSX Venture
Exchange.
(b) Credit risk
139
Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss to
the Group. Credit risk arises from cash and cash equivalents and credit exposures to gold sales counterparties and
financial counterparties.
(i) Risk management
The Group has adopted the policy of dealing with creditworthy counterparties as a means of mitigating the risk of
financial loss from defaults. Cash is deposited only with institutions approved by the Board, typically with a current
minimum credit rating of A (or equivalent) as determined by a reputable credit rating agency e.g. Standard &
Poor’s. Permitted instruments by which the Group hedges gold price risk are entered into with financial
counterparties with a minimum credit of A (or equivalent). The Group has established limits on aggregate funds on
term deposit or invested in money markets to be placed with a single financial counterparty and monitors credit
and counterparty risk using credit default swaps. The Group sells the majority of its unhedged gold and silver to
counterparties with settlement terms of no more than 2 days. The counterparties have investment grade credit
ratings and the exposures, as noted, are short dated. The Group does not have any other significant credit risk
exposure to a single counterparty or any group of counterparties having similar characteristics.
(ii) Credit quality
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external
credit ratings (if available) or to historical information about counterparty default rates.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Financial risk management
Financial risk management
(b) Credit risk (continued)
(ii) Credit quality (continued)
Trade receivables
Counterparties with external credit rating
AA
A
Counterparties without external credit rating *
Other
Total trade receivables
Cash at bank and short-term bank deposits
AA
A
* Other - counterparties with no defaults in the past
(iii)
Impaired trade receivables
30 June
2020
$'000
30 June
2019
$'000
40,253
30,941
71,194
1,299
72,493
44,431
-
44,431
2,887
47,318
666,688
10,572
677,260
234,739
31,440
266,179
In determining the recoverability of trade and other receivables, the Group performs a risk analysis considering the
type and age of the outstanding receivable and the creditworthiness of the counterparty. If appropriate, an
impairment loss will be recognised in profit or loss. The Group does not have any impaired Trade and other
receivables as at 30 June 2020 (2019: nil). No allowance for expected credit losses has been recognised as the
duration of associated exposures is short and/or the probability of default is negligible.
140
(c) Liquidity risk (continued)
(i)
Financing arrangements (continued)
The revolving credit facilities may be drawn at any time until maturity. As part of the debt refinancing in connection
with the KCGM acquisition, the 3 year revolving credit facility was increased from $200.0 million to $300.0 million with
a revised maturity of December 2022.
Refer to note 8(d) for full details of financing facilities available to the Group.
(ii) Maturities of financial liabilities
The tables below analyse the Group's financial liabilities into relevant maturity groupings based on their contractual
maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months
equal their carrying balances as the impact of discounting is not significant.
Contractual maturities of financial
liabilities
Less than 6
months
6 - 12
months
Between 1
and 2
years
Between 2
and 5
years
Over 5
years
Total
contractual
cash
flows
Carrying
amount
liabilities
At 30 June 2020
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Trade and other payables
Lease liabilities
Borrowings
Total non-derivatives
At 30 June 2019
Trade and other payables
Lease liabilities
Total non-derivatives
155,671
38,804
32,603
227,078
-
29,458
82,691
112,149
-
34,256
164,498
198,754
-
6,754
458,266
465,020
-
11,300
-
11,300
155,671
120,572
738,058
1,014,301
155,671
113,802
697,260
966,733
149,710
13,216
162,926
-
13,220
13,220
-
19,437
19,437
-
4,783
4,783
-
-
-
149,710
50,656
200,366
149,710
48,404
198,114
141
(c) Liquidity risk
The weighted average interest rate on lease liabilities was 4.14% (2019: 4.46%).
The Group manages liquidity risk by monitoring immediate and forecasted cash requirements and ensures
adequate cash reserves are maintained to pay debts as and when due.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability
of funding through an adequate amount of committed credit facilities to meet obligations when due. At the end of
the reporting period, the Group held a short term on-demand cash balance of $675.4 million (2019: $263.0 million)
that was available for managing liquidity risk. Due to the dynamic nature of the underlying businesses, the Group
maintains flexibility in funding by maintaining availability under committed credit facilities, which due to precautions
taken during the initial stages of the global COVID-19 pandemic resulted in fully drawing the Group's facilities. The
additional $200.0 million drawn down during the current period as a precautionary measure was repaid on 6 July
2020.
Management monitors rolling forecasts of the Group's available cash reserve (comprising the undrawn borrowing
facilities below and cash and cash equivalents) on the basis of expected cash flows. The Group's liquidity
management policy involves seeking to maintain cash resources of at least 30 days costs of goods sold plus net
interest costs.
(i)
Financing arrangements
The Group had access to the following undrawn borrowing facilities at the end of the reporting year:
Floating rate
- Expiring beyond one year (financing facility)
30 June
2020
$'000
30 June
2019
$'000
-
200,000
Of the $458.3 million disclosed in the 2020 borrowings time band between 2 and 5 years, the Group has early repaid
$200 million on 6 July 2020.
12 Capital management
(a) Risk management
The Group's objectives when managing capital are to:
•
safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital and maximise returns to Shareholders and
benefits for other stakeholders.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
Shareholders, return capital to Shareholders or issue new shares.
Total capital is equity, as shown in the statement of financial position. The Group is not subject to any externally
imposed capital requirements.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Capital Management
Group structure
This section provides information which will help users understand how the Group structure affects the financial
position and performance of the Group as a whole. In particular, there is information about:
•
•
•
changes to the structure that occurred during the year as a result of business combinations and the disposal of
a discontinued operation
interests in joint operations
interests in associates.
A list of significant subsidiaries is provided in note 15.
13 Business combination
Accounting policy
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises
the: fair values of the assets transferred; liabilities incurred to the former owners of the acquired business; equity
interests issued by the Group; fair value of any asset or liability resulting from a contingent consideration
arrangement; and fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with
limited exceptions, measured initially at their fair values at the acquisition date. The application of acquisition
accounting requires significant judgement and estimates to be made, which are discussed below. The Group
engages independent third parties to assist with the determination of the fair value of assets acquired, liabilities
assumed, non-controlling interest, if any, and goodwill, based on recognised business valuation methodologies. The
income valuation method represents the present value of future cash flows over the life of the asset using:
• financial forecasts, which rely on management’s estimates of reserve quantities and exploration potential, costs to
produce and develop reserves, revenues, and operating expenses;
• long-term growth rates;
• appropriate discount rates; and
• expected future capital requirements.
The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalised for
any differences between the assets. The cost valuation method is based on the replacement cost of a comparable
asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the
asset and estimates of residual values.
The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either
at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the
acquisition date fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less
than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has
been reviewed, the difference is recognised directly in profit or loss as a bargain purchase.
If the initial accounting for the business combination is not complete by the end of the reporting period in which the
acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, but not later than one year
from the acquisition date, the Group will record any material adjustments to the initial estimate based on new
information obtained that would have existed as of the date of the acquisition.
143
Capital management
(b) Dividends
(i) Ordinary Shares
Final dividend for the year ended 30 June 2019 of 7.5 cents (2018: 5 cents) per fully
paid share paid on 20 November 2019 (2018: 28 September 2018)
Interim dividend for the year ended 30 June 2020 of 7.5 cents (2019: 6 cents)
per fully paid share paid on 16 July 2020 (2019: 4 April 2019)*
30 June
2020
$'000
30 June
2019
$'000
48,670
-
31,973
38,367
48,670
70,340
* On 26 March 2020, the Company announced implementing prudent financial measures designed to preserve the
long-term value of the business following uncertainty arising due to the COVID-19 global pandemic. In light of this,
the Company deferred the payment of its interim dividend due on 30 March 2020. In accordance with Accounting
Standards, the Group has not recognised a provision for this interim dividend because the liability is not incurred until
(ii) Dividends not recognised at the end of the reporting period
In addition to the above dividends, since year end the Directors have
recommended the payment of a final dividend of 9.5 cents per fully paid ordinary
share (2019 - 7.5 cents) as at 30 June 2020, fully franked based on tax paid at 30%.
The aggregate amount of the proposed dividend expected to be paid on 30
September 2020 out of retained earnings at 30 June 2020, but not recognised as a
liability at year end, is
142
Special dividend for the year ended 30 June 2020 of 10 cents per fully paid ordinary
share as at 30 June 2020, fully franked based on tax paid at 30%. The aggregate
amount of the proposed dividend expected to be paid on 30 September 2020 out
of retained earnings from 30 June 2020, but not recognised as a liability at year end,
is
Interim dividend for half year ended 31 December 2019 of 7.5 cents per fully paid
ordinary share as at 30 June 2020, fully franked based on tax paid at 30%
(iii) Franking credits
30 June
2020
$'000
30 June
2019
$'000
70,314
47,969
74,015
55,459
-
-
At the balance date the value of franking credits available (at 30%) was $229.1 million (2019: $208.6 million)
Mineral Resources
and Ore Reserves
("JORC Code") for
KCGM in this Report
is extracted from the
report entitled
“KCGM Strategic
Review and Outlook
Statement” dated 18
August 2020,
available at
www.nsrltd.com
and www.asx.com.
For the purposes of
ASX Listing Rule
5.23, Northern Star
confirms that it is
not aware of any
new information or
data that materially
affects the
information
included in the
original market
announcements and
that all material
assumptions and
technical
parameters
underpinning the
estimates in the
relevant market
announcements
continue to apply
and have not
materially changed.
Northern Star
confirms that the
form and context in
which the
Competent Person’s
findings are
presented have not
been materially
modified from the
original market
announcements.
Forward Looking
Statements
Northern Star
Resources Limited
has prepared this
Report based on
information
available to it. No
representation or
warranty, express or
implied, is made as
to the fairness,
accuracy,
completeness or
correctness of the
information,
opinions and
conclusions
contained in this
Report. To the
maximum extent
permitted by law,
none of Northern
Star Resources
Limited, its
directors,
employees or
agents, advisers, nor
any other person
accepts any liability,
including, without
limitation, any
liability arising from
fault or negligence
on the part of any of
them or any other
person, for any loss
arising from the use
of this Report or its
contents or
otherwise arising in
connection with it.
This Report is not an
offer, invitation,
solicitation or other
recommendation
with respect to the
subscription for,
purchase or sale of
any security, and
neither this
announcement nor
anything in it shall
form the basis of any
contract or
commitment
whatsoever. This
announcement may
contain forward
looking statements
that are subject to
risk factors
associated with gold
exploration, mining
and production
businesses. It is
believed that the
expectations
reflected in these
statements are
reasonable but they
may be affected by
a variety of variables
and changes in
underlying
assumptions which
could cause actual
results or trends to
differ materially,
including but not
limited to price
fluctuations, actual
demand, currency
fluctuations, drilling
and production
results, Resource
and Reserve
estimations, loss of
market, industry
competition,
environmental risks,
physical risks,
legislative, fiscal and
regulatory changes,
economic and
financial market
conditions in various
countries and
regions, political
risks, project delay
or advancement,
approvals and cost
estimates.ement
(b) Dividends
(i) Ordinary shares
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
FINANCIAL REPORT
FINANCIAL REPORT
Business combination
Business combination
(a) KCGM 50 percent interest
(i)
Summary of the acquisition
On 3 January 2020, the Northern Star ("NST") completed the acquisition of all of the shares in Kalgoorlie Lake View Pty
Ltd from Newmont Goldcorp Australia Pty Ltd ("Newmont"), which holds a 50 percent interest in Kalgoorlie
Consolidated Gold Mines Pty Ltd (KCGM), which in turn owns the Kalgoorlie Super Pit Gold Mine. The Group's share in
KCGM is accounted for as a Joint Operation with the Group's share of asset, liabilities, income and expenses
consolidated into its accounts. The Group sells its own share of gold bullion from the joint venture. Total consideration
paid in respect of the acquisition was US$775.0 million (A$1,127.8 million).
As part of the acquisition, NST also acquired the following from Newmont related entities:
• a separate parcel of nearby Kalgoorlie tenements; and
• a US$25.0 million conditionally refundable option arrangement to acquire 100 percent of the equity in GMK
Investments Pty Ltd, which holds the Newmont Power business and associated assets and a six month transactional
services agreement for Newmont to provide key personnel on a secondment basis to assist with the effective
transition of the KCGM Operations to NST.
Refer to note 8(a) for further details around $US22.5 million prepayment to acquire Newmont's Power business. As at
30 June 2020, costs associated with transaction services have been expensed within acquisition and integration
costs.
Details of the purchase consideration and the net identifiable assets acquired are as follows:
Purchase consideration
Consideration paid*
Associated assets acquired**
Net purchase consideration
$000
1,164,177
(36,380)
1,127,797
* Includes $15.6 million of foreign exchange losses recognised as part of transaction consideration resulting from
hedging the currency risk between the date of signing the share sale deed and the date of completion, being 3
January 2020.
** The associated assets acquired comprise the transitional services arrangement and a conditionally refundable
option arrangement to acquire the Newmont power business which supplies power to KCGM.
144
The assets and liabilities recognised as a result of the acquisition are as follows:
Cash and cash equivalents
Trade and other receivables
Inventories - consumable stores
Inventories - gold in circuit
Inventories - ore stockpiles
Property, plant and equipment
Mine properties
Right of use assets
Trade and other payables
Provision for rehabilitation
Lease liabilities
Employee Provisions
Deferred tax liability
Net identifiable assets acquired
Fair Value
$000
10,704
8,692
20,921
26,360
466,295
234,257
611,231
14,621
(40,112)
(148,471)
(14,621)
(10,137)
(51,943)
1,127,797
As outlined in the Group’s Business Combination accounting policy above, the identification of assets and liabilities
and associated fair value measurement as part of acquisition accounting is subject to significant judgement and
estimation.
The following key estimates and judgements were required as part of the acquisition accounting for KCGM:
(a) KCGM 50 percent interest (continued)
(i) summary of the acquisition (continued)
Inventory - refer note 9(g) for estimates and judgements involved in determining acquired inventory values.
Property, plant and equipment - expert plant valuers were engaged to assist in determining the fair values for
property, plant and equipment. The valuation of these assets involved use of, among other factors, published
market data, current replacement/reproduction costs, residual values, inflation factors, useful life assumptions and
site inspections to determine current wear and tear.
Mine Properties - in a mining transaction the residual amount of purchase consideration after all the other assets and
liabilities have been identified and re-measured to reflect acquisition date fair value is typically allocated to mine
properties (excluding site rehabilitation). After this allocation, further analysis in the form of discounted cash flows
and market implied resource multiples are used to ensure the fair value ascribed to mine properties is fair and
reasonable. Discounted cash flow analysis requires estimation of the future amount and timing of cash flows.
Estimates and judgement are required in selecting the inputs for such analysis including: total ore tonnes, grade,
metal recoveries, gold prices, exchange rates, future mining, processing costs and capital costs and discount rates.
Analysis and cross checks to market data using implied resource multiples also requires the use of judgement when
selecting comparative companies and transactions with which to perform comparisons.
Provision for rehabilitation - refer note 9(h) for estimates and judgements involved in determining provisions for
rehabilitation.
Deferred tax - the recognition of deferred tax liabilities is directly associated with the determination of both initial
accounting values and the determination and allocation of tax bases on entry into the Group’s tax consolidated
group. Value attributed to the underlying tenement value is non-tax deductible due to those tenements held by the
acquired entities being subject to the capital gains tax rules rather than the tax depreciation rules enacted in 2001.
Any changes in the determination of fair values for all assets and liabilities and allocation of value for tax purposes
could give rise to changes in deferred tax balances.
(ii) Acquired receivables
The fair value of acquired trade receivables is $7.2 million. The gross contractual amount for trade receivables due is
$7.2 million, of which none is expected to be uncollectible.
145
(iii) Revenue and profit contribution
The acquired business contributed revenues of $235.8 million and net profit of $26.1 million to the Group for the
period 3 January 2020 to 30 June 2020.
If the acquisition had occurred on 1 July 2019, consolidated pro-forma revenue and net profit for the year ended 30
June 2020 would have been $471.6 million and $52.2 million respectively, based on an extrapolation of actual
results since acquisition.
(iv) Purchase consideration - cash outflow
Outflow of cash to acquire subsidiary, net of cash acquired
Consideration
Less: Balances acquired
Cash and cash equivalents
Foreign exchange movement on cash
Net outflow of cash - investing activities
(v) Acquisition-related costs
30 June
2020
$'000
1,164,177
10,704
15,599
26,303
1,137,874
Acquisition related costs of $43.9 million are included in acquisition and integration expense in profit or loss.
We note that fair values assigned to identifiable assets and liabilities above are presented on a provisional basis. The
Group will recognise any adjustments to these provisional values as a result of completing fair value accounting
within 12 months following the acquisition date.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Business combination
Business combination
14 Asset acquisition
(b) Pogo gold operations
(b) Pogo gold operations
(i)
(i) Summary of the acquisition
Summary of the acquisition
On 28 September 2018, Northern Star completed the acquisition of the Pogo gold project in Alaska from Sumitomo
On 28 September 2018, Northern Star completed the acquisition of the Pogo gold project in Alaska from Sumitomo
Metal Mining Co., Ltd (85 percent interest and the mine operator) and Sumitomo Corporation (15 percent interest)
Metal Mining Co., Ltd (85 percent interest and the mine operator) and Sumitomo Corporation (15 percent interest)
for US$260.3 million (A$360.4 million).
for US$260.3 million (A$360.4 million).
Details of the purchase consideration and the net identifiable assets acquired are as follows:
Details of the purchase consideration and the net identifiable assets acquired are as follows:
Purchase consideration
Purchase consideration
Cash Paid
Cash Paid
Cash and cash equivalents
Cash and cash equivalents
Trade and other receivables
Trade and other receivables
Inventories
Inventories
Property, plant and equipment
Property, plant and equipment
Mine properties
Mine properties
Trade and other payables
Trade and other payables
Deferred tax liability
Deferred tax liability
Provision for rehabilitation
Provision for rehabilitation
Borrowings
Borrowings
Net assets acquired
Net assets acquired
(ii) Acquired receivables
(ii) Acquired receivables
$000
$000's
360,426
360,426
Fair Value
Fair Value
$'000
$'000
9,876
9,876
3,416
3,416
40,337
40,337
317,458
317,458
140,531
140,531
(33,051)
(33,051)
(41,272)
(41,272)
(75,216)
(75,216)
(1,653)
(1,653)
360,426
360,426
The fair value of acquired trade receivables is $3.4 million. The gross contractual amount for trade receivables due is
$3.4 million, of which none is expected to be uncollectible.
The fair value of acquired trade receivables is $3.4 million. The gross contractual amount for trade receivables due is
$3.4 million, of which none is expected to be uncollectible.
(iii) Revenue and profit contribution
(iii) Revenue and profit contribution
The acquired business contributed revenues of $253.1 million and net loss of $31.9 million to the Group for the period
from 1 October 2018 - 30 June 2019.
The acquired business contributed revenues of $253.1 million and net loss of $31.9 million to the Group for the period
from 1 October 2018 - 30 June 2019.
If the acquisition had occurred on 1 July 2018, consolidated pro-forma revenue and net loss for the year ended 30
If the acquisition had occurred on 1 July 2018, consolidated pro-forma revenue and net loss for the year ended 30
June 2019 would have been $351.1 million and $42.6 million respectively. These amounts have been calculated
June 2019 would have been $351.1 million and $42.6 million respectively. These amounts have been calculated
using the subsidiary's results and adjusting for differences in the accounting policies between the Group and the
using the subsidiary's results and adjusting for differences in the accounting policies between the Group and the
subsidiary.
subsidiary.
146
(iv) Purchase consideration - cash outflow
(iv) Purchase consideration - cash outflow
Outflow of cash to acquire subsidiary, net of cash acquired
Consideration
Less: Balances acquired
Outflow of cash to acquire subsidiary, net of cash acquired
Consideration
Less: Balances acquired
Cash and cash equivalents
Cash and cash equivalents
Net outflow of cash - investing activities
Net outflow of cash - investing activities
30 June
30 June
2019
2019
$'000
$'000
360,426
360,426
9,876
9,876
350,550
350,550
(v) Acquisition-related costs
Acquisition-related costs
Acquisition-related costs of $4.6 million are included in acquisition and integration in profit or loss.
Acquisition-related costs of $4.6 million are included in acquisition and integration in profit or loss.
No adjustments were made to the fair values assigned to identifiable assets and liabilities of the Group's annual
financial statements for the year ended 30 June 2020.
No adjustments were made to the fair values assigned to identifiable assets and liabilities of the Group's annual
financial statements for the year ended 30 June 2020.
On the 26 August 2019, Northern Star Resources Ltd ("Northern Star") and Echo Resources Limited ("Echo") entered
into a Bid Implementation Agreement, in which Northern Star offered to acquire all of the issued and outstanding
ordinary shares in Echo that it did not already own.
On 14 October 2019, Northern Star acquired control of Echo through a combination of its pre-existing stake,
acceptances of the Northern Star Offer and on-market acquisitions. The takeover was completed on 6 December
2019. The total consideration paid by Northern Star was $219.8 million.
The Group determined the transaction represented an asset acquisition, rather than a business combination, having
determined the concentration test in AASB 3 Business Combinations was met. The concentration test is met if
substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of
similar identifiable assets. The determination of the fair values for such assets and thus both the concentration test
and any subsequent asset acquisition accounting involves the use of significant estimates and judgements. The
value paid for Echo was determined to be concentrated in the value of acquired exploration and evaluation assets.
The estimates and judgements required the determination of the fair value of acquired plant and equipment,
including the Bronzewing processing facility. External valuation experts were used to value this plant and equipment
and the valuations were made with reference to, among other factors, their current condition and location, recent
price estimates, independently published external construction price guides and experience from other projects.
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a
carrying amount based on their relative fair values and no deferred tax will arise in relation to the acquired assets
and assumed liabilities, as the initial recognition exemption for deferred tax under AASB 112 is applied. Post
acquisition, when Echo subsequently joined Northern Star's Australian tax consolidated group (6 December 2019),
under Accounting Standards, these tax losses were required to be recognised. Because the other tax effects of the
transaction could not be recognised on obtaining control, due to the recognition exemption, this resulted in a
non-cash credit to income tax expense (refer note 7). No goodwill arises on the acquisition and transactions costs of
the acquisition are included in the capitalised cost of the asset.
Purchase consideration
Cash paid
Acquisition costs
Carrying value transferred on obtaining control
$'000
103,322
12,894
103,583
219,799
147
The opening carrying value of Echo on 1 July 2019 was $16.3 million; the Company paid cash of $88.4 million prior to
obtaining control; and recognised losses of $1.1 million as an associate: resulting in a total associate carrying value
of $103.6 million being transferred on obtaining control.
Cash and cash equivalents
Trade and other receivables
Property, plant and equipment
Exploration and evaluation assets
Trade and other payables
Provisions - other
Provision for rehabilitation
Net identifiable assets acquired
15 Interests in other entities
(a) Material subsidiaries
Fair value
$'000
15,810
1,246
20,511
208,586
(5,109)
(521)
(20,724)
219,799
The Group’s principal subsidiaries at 30 June 2020 are set out below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held
equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of
business.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Interests in other entities
(b) Joint arrangements (continued)
The joint arrangements listed above are classified as joint operations and are not separate legal entities. They are
contractual arrangements between participants for the sharing of costs and outputs and do not themselves
generate revenue and profit. The joint operations are of the type where initially one party contributes tenements
with the other party earning a specified percentage by funding exploration activities; thereafter the parties often
share exploration and development costs and output in proportion to their ownership of joint venture assets. The joint
operations are accounted for in accordance with the Group's accounting policy set out in note 25.
(c) Interests in associates and joint ventures
Set out below are the associates of the Group as at 30 June 2020 which, in the opinion of the Directors, are material
to the Group. The entities listed below have share capital consisting solely of ordinary shares, which are held directly
by the Group. The country of incorporation or registration is also their principal place of business, and the proportion
of ownership interest is the same as the proportion of voting rights held.
Name of
entity
Place of business/
country of
incorporation
% of ownership
interest
2020
%
2019
%
Nature of
relationship
Measurement
method
Quoted fair
value
2020
$'000
2019
$'000
Carrying
amount
2020
$'000
2019
$'000
Superior
Gold Inc.
Echo
Resources
Ltd
Total equity
accounted
investments
Canada
18.9
18.9 Associate (1)
Equity method
15,635
14,547
8,023
11,603
Australia
-
21.8 Associate (2)
Equity method
-
19,254
-
16,258
18.9
40.7
15,635
33,801
8,023
27,861
(1) Superior Gold Inc. is a gold producer that operates the Plutonic gold mine in Western Australia. Although the
Group holds less than 20% of the equity shares of Superior Gold Inc. and has less than 20% of the voting power at
shareholder meetings, the Group exercises significant influence through the appointment of a Director on the board
of the company. The Group also holds 13.9 million call options with a strike price of US$1.5166.
149
(2) During the current period, the Company completed the takeover of Echo Resources Ltd. Refer to note 14 for
further details.
(a) Material subsidiaries (continued)
Name of entity
Northern Star Mining Services Pty Ltd
Northern Star (Kanowna) Pty Ltd
Kundana Gold Pty Ltd
Gilt-Edged Mining Pty Ltd
EKJV Management Pty Ltd
Kanowna Mines Pty Ltd
GKL Properties Pty Ltd
Northern Star (Tanami) Pty Ltd
Northern Star (Western Tanami) Pty Ltd
Northern Star (South Kalgoorlie) Pty Ltd
Northern Star (HBJ) Pty Ltd
Northern Star (Hampton Gold Mining Areas) Limited
Northern Star (Holdings) Pty Ltd
Northern Star (Alaska) Incorporated
Northern Star (Alaska) LLC
Northern Star (Pogo) LLC
Northern Star (Pogo Two) LLC
148
Stone Boy Inc.
Northern Star (KLV) Pty Ltd
Kalgoorlie Consolidated Gold Mines Pty Ltd
Northern Star (Bronzewing) Pty Ltd
Northern Star (Yandal Consolidated) Pty Ltd
Northern Star (Echo Mining) Pty Ltd
Northern Star (MKO) Pty Ltd
Interests in other entities
Country of
incorporation
Ownership interest held by
the Group
2020
%
2019
%
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
England &
Wales
Australia
United States of
America
United States of
America
United States of
America
United States of
America
United States of
America
Australia
Australia
Australia
Australia
Australia
Australia
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
-
-
-
All 100 percent owned subsidiaries above that are incorporated in Australia are each a party to a Deed of Cross
Guarantee dated 14 May 2014, as varied, for the purposes of relief from the requirements for preparation, audit and
lodgement of financial reports under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. For further
information refer to note 23.
(b) Joint arrangements
FMG JV
Mt Clement JV
East Kundana Production JV
Kanowna West JV
Kalbara JV
West Kundana JV
Zebina JV
Acra JV
Robertson JV
Cheroona JV
KCGM
Sorrento JV
Jundee JV
Principal Activities
Exploration
Exploration
Exploration & Production
Exploration
Exploration
Exploration
Exploration
Exploration
Exploration
Exploration
Exploration & Production
Exploration
Exploration
Ownership interest held
2019
%
66.49
20.00
51.00
89.91
71.17
75.50
80.00
75.00
40.00
30.00
-
-
-
2020
%
66.73
20.00
51.00
89.95
71.39
75.50
80.00
75.00
40.00
30.00
50.00
70.00
70.00
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
16 Contingent liabilities
(a) Contingent liabilities
The Group had contingent liabilities at 30 June 2020 in respect of:
On 31 July 2015, Northern Star Resources Ltd (“NST”), completed settlement with Tanami Gold NL (“TAM”) to
progressively acquire a 60% interest in the Central Tanami Project (“CTP”).
As part of the acquisition, NST has granted TAM two put options to sell the remaining 40% interest in the CTP following
completion. The first put option grants TAM the right to sell 15% of CTP for $20 million in cash or NSR shares at TAM’s
election, at any time from completion up until three years after the completion of the initial acquisition. If
commercial production is achieved more than three years after completion, TAM may exercise this option at any
time up to 30 calendar days following achievement of commercial production. The second put option grants TAM
the right to sell 25% of CTP for $32 million in cash or NSR shares at TAMs election at any time from completion up to six
calendar months after the achievement of commercial production.
On 27 June 2018, TAM announced its intention to exercise the first put option on or immediately prior to 31 July 2018
in accordance with the terms of the joint venture agreement between TAM and the Company. On 31 July 2018,
TAM exercised the first put option under the joint venture agreement.
The total undiscounted amount of payments that the Group could be required to make to TAM upon the exercise of
the second put option is $32 million.
17 Commitments
(a) Capital commitments
Further details
This section of the notes includes other information that must be disclosed to comply with the accounting standards
and other pronouncements, but that is not immediately related to individual line items in the financial statements.
19 Related party transactions
(a) Subsidiaries
Interests in subsidiaries are set out in note 15(a).
(b) Key management personnel compensation
Short-term employee benefits
Employee entitlements
Post-employment benefits
Share-based payments
30 June
2020
$
4,829,264
528,885
201,728
3,282,285
8,842,162
30 June
2019
$
3,889,933
304,009
216,308
3,620,865
8,031,115
Significant capital expenditure contracted for at the end of the reporting year but not recognised as liabilities is as
follows:
(c) Transactions with other related parties
(i) Purchases from entities controlled by key management personnel
30 June
2020
$'000
30 June
2019
$'000
38,063
23,387
The Company has in place policies and procedures which govern transactions involving KMPs and their related
parties, and these policies and procedures restrict the involvement of the KMP or related party in the negotiation,
awarding or direct management of the resultant contract. In the Company’s 2017 Annual Report, specifically note
18 to the Consolidated Financial Statements, the Company reported that the beneficial minority interest of 23
percent held by Mr Beament in AUD Pty Ltd, the sole Shareholder of Australian Underground Drilling Pty Ltd (AUD),
being a supplier of goods and services to the Company, did not require reporting under the Accounting Standards.
For the purposes of the FY20 Annual Report, the Company is of the same view, having applied the necessary criteria
under the Australian Accounting Standards for FY20.
151
150
Property, plant and equipment
(b) Gold delivery commitments
Australian dollar gold delivery commitments as at 30 June 2020 were as follows:
Gold for
physical
delivery
(Ounces)
187,111
349,315
Weighted
average
contracted
sales price
(A$)
2,044
2,105
Value of
committed
sales
(A$000s)
382,532
735,352
Within one year
Later than one year but not later than five years
There were no US dollar gold delivery commitments as at 30 June 2020.
18 Events occurring after the reporting period
Subsequent to the period ended 30 June 2020 the Company announced:
• a final fully franked dividend of 9.5 cents per share to Shareholders on the record date of 9 September 2020,
payable on 30 September 2020;
• a special fully franked dividend of 10 cents per share to Shareholders on the record date of 9 September 2020,
payable on 30 September 2020;
• payment of FY20 interim dividend of $55.5 million on 16 July 2020; and
• repayment of $200.0 million of current debt on 6 July 2020.
The Company’s policies and procedures continue to apply to ensure that Mr Beament is not involved in the
negotiation, awarding of contracts or direct management of the contract with AUD. Mr Beament’s continued
Shareholding in AUD also remains the subject of regular review by the independent Directors. They recognise that,
notwithstanding the position under the Australian Accounting Standards, good corporate governance would
normally be exhibited by the absence of a key executive holding a 23 percent interest in a drilling contract with a
material supplier to the Company.
AUD is a material supplier due to the aggregate total of fees paid, the nature of the services provided to the
Company by the supplier, and the place the supplier has in the Company’s risk mitigation strategy, in seeking to
maintain diversity amongst its suppliers where it is commercially feasible to do so, to ensure that there is no reliance
by the Company on one supplier for a particular service across all the Company’s operations.
The Independent Directors’ unanimous view remains that the continuing contractual relationship between the
Company and AUD is more beneficial to the Company than terminating the contract would be. The results of the
multiple party tender processes have demonstrated that there was no comparable supplier with the capacity at the
time of the tenders to provide the services for the same quality, productivity rates and price offered by AUD. Further,
the selection of AUD was and remains consistent with the Company-wide risk mitigation strategy in striving for
diversity in its supply chain, having regard to the other suppliers providing underground diamond drilling services to
the Company’s other operations (in which Mr Beament has no shareholding or other basis for inferring a significant
influence). The addition of Pogo and a 50 percent shareholding in Kalgoorlie Consolidated Gold Mines Pty Ltd has
increased the diversity and improved the risk mitigation strategy further.
The following transaction occurred with relates parties:
Shirley In'tVeld:
•
is a board member of CSIRO. During the year, a revenue amount of $216,729 was paid to this business for
consulting services provided at normal commercial rates (2019: $177,678).
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
20 Share-based payments
(a) Employee Option Plan
Set out below are summaries of options granted under the Employee Option Plan:
As at 1 July
Granted during the year
Exercised during the year
Forfeited during the year
Cancelled during the year
As as 30 June
2020
Average
exercise price
per share
option
2019
Average
exercise price
per share
option
Number of
options
-
-
-
-
-
-
-
-
-
-
-
-
2.18
2.18
2.18
-
-
-
Number of
options
758,688
-
(714,668)
(44,020)
-
-
There were no share options outstanding at the end of the year (2019: Nil).
(b) Employee Share Plan
Under the Employee Share Plan, eligible employees may be granted up to $1,000 of fully paid ordinary shares in the
Company annually for no cash consideration. The number of shares issued to participants in the scheme is the offer
amount divided by the weighted average price at which the Company’s shares are traded on the ASX during the
week up to and including the date of grant. The fair value of shares issued during the year was $12.71 (2019: $9.38)
per share.
2020
2019
Number of shares issued under the plan to participating employees on 26 June
2020 (2019: 24 May)
102,258
137,786
152
(c) Performance Share Plan
No performance shares were issued in the year ended 30 June 2020 (2019: Nil).
Total performance shares on issue at 30 June 2020 is 1,091,001 (2019: 1,091,001), with a corresponding total
non-recourse loan value of $1,114,557 (2019: $1,176,511).
(d) Performance Rights
A performance right is a conditional right which, upon the satisfaction or waiver of the relevant vesting conditions,
and, if required by the Company the exercise of that right, entitles its holder to received one share.
During the year, the Company issued 1,202,463 long term incentive (LTI) rights, 494,422 short term incentive (STI)
rights, 150,000 restricted shares and 24,845 share rights to senior management, including key management
personnel. The rights were issued under the FY20 share plan as approved at the Company's annual general meeting
on 14 November 2020. During the year, 22,333 LTI rights and 9,203 STI rights were forfeited. The number of rights and
restricted shares outstanding as at 30 June 2020 in relation to the FY2020 grant is 1,840,194.
In the prior year, 404,990 Category B performance rights were issued to the senior management of the Company.
Since grant, 35,020 of these Category B performance rights have been forfeited. The balance on issue as at 30 June
2020 in relation to FY2019 issue is 343,640.
The weighted average assessed fair value at grant date of the performance rights granted during the year ended
30 June 2020 is as follows:
Share-based payments
(d) Performance Rights (continued)
FY20 LTI Performance Rights
FY20 STI Performance Rights
FY20 Share Rights
FY20 Restricted Shares
Weighted
average fair
value at grant
date
$7.04
$10.26
$9.21
$14.64
The assessed fair value at grant date of the performance rights granted during the year ended 30 June 2019 was
$3.361.
The fair value of LTI performance rights at grant date is independently determined using a Monte Carlo simulation
model (market based vesting conditions) and a Black Scholes Model (non market vesting conditions) that takes into
account the term of the performance rights, the impact of dilution (where material), the share price at grant date
and expected volatility of the underlying share, the expected dividend yield, the risk-free rate for the term of the
performance right and the correlations and volatilities of the peer group companies.
The model inputs for LTI performance rights granted during the year ended 30 June 2020 included:
(a) Exercise price
(b) Grant date
(c) Commencement of performance period
(d) Expiry date
(e) Share price at grant date
(f) Expected volatility of the company's shares
(g) Expected dividend yield
(h) Risk-free interest rate
FY20 LTI Rights
Tranche A, B, C
Nil
14/11/2019
1/07/2019
30/06/2022
$9.21
40%
1.51%
0.74%
Tranche D, E, F
Nil
20/12/2019
1/07/2019
30/06/2022
$10.70
40%
1.51%
0.85%
The fair value of STI performance rights and share rights at grant date is determined by reference to the share price
on grant date.
153
The valuation inputs for STI performance rights and share rights granted during the year ended 30 June 2020
included:
(a) Exercise price
(b) Grant date
(c) Commencement of performance period
(d) Expiry date
(e) Share price at grant date
FY20 STI Rights
Tranche A
Nil
14/11/2017
1/07/2019
30/06/2021
$9.21
Tranche B
Nil
20/12/2019
1/07/2019
30/06/2021
$10.70
Tranche C
Nil
25/05/2020
1/06/2020
30/06/2021
$14.64
FY20 Share
Rights
Nil
14/11/2019
1/07/2019
30/06/2020
$9.21
The model inputs for performance rights granted in the prior year included:
(a) Exercise price
(b) Grant date
(c) Expiry date
(d) Share price at grant date
(e) Expected volatility of the company's shares
(f) Expected dividend yield
(g) Risk-free interest rate
Tranche A
Nil
30-Jul-18
30-Jul-24
$7.13
20%
1.59%
2.09%
Tranche B
Nil
30-Jul-18
30-Jul-24
$7.13
35%
1.59%
2.09%
The expected volatility is based on the historic volatility (based on the remaining life of the performance rights).
Total performance rights on issue at 30 June 2020 is 2,623,651 (2019: 10,198,000).
Total share based payments expense for the year ended 30 June 2020 was $7.9 million (2019: $8.4 million)
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
21 Remuneration of auditors
During the year the following fees were paid or payable for services provided by the auditor of the parent entity,
Northern Star Resources Limited, its related practices and non-related audit firms:
(a) Basic earnings per share
(a) Deloitte Touche Tohmatsu
(i) Audit and other assurance services
Audit and other assurance services
Subsidiaries & joint arrangements
Group
Total remuneration for audit and other assurance services
(ii) Other services
2020
$
2019
$
157,103
424,177
581,280
151,028
329,437
480,465
Statutory assurance services required by legislation to be provided by the auditor
Consulting services
Total remuneration for other services
53,919
31,530
85,449
-
58,860
58,860
Total remuneration of Deloitte Touche Tohmatsu
666,729
539,325
(b) Other auditors and their related network firms
154
(i) Audit and other assurance services
Audit and review of financial statements
77,000
-
Total auditors' remuneration
743,729
539,325
It is the Group's policy to employ Deloitte Touche Tohmatsu on assignments additional to their statutory audit duties
where Deloitte Touche Tohmatsu expertise and experience with the Group are important. These assignments are
principally tax advice and due diligence reporting on acquisitions, or where Deloitte Touche Tohmatsu is awarded
assignments on a competitive basis. It is the Group's policy to seek competitive tenders for all major consulting
projects.
22 Earnings per share
Basic earnings per share is calculated by dividing:
• the profit attributable to owners of the Company
• by the weighted average numbers of ordinary shares outstanding during the financial year, excluding treasury
shares.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
• the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares,
and
• the weighted average number of additional ordinary shares that would have been outstanding assuming the
conversion of all dilutive potential ordinary shares.
From continuing operations attributable to the ordinary equity holders of the
company
Total basic earnings per share attributable to the ordinary equity holders of the
Company
(b) Diluted earnings per share
From continuing operations attributable to the ordinary equity holders of the
company
Total diluted earnings per share attributable to the ordinary equity holders of the
Company
(c) Reconciliation of earnings used in calculating earnings per share
Earnings per share
30 June
2020
Cents
30 June
2019
Cents
37.3
37.3
24.4
24.4
30 June
2020
Cents
30 June
2019
Cents
37.2
37.2
24.0
24.0
30 June
2020
$'000
30 June
2019
$'000
Basic earnings per share
Profit/(loss) attributable to the ordinary equity holders of the Company used in
calculating basic earnings per share:
From continuing operations
258,327
154,711
Diluted earnings per share
Profit from continuing operations attributable to the ordinary equity holders of the
Company
Used in calculating basic earnings per share
258,327
154,711
155
(d) Weighted average number of shares used as the denominator
2020
Number
2019
Number
Weighted average number of ordinary shares used as the denominator in
calculating basic earnings per share
692,635,283
634,560,508
Adjustments for calculation of diluted earnings per share:
Rights
Weighted average number of ordinary and potential ordinary shares used as the
denominator in calculating diluted earnings per share
2,623,651
10,198,000
695,258,934
644,758,508
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
23 Deed of cross guarantee
The Australian incorporated subsidiaries detailed in note 1 are each a party to a Deed of Cross Guarantee dated 14
May 2014, as varied (Deed), and have the benefit of ASIC relief from the requirements to prepare and lodge with
ASIC audited financial reports in accordance with Part 2M.3 of the Corporations Act, pursuant to ASIC Corporations
(Wholly-owned Companies) Instrument 2016/785 dated 17 December 2016 (Instrument).
Under the Deed, each entity in the Group guarantees to each creditor payment in full of any debt in the event of
winding up of any of the entities under certain provisions of the Corporations Act. In the event of a winding up of an
entity under other provisions of the Corporations Act, the other entities in the Group will only be liable to make up
any shortfall of funds if after six months any creditor has not been paid in full. The effect of the covenants given by
the entities under the Deed is to make the Company Group akin to a single legal entity from a financial perspective.
Closed Group:
Northern Star Resources Limited;
Northern Star (Kanowna) Pty Limited;
•
•
• Gilt-Edged Mining Pty Limited;
Kundana Gold Pty Limited;
•
Northern Star (HBJ) Pty Ltd;
•
Northern Star (Holdings) Pty Ltd;
•
Northern Star (South Kalgoorlie) Pty Ltd;
•
Northern Star Mining Services Pty Limited; and
•
Northern Star (KLV) Pty Limited;
•
Extended Closed Group:
• GKL Properties Pty Limited;
•
•
•
•
•
•
•
EKJV Management Pty Limited;
Northern Star (Tanami) Pty Ltd;
Northern Star (Western Tanami) Pty Limited;
Northern Star (Bronzewing) Pty Ltd;
Northern Star (Yandal Consolidated) Pty Ltd;
Northern Star (Echo Mining) Pty Ltd; and
Northern Star (MKO) Pty Ltd;
156
The above companies represent an 'extended closed group' for the purposes instrument 2016/785, which represent
the entities who are parties to the deed of cross guarantee and which are controlled by Northern Star Resources
Limited.
The consolidated statement of profit or loss and other comprehensive income and statement of financial position for
the closed group is materially consistent with those of the consolidated entity.
24 Parent entity financial information
(a) Summary financial information
The individual financial statements for the parent entity, Northern Star Resources Limited, show the following
aggregate amounts:
Balance sheet
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
30 June
2020
$'000
30 June
2019
$'000
766,328
1,974,736
2,741,064
(405,218)
(746,246)
(1,151,464)
291,609
702,319
993,928
(61,060)
(310,897)
(371,957)
Parent entity financial information
(a) Summary financial information (continued)
Shareholders' equity
Issued capital
Reserves
Financial assets at fair value through OCI
Share-based payments
Share of other comprehensive income of associates and joint ventures
accounted for using the equity method
Retained earnings
Profit for the year
Total comprehensive income
1,323,900
473,708
(15,114)
10,385
244
270,184
(6,601)
38,549
59
116,256
1,589,599
621,971
86,269
325,081
78,227
312,830
(b) Guarantees entered into by the parent entity
Refer to note 23 for details of guarantees entered into by the parent entity in relation to the debts of its subsidiaries.
(c) Contingent liabilities of the parent entity
Refer to note 16 for details of contingent liabilities relating to the parent entity as at 30 June 2020 or 30 June 2019. For
information about guarantees given by the parent entity, please see above.
(d) Contractual commitments for the acquisition of property, plant or equipment
Refer to note 17 for commitments of the Group for the acquisition of property, plant and equipment as at 30 June
2020 or 30 June 2019.
(e) Determining the parent entity financial information
157
The financial information for the parent entity, Northern Star Resources Limited, has been prepared on the same
basis as the consolidated financial statements, except as set out below.
(i)
Investments in subsidiaries, associates and joint venture entities
Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the financial statements
of Northern Star Resources Limited.
(ii)
Tax consolidation legislation
Northern Star Resources Limited and its wholly-owned Australian controlled entities have implemented the tax
consolidation legislation.
The head entity, Northern Star Resources Limited, and the controlled entities in the tax consolidated Group account
for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax
consolidated Group continues to be a stand-alone taxpayer in its own right.
In addition to its own current and deferred tax amounts, Northern Star Resources Limited also recognises the current
tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed
from controlled entities in the tax consolidated Group.
The entities have also entered into a tax funding agreement under which the wholly-owned entities fully
compensate Northern Star Resources Limited for any current tax payable assumed and are compensated by
Northern Star Resources Limited for any current tax receivable and deferred tax assets relating to unused tax losses
or unused tax credits that are transferred to Northern Star Resources Limited under the tax consolidation legislation.
The funding amounts are determined by reference to the amounts recognised in the wholly-owned entities’
financial statements.
The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice
from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity
may also require payment of interim funding amounts to assist with its obligations to pay tax instalments.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current
amounts receivable from or payable to other entities in the Group.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Parent entity financial information
25 Summary of significant accounting policies
(e) Determining the parent entity financial information (continued)
(ii)
Tax consolidation legislation (continued)
Any difference between the amounts assumed and amounts receivable or payable under the tax funding
agreement are recognised as a contribution to (or distribution from) wholly-owned tax consolidated entities.
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated
financial statements to the extent they have not already been disclosed in the other notes above. These policies
have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for
the Group consisting of Northern Star Resources Limited and its subsidiaries.
(a) Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001.
Northern Star Resources Limited is a for-profit entity for the purpose of preparing the financial statements.
(i) Compliance with IFRS
Compliance with Australian Accounting Standards ensures that the financial statements and notes of the Company
and the Group complies with international financial reporting standards (IFRS).
(ii) Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
•
financial assets at fair value through other comprehensive income, financial assets and liabilities (including
derivative instruments); and
(iii) New and amended standards adopted by the group
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
With the exception of AASB 2018-6 Amendments to Australian Accounting Standards - Definition of a Business, any
new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted. Refer to note 26 for details of changes to accounting policies in the current financial year.
Any significant impact of the accounting policies of the Group from the adoption of these Accounting Standards
and Interpretations are disclosed below.
158
(b) Principles of consolidation
(i)
Subsidiaries
159
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date
that control ceases.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Northern Star
Resources Limited ('Company' or 'parent entity') as at 30 June 2020 and the results of all subsidiaries for the year then
ended. Northern Star Resources Limited and its subsidiaries together are referred to in this financial report as the
Group or the consolidated entity.
(ii)
Joint arrangements
Under AASB 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. Northern Star Resources Limited has only joint operations. A joint operation is a
joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
Joint operations
Northern Star Resources Limited Limited recognises its direct right to the assets, liabilities, revenues and expenses of
joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have
been incorporated in the financial statements under the appropriate headings. Details of the joint operation are set
out in note 15(b).
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Summary of significant accounting policies
Summary of significant accounting policies
(b) Principles of consolidation (continued)
(iii) Changes in ownership interests
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with
equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts
of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference
between the amount of the adjustment to non-controlling interests and any consideration paid or received is
recognised in a separate reserve within equity attributable to owners of Northern Star Resources Limited.
When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint
control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in
carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of
subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any
amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in
other comprehensive income are reclassified to profit or loss.
(c) Foreign currency translation
(i)
Functional and presentation currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the
primary economic environment in which the entity operates ('the functional currency'). The consolidated financial
statements are presented in Australian dollar ($), which is Northern Star Resources Limited's functional and
presentation currency.
(d) Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises
the
160
•
•
•
•
•
fair values of the assets transferred
liabilities incurred to the former owners of the acquired business
equity interests issued by the Group
fair value of any asset or liability resulting from a contingent consideration arrangement, and
fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with
limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any
non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the
non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the:
•
•
•
consideration transferred,
amount of any non-controlling interest in the acquired entity, and
acquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the
fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss
as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to
their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate,
being the rate at which a similar borrowing could be obtained from an independent financier under comparable
terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability
are subsequently remeasured to fair value with changes in fair value recognised in profit or loss.
(d) Business combinations (continued)
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from
such remeasurement are recognised in profit or loss.
The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the
fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value
of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the
difference is recognised directly in profit or loss as a bargain purchase.
(e) Impairment of assets
At each reporting date, the Group reviews the carrying amounts of its tangible and other intangible assets to
determine whether there is any indication that those assets might be impaired. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any) which is
the amount by which the assets carrying value exceeds its recoverable amount. Where the asset does not generate
cash in-flows that are independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit (CGU) to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell (FVLCS) and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the estimates of
future cash flows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount
of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss
immediately.
Where an impairment loss subsequently reverses for assets other than goodwill, the carrying amount of the asset (or
CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised in profit or loss
immediately.
Estimates of quantities of recoverable minerals, production levels, operating costs and capital requirements are
sourced from out planning process, including the LOM plans, five-year plans, one-year budgets and CGU-specific
studies.
The determination of FVLCS for each CGU are considered to be Level 3 fair value measurements in both years, as
they are derived from valuation techniques that include inputs that are not based on observable market data. The
Group considers the inputs and the valuation approach to be consistent with the approach taken by market
participants.
(f)
Investments and other financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
•
•
those to be measured subsequently at fair value (either through OCI or through profit or loss), and
those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in
equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable
election at the time of initial recognition to account for the equity investment at fair value through other
comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
(ii) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at
fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the
financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
161
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Summary of significant accounting policies
26 Changes in accounting policies
(f)
Investments and other financial assets (continued)
(ii) Measurement (continued)
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash
flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its
debt instruments:
•
•
•
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate method. Any gain or loss arising on
derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign
exchange gains and losses. Impairment losses are presented as separate line item in the consolidated
statement of profit or loss.
FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the
assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in
the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest
income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss
and recognised in other gains/(losses). Interest income from these financial assets is included in finance income
using the effective interest rate method. Foreign exchange gains and losses are presented in other
gains/(losses) and impairment expenses are presented as separate line item in the consolidated statement of
profit or loss.
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a
debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
Equity instruments
162
The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected
to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair
value gains and losses to profit or loss following the derecognition of the investment. Dividends from such
investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments
is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the consolidated
statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
(iii)
Impairment
From 1 July 2019, the Group assesses on a forward looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The Group applies the simplified approach permitted by AASB 9,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
(g) Rounding of amounts
The Company is of a kind referred to ASIC Legislative Instrument 2016/191, relating to the 'rounding off' of amounts in
the financial statements. Amounts in the financial statements have been rounded off in accordance with the
instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
(h) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or
as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the taxation authority is included with other receivables or payables in the
Statement of Financial Position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
The accounting policies adopted by the Group in these consolidate financial statements are consistent with those
applied in its annual report for the year ended 30 June 2019 except for with regard to the following:
(a) AASB 16 Leases
The Group has adopted AASB 16 from 1 July 2019 using the modified retrospective method of adoption. The Group
has not restated comparatives for the reporting period as permitted under the specific transitional provisions in the
standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the
opening balance sheet on 1 July 2019. The new accounting policies are disclosed in note (9(b))
AASB 16 eliminates the distinction between operating and finance leases and brings all leases (other than short term
and low value leases) on to the balance sheet. As a lessee, the Group recognises a right-of-use asset representing its
right to use the underlying asset and a lease liability representing its obligation to make lease payments.
An assessment is made, at inception or when contract terms are changed, to determine whether the contract is, or
contains, a lease. A contract is or contains a lease if the contract conveys a right to control the use of an identified
asset for a period of time in exchange for consideration.
On adoption, the Group recognised lease liabilities in relation to leases which had previously been classified as
‘operating leases’ under the principles of AASB 117 Leases. These liabilities were measured at the present value of
the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 July 2019. The
weighted average lessee’s incremental borrowing rate applied to the lease liabilities on 1 July 2019 was 4 percent.
The impact on the statement of financial position as at 1 July 2019 on adoption of AASB 16 are noted below:
Assets
Right of use assets - buildings
Right of use assets - plant and equipment
Total right of use assets
Liabilities
Lease liability - current
Lease liability - Non-current
Total lease liability
The net impact on retained earnings on 1 July 2019 was a decrease of $2.32 million.
As at 1 July
2019
$'000
895
101,293
102,188
47,575
56,933
104,508
163
(b) AASB 2018-6 Amendments to Australian Accounting Standards - Definition of a Business
This Standard has been early adopted by the Group on 1 July 2019. This Standard amends AASB 3 Business
Combinations' definition of a business. To be considered a business, an acquisition would have to include an input
and a substantive process that together significantly contributes to the ability to create outputs. The new guidance
provides a framework to evaluate when an input and a substantive process are present.
The revisions to AASB 3 Business Combinations also introduced an optional concentration test. If the concentration
test is met, the set of activities and assets acquired is determined not to be a business combination and asset
acquisition accounting is applied. The concentration test is met if substantially all of the fair value of the gross assets
acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
This has been applied by the Group in the current financial year.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 FINANCIAL REPORT
FINANCIAL REPORT
Directors' Declaration
Independent auditor’s report to the members
DIRECTORS’ DECLARATION
In the Directors' opinion:
(a) The financial statements and notes set out on pages 105 to 163 are in accordance with the
Corporations Act 2001, including:
(i) Complying with Accounting Standards, the Corporations Regulations 2001 and other
mandatory, professional reporting requirements; and
(ii) Giving a true and fair view of the consolidated entity's financial position as at 30 June 2020
and of its performance for the year ended on that date; and
(b) There are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable; and
(c) At the date of this declaration, there are reasonable grounds to believe that the members of the
extended closed group identified in note 23 will be able to meet any obligations or liabilities to
which they are, or may become, subject by the virtue of the deed of cross guarantee described
in note 23.
Note 25(a) confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
The Directors have been given the declarations by the Chief Executive Officer and Chief Financial
Officer required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of Directors.
164
BILL BEAMENT
Executive Chair
Northern Star Resources Limited
18 August 2020
ABN: 43 092 832 892
Registered Office: Level 1, 388 Hay Street, Subiaco 6008, Western Australia
PO Box 2008, Subiaco 6904, Western Australia
Tel: +61 8 6188 2100 Fax: +61 8 6188 2111 Email: info@nsrltd.com Web: www.nsrltd.com
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Tower 2, Brookfield Place
123 St Georges Terrace
Perth WA 6000
GPO Box A46
Perth WA 6837 Australia
Tel: +61 8 9365 7000
Fax: +61 8 9365 7001
www.deloitte.com.au
Independent Auditor’s Report to the members of
Northern Star Resources Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Northern Star Resources Limited (the “Company”) and its
subsidiaries (the “Group”) which comprises the consolidated statement of financial position as at 30
June 2020, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity, and the consolidated statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant
the directors’ declaration.
accounting policies and other explanatory
information, and
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
165
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2020 and of its
financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards ) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance
with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has
been given to the directors of the Company, would be in the same terms if given to the directors as
at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the financial report for the current period. These matters were addressed in the
context of our audit of the financial report as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte Network.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
FINANCIAL REPORT
FINANCIAL REPORT
Independent auditor’s report to the members (continued)
Independent auditor’s report to the members (continued)
Key Audit Matter
Acquisition of Kalgoorlie Consolidated
Gold Mines Pty Ltd (KCGM)
Effective 3 January 2020, the Group obtained
a 50%
for a total
consideration of US$775.0 million as disclosed
in Note 13.
in KCGM,
interest
judgement was
Significant
in
assessing the appropriateness of the allocation
to certain
of consideration
identifiable assets acquired, and liabilities
assumed, including:
transferred
required
166
•
•
•
•
non-current ore stockpiles which relies
upon judgements in relation to ore
volumes
future
processing costs, future gold price
estimates
rate
assumptions;
discount
grades,
and
and
assessment
property, plant and equipment which
requires
value
allocation between certain asset
classes, judgements relating to useful
lives and assumed residual values;
of
the provision for rehabilitation, which
is dependent upon forecasted closure
estimates,
future
rehabilitation activity, inflation and
discount rate assumptions; and
timing
of
the impact of the transaction on
associated tax balances, including the
deferred tax impact on reset cost
bases.
How the scope of our audit responded to
the Key Audit Matter
Our procedures, included but were not limited
to:
•
•
•
•
reviewing the board approved purchase
contract to understand the nature of the
acquisition and the consideration payable;
obtaining a copy of management’s experts’
valuation report commissioned to determine
the fair values of the assets and liabilities
associated with the acquisition;
assessing the independence, competence
and objectivity of management’s experts;
assessing
internal
valuations specialists the identification of
assets acquired, and liabilities assumed and
the appropriateness of the methodologies and
assumptions utilised by management and
their experts in relation to the following:
in conjunction with
• Non-Current Ore Stocks; assessing
the forecast gold price, future
processing costs, ore grades and ore
volumes, expected timing of
processing, and discount rate
assumptions applied as well as the
overall methodology adopted to
valuing inventory;
Property, plant and equipment:
assessing the methodologies applied
in valuing assets and the resulting
valuations adopted having regard to
asset condition, age, useful life and
life of mine;
•
• Rehabilitation Provision: agreeing
rehabilitation cost estimates to
underlying closure estimates and
assessing the assumptions applied to
determining the liability at
acquisition.
•
assessing the calculation of taxes payable and
the recognition of deferred tax balances on
the transaction with assistance from internal
tax specialists.
We also assessed the appropriateness of the
disclosures included in Note 13 to the financial
statements.
Accounting for mine properties
As at 30 June 2020, the carrying value of mine
properties amounts to $1,018.5 million as
disclosed in Note 9(d).
For the allocation of mining costs our procedures
included, but were not limited to:
The carrying value has increased by $662.2
million during the year due to $237.2 million
capital expenditure, acquired mine
of
properties of $611.2 million, offset by related
•
obtaining an understanding and testing of
the key controls management has in
place in relation to the capitalisation of
underground mining expenditure and the
amortisation expenses of $219.5 million.
for underground mining
The accounting
operations includes a number of estimates and
judgements, including:
•
•
•
the allocation of mining costs between
operating and capital expenditure;
and
determination of
the units of
production used to amortise mine
properties.
production of physical underground
mining data; and
assessing the appropriateness of the
allocation of costs between operating and
capital expenditure based on the nature
of
and
recalculating the allocation based on the
underlying physical data.
underlying
activity,
the
For the Group’s unit of production amortisation
calculations our procedures included, but were
not limited to:
A key driver of the allocation of costs between
operating and capital expenditure is the
physical mining data associated with the
different underground mining activities
including the development of declines, lateral
and vertical development, as well as capital
non-sustaining costs.
•
•
•
obtaining an understanding of the key
controls management has in place in
relation to the calculation of the unit of
production amortisation rate;
testing the mathematical accuracy of the
rates applied; and
agreeing
inputs
the
documentation, including:
-
source
to
to
the
contained ounces
the allocation of contained ounces to
the specific mine properties;
the
applicable reserves statement; and
the
development
expenditure to life of mine models.
for
These
were
to
reasonableness
historical development expenditure
for the respective operations.
assessed
compared
anticipated
-
-
167
We also assessed the appropriateness of the
disclosures included in Note 9(d) to the financial
statements.
Rehabilitation provision
As at 30 June 2020 a rehabilitation provision
of $448.4 million has been recognised as
disclosed in Note 9(h).
Our procedures included, but were not limited
to:
Judgement is required in the determination of
the rehabilitation provision, including:
•
•
rehabilitation
assumptions relating to the manner in
which
be
undertaken; and
scope and quantum of costs, and
timing of the rehabilitation activities.
will
•
•
•
•
•
•
obtaining an understanding of the key
controls management has in place to
estimate the rehabilitation provision;
agreeing rehabilitation cost estimates to
underlying support,
including where
applicable reports from external experts;
assessing the independence,
competence and objectivity of experts
used by management;
confirming the closure and related
rehabilitation dates are consistent with
the latest estimates of life of mines;
comparing the inflation and discount
rates to available market information;
and
testing the mathematical accuracy of the
rehabilitation provision.
We also assessed the appropriateness of the
disclosures included in Note 9(h) to the financial
statements.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020
FINANCIAL REPORT
FINANCIAL REPORT
Independent auditor’s report to the members (continued)
Independent auditor’s report to the members (continued)
168
Other Information
The directors are responsible for the other information. The other information comprises the
information included in the Group’s annual report for the year ended 30 June 2020 but does not
include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of
the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as
intentional omissions,
involve collusion,
fraud may
misrepresentations, or the override of internal control.
forgery,
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
•
•
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the director’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the financial report.
We are responsible for the direction, supervision and performance of the Group’s audit. We
remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
169
We have audited the Remuneration Report included in pages 66 to 97 of the Director’s Report for
the year ended 30 June 2020.
In our opinion, the Remuneration Report of Northern Star Resources Limited, for the year ended 30
June 2020, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
DELOITTE TOUCHE TOHMATSU
D K Andrews
Partner
Chartered Accountants
Perth, 18 August 2020
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 S
c
h
e
d
u
e
l
T
e
n
e
m
e
n
t
TENEMENT SChEdULE
TENEMENT SChEdULE
The below table sets out the mining tenements held by the Company and its subsidiaries, the location and the
percentage interest held as at 30 June 2020, in accordance with ASX Listing Rule 5.20.
172
TENEMENT
E27/278
E27/438
E27/491
E27/520
E27/548
E27/579
E28/1746
E28/2483
E28/2586
E27/569
E08/2499
E08/2659
E08/2755 (A)
E08/3189 (A)
E47/3305
L08/103
L08/168
L08/169
P08/653
EL24177
EL25171
EL27590
EL29595
E36/593
E36/667
E36/715
E36/749
E36/810
E36/826
E36/838
E36/847
E36/862
E36/884
E36/890
E36/900
E36/917
E36/943
E36/982 (A)
E36/992 (A)
E37/1200
E37/1313
E37/846
E37/847
E37/848
E53/1042
E53/1405
E53/1430
E53/1472
E53/1546
E53/1736
E53/1830
E53/1847
E53/1855
E53/1867
E53/1874
E53/1954
L36/100
L36/106
L36/107
L36/111
L36/112
L36/127
L36/176
L36/183
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
75%
75%
75%
75%
75%
75%
75%
75%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Acra - Kalgoorlie
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Ashburton -
Ashburton
Boulder Ridge -
Tanami
Boulder Ridge -
Tanami
Boulder Ridge -
Tanami
Boulder Ridge -
Tanami
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
L36/184
L36/185
L36/186
L36/190
L36/192
L36/200
L36/204
L36/205
L36/219
L36/229 (A)
L36/232
L36/233 (A)
L36/234 (A)
L36/235
L36/55
L36/62
L36/82
L36/84
L36/98
L37/218
L37/219
L53/133
L53/162
L53/203
L53/204
L53/206
L53/220 (A)
L53/221 (A)
L53/223 (A)
L53/224 (A)
L53/227 (A)
L53/57
M36/107
M36/146
M36/200
M36/201
M36/202
M36/203
M36/244
M36/263
M36/295
M36/615
M37/1338 (A)
M37/1344 (A)
M53/1080
M53/1099
M53/144
M53/145
M53/149
M53/15
M53/160
M53/170
M53/183
M53/186
M53/220
M53/379
M53/434
M53/631
M53/721
P36/1839
P36/1840
P36/1841
P36/1842
P36/1843
P36/1844
P36/1845
P36/1846
P36/1847
P36/1848
P36/1849
P36/1850
P36/1851
P53/1622
P53/1623
P53/1649
P53/1650
INTEREST PROJECT &
LOCATION
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Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
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Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
TENEMENT
P53/1651
P53/1652
P53/1653
P53/1654
P53/1655
P53/1656
P53/1657
P53/1658
P53/1659
P53/1661
P53/1662
P53/1663
P53/1664
P53/1665
P53/1706 (A)
EL24174
EL24193
EL26270
EL26286
EL26498
EL26541
EL26635
EL29592
L16/57
L16/75
L16/92
M16/531
M16/548
M24/970 (A)
P16/2973
P16/2974
P16/2975
P16/2976
P16/2977
P16/2997
P16/3002
P16/3003
P16/3004
P16/3005
P16/3006
P16/3007
P16/3248 (A)
P16/3249 (A)
P16/3250 (A)
P16/3258 (A)
P24/4602
P24/4629
P24/4630
P24/4688
P24/4760
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Bronzewing
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Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Bronzewing
Browns Range -
Tanami
Browns Range -
Tanami
Browns Range -
Tanami
Browns Range -
Tanami
Browns Range -
Tanami
Browns Range -
Tanami
Browns Range -
Tanami
Browns Range -
Tanami
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
P24/4761
P24/4762
P24/4763
P24/4767
P24/4768
P24/4769
P24/4807
P24/4814
P24/4815
P24/4889
P24/4890
P24/4891
P24/4894
P24/4898
P24/4899
P24/4907
P24/4964
P24/4965
P24/5022
P24/5099
P24/5100
P24/5101
P24/5102
P24/5107
P24/5121
P24/5122
P24/5123
P24/5124
P24/5186
P24/5229
P24/5230
P24/5231
P24/5232
P24/5233
P24/5241
P24/5242
P24/5243
P24/5248
P24/5343
P24/5358
P24/5359
P24/5361 (A)
P24/5374 (A)
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
173
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
174
TENEMENT
P24/5375 (A)
P24/5376 (A)
P24/5377 (A)
M24/972
P24/4603
P24/4637
P24/4684
P24/4685
P24/4686
P24/5296
P24/5297
EL10355
EL10411
EL22229
EL22378
EL23342
EL9763
EL26925
EL26926
EL28474
EL32149 (A)
EL8797
MLS119
MLS120
MLS121
MLS122
MLS123
MLS124
MLS125
MLS126
MLS127
MLS128
MLS129
MLS130
MLS131
MLS132
MLS133
MLS153
MLS167
MLS168
MLS180
EL32149 (A)
E51/1391
E51/1837
E51/1838
M15/1413
M15/993
M16/181
M16/182
M16/308
M16/309
M16/325
M16/326
M16/421
M16/428
M24/924
E08/1650
EL22061
40%
40%
40%
40%
40%
40%
100%
100%
100%
Holder
Holder
Holder
NST STATUS
Holder & Earning-in
Holder & Earning-in
Holder & Earning-in
Holder & Earning-in
Holder & Earning-in
Holder & Earning-in
Holder & Earning-in
100%
100%
100%
100%
100%
100%
100%
100%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
30%
INTEREST PROJECT &
LOCATION
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carbine Zuleika -
Kalgoorlie
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Carnage - Kalgoorlie Holder
Cave Hill - Tanami
JV
Cave Hill - Tanami
JV
Cave Hill - Tanami
JV
Cave Hill - Tanami
JV
Cave Hill - Tanami
JV
Cave Hill - Tanami
JV
Cave Hill - Tanami
JV
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Central - Tanami JV Holder & Earning-in
Holder & Farm-Out
Cheroona - East
Murchison
Cheroona - East
Murchison
Cheroona - East
Murchison
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
East Kundana JV -
Kalgoorlie
Electric Dingo -
Ashburton
Farrands Hill -
Tanami JV
Holder & Earning-in
Holder & Farm-Out
Holder & Farm-Out
100%
40%
49%
49%
51%
51%
51%
51%
51%
51%
51%
51%
51%
51%
51%
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder & Production Joint
Venture
Holder
TENEMENT
EL9843
E08/2000
E08/2065
E08/2114
E47/1773
E47/2236
EL23932
EL25009
EL27367
EL29593
EL31799
ML22934
E53/1872
E53/1922
E53/1923
E53/1938
E53/1939
E53/1976
E53/1977
G53/20
L53/100
L53/102
L53/112
L53/113
L53/117
L53/136
L53/137
L53/138
L53/142
L53/143
L53/153
L53/169
L53/174
L53/213
L53/52
L53/60
L53/68
L53/69
L53/70
L53/71
L53/72
L53/73
L53/75
L53/99
L53/209
40%
100%
100%
100%
100%
100%
66.66%
66.66%
66.66%
66.66%
66.66%
100%
100%
100%
100%
100%
40%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Farrands Hill -
Tanami JV
FMG JV -
Ashburton
FMG JV -
Ashburton
FMG JV -
Ashburton
FMG JV -
Ashburton
FMG JV -
Ashburton
Gardiner - Tanami
Gardiner - Tanami
Gardiner - Tanami
Gardiner - Tanami
Gardiner - Tanami
Groundrush -
Tanami JV
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder & Earning-in
Earning-In
Earning-In
Earning-In
Earning-In
Earning-In
Holder
Holder
Holder
Holder
Holder
Holder & Earning-in
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
TENEMENT
L53/210
M53/155
M53/156
M53/182
M53/191
M53/192
M53/196
M53/197
M53/198
M53/199
M53/221
M53/226
M53/228
M53/229
M53/230
M53/235
M53/236
M53/237
M53/245
M53/246
M53/247
M53/248
M53/249
M53/250
M53/326
M53/347
M53/372
M53/412
M53/413
M53/414
M53/441
M53/446
M53/451
M53/452
M53/461
M53/477
M53/478
M53/479
M53/480
M53/492
M53/535
M53/536
M53/537
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
M53/538
M53/539
M53/540
M53/541
M53/552
M53/588
M53/589
M53/611
M53/707
M53/708
M53/711
M53/712
M53/836
M53/874
M53/895
M53/911
M53/929
M53/935
M53/940
M53/966
P53/1672
E36/578
E36/673
E36/698
E53/1373
M53/294
M53/295
M53/296
M53/297
M53/393
M53/544
M53/547
M53/555
M27/181
E27/457
E27/542
E27/557
E27/587
E27/599
E27/589
E31/1159
L26/198
L27/49
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee - East
Murchison
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Jundee JV -
Bronzewing
Kalbara JV -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
70%
70%
70%
70%
70%
70%
70%
70%
71.35%
100%
100%
100%
100%
100%
100%
100%
100%
100%
70%
70%
70%
70%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder & Earning-In
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
175
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NST STATUS
176
TENEMENT
L27/50
L27/51
L27/60
L27/61
L27/62
L27/83
L27/87
M24/640
M27/103
M27/122
M27/123
M27/127
M27/128
M27/133
M27/157
M27/159
M27/164
M27/175
M27/18
M27/182
M27/191
M27/197
M27/198
M27/202
M27/219
M27/22
M27/228
M27/23
M27/232
M27/245
M27/272
M27/287
M27/37
M27/378
M27/406
M27/420
M27/438
M27/487
M27/49
M27/496
M27/53
M27/57
M27/63
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
40%
TENEMENT SChEdULE
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
M27/92
P26/4191 (A)
P26/4192 (A)
P26/4193 (A)
P26/4194 (A)
P27/2222
P27/2223
P27/2302
P27/2303
P27/2258
P27/2209
P27/2215
P27/2316
P27/2317
P27/2319
P27/2375
M27/114
M27/196
M27/41
M27/415
M27/47
M27/493
M27/494
M27/498 (A)
M27/499
M27/495
M27/72
M27/73
P26/4190
P26/4195
P27/1826
P27/1827
P27/1829
G24/24
G24/25
G24/26
G24/27
G24/28
G24/29
G24/30
G24/31
G24/32
G24/33
G24/40
G26/100
G26/101
G26/102
G26/103
G26/104
G26/105
G26/106
G26/107
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
89.94%
89.94%
89.94%
89.94%
89.94%
INTEREST PROJECT &
LOCATION
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
Kanowna West JV -
Kalgoorlie
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
89.94%
89.94%
89.94%
89.94%
89.94%
89.94%
89.94%
89.94%
89.94%
89.94%
100%
100%
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-in
Holder & Earning-in
Holder & Earning-in
NST STATUS
INTEREST PROJECT &
LOCATION
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
TENEMENT SChEdULE
TENEMENT
G26/84
G26/85
G26/86
G26/88
G26/9
G26/99
L15/154
L15/155
L15/159
L24/105
L24/147
L24/151
L24/197
L26/100
L26/101
L26/102
L26/104
L26/107
L26/109
L26/114
L26/115
L26/116
L26/117
L26/118
L26/125
L26/126
L26/127
L26/130
L26/131
L26/132
L26/133
L26/134
L26/135
L26/140
L26/149
L26/151
L26/156
L26/159
L26/160
L26/161
L26/163
L26/172
L26/18
L26/180
L26/181
L26/182
L26/184
L26/185
L26/186
L26/19
L26/191
L26/192
L26/193
L26/205
L26/216
L26/217
L26/254
L26/267
L26/282
L26/283
L26/284
L26/63
L26/64
L26/77
L26/80
L26/81
L26/82
L26/83
L26/84
L26/85
L26/88
L26/89
L26/90
L26/91
L26/92
L26/94
L26/96
L27/36
L27/38
M24/462
M26/113
M26/120
NST STATUS
INTEREST PROJECT &
LOCATION
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
177
TENEMENT
G26/108
G26/109
G26/110
G26/111
G26/112
G26/113
G26/114
G26/115
G26/116
G26/117
G26/118
G26/119
G26/129
G26/130
G26/131
G26/132
G26/133
G26/134
G26/135
G26/136
G26/137
G26/138
G26/139
G26/14
G26/140
G26/141
G26/142
G26/143
G26/144
G26/145
G26/146
G26/147
G26/148
G26/149
G26/15
G26/150
G26/159
G26/160
G26/165
G26/166
G26/17
G26/31
G26/42
G26/44
G26/45
G26/46
G26/47
G26/48
G26/49
G26/50
G26/51
G26/52
G26/53
G26/54
G26/55
G26/56
G26/57
G26/58
G26/59
G26/60
G26/61
G26/62
G26/63
G26/64
G26/65
G26/66
G26/67
G26/68
G26/69
G26/70
G26/71
G26/72
G26/73
G26/74
G26/75
G26/76
G26/77
G26/78
G26/8
G26/81
G26/82
G26/83
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 178
TENEMENT
M26/131
M26/150
M26/155
M26/233
M26/261
M26/264
M26/266
M26/267
M26/268
M26/27
M26/294
M26/308
M26/311
M26/316
M26/326
M26/353
M26/359
M26/365
M26/373
M26/375
M26/376
M26/377
M26/379
M26/382
M26/383
M26/388
M26/39
M26/396
M26/40
M26/404
M26/405
M26/416
M26/418
M26/432
M26/448
M26/451
M26/454
M26/459
M26/46
M26/462
M26/463
M26/489
M26/495
M26/496
M26/503
M26/504
M26/505
M26/511
M26/518
M26/519
M26/520
M26/521
M26/522
M26/523
M26/524
M26/525
M26/526
M26/527
M26/528
M26/529
M26/530
M26/532
M26/533
M26/54
M26/550
M26/552
M26/557
M26/56
M26/573
M26/575
M26/577
M26/58
M26/581
M26/589
M26/60
M26/61
M26/611
M26/612
M26/615
M26/622
M26/625
M26/626
NST STATUS
INTEREST PROJECT &
LOCATION
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
TENEMENT SChEdULE
TENEMENT
M26/630
M26/631
M26/645
M26/646
M26/648
M26/661
M26/662
M26/708
M26/713
M26/715
M26/724
M26/725
M26/738
M26/744
M26/745
M26/746
M26/747
M26/748
M26/760
M26/761
M26/778
M26/78
M26/784
M26/785
M26/800
M26/803
M26/843 (A)
M26/845 (A)
M26/856 (A)
M26/81
M26/83
M26/86
M26/87
M26/95
M26/96
P26/3350
P26/3351
P26/3352
P26/3353
P26/3354
P26/3355
P26/3356
P26/3357
P26/3669
P26/3670
P26/3671
P26/3779
P26/3780
P26/3876
P26/3972
P26/3976
P26/3978
P26/4144
P26/4145
P26/4146
P26/4157
P26/4223
P26/4224
P26/4225
P26/4226
P26/4307 (A)
M27/497
E24/152
E24/153
E24/206
E26/140
E26/194
E26/197
E26/198
E26/199
E26/200
E24/213
NST STATUS
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
80%
100%
INTEREST PROJECT &
LOCATION
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
KGM JV Operations Holder
Holder
KRGP - Kalgoorlie
Holder
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
100%
100%
100%
100%
100%
100%
100%
100%
100%
TENEMENT
L16/104
L16/105
L16/106
L16/38
L16/39
L16/69
L16/123 (A)
L24/205
L24/206
M15/1351
M15/669
M16/157
M16/260
M16/366
M16/367
M16/408
M16/436
M16/438
M16/440
M16/441
M16/72
M16/73
M16/74
M16/75
M16/87
M16/97
M24/142
M24/435
M24/606
M24/626
M26/680
M26/681
M26/687
M26/688
P16/3032
P24/4969
P24/4970
P24/4971
P24/4972
M08/191
M08/192
M08/193
E52/1941
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Kundana -
Kalgoorlie
Mt Clement -
Ashburton
Mt Clement -
Ashburton
Mt Clement -
Ashburton
Mt Olympus -
Ashburton
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
20%
20%
20%
100%
100%
100%
TENEMENT SChEdULE
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Free-Carried Interest
Free-Carried Interest
Free-Carried Interest
Holder
E52/3024
E52/3025
M52/639
M52/640
M52/734
M52/735
E08/1649
E08/1745
E08/2555
E08/2556
E08/2558
E08/2559
E08/2560
E08/2655
E08/2791
E47/1553
E47/3396
L08/113
L08/12
L08/13
L08/14
L08/15
L08/81
L08/91
L08/92
M08/196
M08/222
M08/515
M08/99
P47/1637
E53/1729
E53/1742
E53/1759
E53/1890
E15/1211
E15/1508
E15/985
E15/1745 (A)
E24/148
E26/122
E26/139
E26/206
E26/213
L15/221
L26/122
L26/123
L26/233
L26/260
L26/273
L26/276
M15/456
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
INTEREST PROJECT &
LOCATION
Mt Olympus -
Ashburton
Mt Olympus -
Ashburton
Mt Olympus -
Ashburton
Mt Olympus -
Ashburton
Mt Olympus -
Ashburton
Mt Olympus -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Paulsens -
Ashburton
Sorrento JV -
Bronzewing
Sorrento JV -
Bronzewing
Sorrento JV -
Bronzewing
Sorrento JV -
Bronzewing
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
70%
70%
70%
70%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
179
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 180
TENEMENT
M15/469
M15/533
M15/663
M15/717
M15/724
M15/726
M15/740
M15/753
M15/937
M15/938
M15/1842
M26/118
M26/132
M26/143
M26/204
M26/224
M26/245
M26/328
M26/452
M26/458
M26/482
M26/567
M26/782
P26/4019
P15/6009
P15/6403
P15/6404
P26/4158
P26/4159
P26/4160
P26/4161
P26/4162
P26/4163
P26/4164
P26/4165
P26/4359
EL28282
EL32163 (A)
EL32164 (A)
EL25157 (A)
EL25158 (A)
EL25159 (A)
EL25160 (A)
EL28868 (A)
EL29619 (A)
EL29621 (A)
EL30132 (A)
EL31796 (A)
EL31797 (A)
EL31798 (A)
EL31799
EL32163 (A)
EL32164 (A)
M16/213
M16/214
M16/218
M16/310
E80/1481
E80/1483
E80/1737
E80/3388
E80/3389
E80/3665
E80/5039
L80/45
L80/46
L80/51
M80/559
M80/560
M80/561
M80/563
M80/645 (A)
P80/1840
P80/1841
ADL416949
ADL518091
ADL560607
ADL560608
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
40%
INTEREST PROJECT &
LOCATION
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
South Kalgoorlie
Suplejack - Tanami
JV
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
Tanami
West Kundana JV -
Kalgoorlie
West Kundana JV -
Kalgoorlie
West Kundana JV -
Kalgoorlie
West Kundana JV -
Kalgoorlie
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Western Tanami
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
75.50%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
75.50%
75.50%
75.50%
TENEMENT SChEdULE
TENEMENT SChEdULE
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder & Earning-in
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder & Earning-In
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL560609
ADL560610
ADL560611
ADL560612
ADL560613
ADL560614
ADL560615
ADL560616
ADL560617
ADL560618
ADL560619
ADL560620
ADL560627
ADL560632
ADL560638
ADL560643
ADL561509
ADL561510
ADL562399
ADL562400
ADL562401
ADL562402
ADL562403
ADL562404
ADL562405
ADL562406
ADL562407
ADL562408
ADL562409
ADL562410
ADL562411
ADL562412
ADL562413
ADL562414
ADL562415
ADL562416
ADL562417
ADL562418
ADL562419
ADL562420
ADL562421
ADL562422
ADL562423
ADL562424
ADL562425
ADL562426
ADL562428
ADL562429
ADL562430
ADL562431
ADL562432
ADL562433
ADL562434
ADL562435
ADL562436
ADL562437
ADL562438
ADL562439
ADL562440
ADL562441
ADL562442
ADL562443
ADL562444
ADL562445
ADL562447
ADL562449
ADL562455
ADL562456
ADL562457
ADL562463
ADL562464
ADL562465
ADL562466
ADL562467
ADL562468
ADL562469
ADL562470
ADL562471
ADL562472
ADL562473
ADL562474
ADL562475
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL563614
ADL563615
ADL563616
ADL563617
ADL563618
ADL563619
ADL563620
ADL563621
ADL563622
ADL563623
ADL563624
ADL563625
ADL563626
ADL563627
ADL563628
ADL563629
ADL563630
ADL563631
ADL563632
ADL563633
ADL563634
ADL563635
ADL563636
ADL563637
ADL563638
ADL563639
ADL563641
ADL563642
ADL563643
ADL563644
ADL563855
ADL563856
ADL563857
ADL563858
ADL563859
ADL563860
ADL563861
ADL563862
ADL563863
ADL563864
ADL563865
ADL563866
ADL563867
ADL563868
ADL563869
ADL563870
ADL563871
ADL563872
ADL563873
ADL563874
ADL563875
ADL563876
ADL563877
ADL563878
ADL563879
ADL565313
ADL565314
ADL565315
ADL565316
ADL565317
ADL565318
ADL565319
ADL565320
ADL565321
ADL565322
ADL565323
ADL565324
ADL565325
ADL565326
ADL565327
ADL565328
ADL565329
ADL565330
ADL565331
ADL565332
ADL565333
ADL565334
ADL565335
ADL565336
ADL565337
ADL565338
ADL565339
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL565340
ADL565341
ADL565342
ADL565343
ADL565344
ADL565345
ADL565346
ADL565347
ADL565348
ADL565349
ADL565350
ADL565351
ADL565352
ADL565353
ADL565354
ADL565355
ADL565356
ADL565357
ADL565374
ADL565375
ADL565376
ADL565377
ADL565378
ADL565379
ADL565380
ADL565381
ADL565382
ADL565383
ADL565384
ADL565385
ADL565386
ADL565387
ADL565388
ADL565389
ADL565390
ADL565391
ADL565392
ADL565393
ADL565394
ADL565395
ADL565396
ADL565397
ADL565398
ADL565399
ADL565400
ADL565401
ADL565402
ADL565403
ADL565404
ADL565405
ADL565406
ADL565407
ADL565408
ADL565409
ADL565410
ADL565411
ADL565412
ADL565413
ADL565414
ADL565415
ADL565416
ADL565417
ADL565418
ADL565419
ADL565420
ADL565421
ADL565422
ADL565423
ADL565424
ADL565425
ADL565426
ADL565427
ADL565428
ADL565429
ADL565430
ADL565431
ADL565432
ADL565433
ADL565434
ADL565435
ADL565436
ADL565437
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
181
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
182
TENEMENT
ADL565438
ADL565439
ADL565440
ADL565441
ADL565442
ADL565443
ADL565444
ADL565445
ADL565446
ADL565932
ADL565937
ADL565938
ADL565939
ADL565940
ADL565941
ADL568819
ADL568820
ADL568821
ADL568822
ADL568823
ADL568824
ADL568825
ADL568826
ADL568827
ADL568828
ADL568829
ADL568830
ADL568831
ADL568832
ADL568833
ADL568834
ADL568835
ADL568836
ADL568837
ADL568838
ADL568839
ADL568840
ADL568841
ADL568842
ADL568843
ADL568844
ADL568845
ADL568846
ADL568847
ADL568848
ADL568849
ADL568850
ADL568851
ADL568852
ADL568853
ADL568854
ADL568855
ADL568856
ADL568857
ADL568858
ADL568859
ADL568860
ADL568861
ADL568862
ADL568863
ADL568864
ADL568865
ADL568866
ADL568867
ADL568868
ADL568869
ADL568870
ADL568871
ADL568872
ADL568873
ADL568874
ADL568875
ADL568876
ADL568877
ADL568878
ADL568879
ADL568880
ADL568881
ADL568882
ADL568883
ADL568884
ADL568885
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL568886
ADL568887
ADL568888
ADL568889
ADL568890
ADL568891
ADL568892
ADL568893
ADL568894
ADL568895
ADL568896
ADL568897
ADL568898
ADL568899
ADL568900
ADL568901
ADL568902
ADL568903
ADL568904
ADL568905
ADL568906
ADL568907
ADL568908
ADL568909
ADL568910
ADL568911
ADL568912
ADL568913
ADL568914
ADL568915
ADL568916
ADL568917
ADL568918
ADL568919
ADL568920
ADL568921
ADL568922
ADL568923
ADL568924
ADL568925
ADL568926
ADL568927
ADL568928
ADL568929
ADL568930
ADL568931
ADL568932
ADL568933
ADL568934
ADL568935
ADL568936
ADL568937
ADL568938
ADL568939
ADL568940
ADL568941
ADL568942
ADL568943
ADL568944
ADL568945
ADL568946
ADL568947
ADL568948
ADL568949
ADL568950
ADL568951
ADL568952
ADL568953
ADL568954
ADL568955
ADL568956
ADL568957
ADL568958
ADL568959
ADL568960
ADL568961
ADL568962
ADL568963
ADL568964
ADL568965
ADL568966
ADL568967
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL568968
ADL568969
ADL568970
ADL568971
ADL568972
ADL568973
ADL568974
ADL568975
ADL568976
ADL568977
ADL568978
ADL568979
ADL568980
ADL568981
ADL568982
ADL568983
ADL568984
ADL571902
ADL571903
ADL571904
ADL571905
ADL571906
ADL571907
ADL571908
ADL571909
ADL571910
ADL571911
ADL571912
ADL571913
ADL571914
ADL571915
ADL571916
ADL571917
ADL571918
ADL571919
ADL571920
ADL571921
ADL571922
ADL571923
ADL571924
ADL571925
ADL571926
ADL571927
ADL571928
ADL571929
ADL571930
ADL571931
ADL571932
ADL571933
ADL571934
ADL571935
ADL571936
ADL571937
ADL571938
ADL571939
ADL571940
ADL571941
ADL571942
ADL571943
ADL571944
ADL571945
ADL571946
ADL571947
ADL571948
ADL571949
ADL571950
ADL571951
ADL571952
ADL571953
ADL571954
ADL571955
ADL571956
ADL571957
ADL571958
ADL571959
ADL571960
ADL571961
ADL571962
ADL571963
ADL571964
ADL571965
ADL571966
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL571967
ADL571968
ADL571969
ADL571970
ADL571971
ADL571972
ADL571973
ADL571974
ADL571975
ADL571976
ADL571977
ADL571978
ADL571979
ADL571980
ADL571981
ADL571982
ADL571983
ADL571984
ADL571985
ADL571986
ADL571987
ADL571988
ADL571989
ADL571990
ADL571991
ADL571992
ADL571993
ADL571994
ADL571995
ADL571996
ADL571997
ADL571998
ADL571999
ADL572000
ADL572001
ADL572002
ADL572003
ADL572004
ADL572005
ADL572006
ADL572007
ADL572008
ADL572009
ADL572010
ADL572011
ADL572012
ADL572013
ADL572014
ADL572015
ADL572016
ADL572017
ADL572018
ADL572019
ADL572020
ADL572021
ADL572022
ADL572023
ADL572024
ADL572025
ADL572026
ADL572027
ADL572028
ADL572029
ADL572030
ADL572031
ADL572032
ADL572033
ADL572034
ADL572035
ADL572036
ADL572037
ADL572038
ADL572039
ADL572040
ADL572041
ADL572042
ADL572043
ADL572044
ADL572045
ADL572046
ADL572047
ADL572048
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
183
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
184
TENEMENT
ADL572049
ADL572050
ADL572051
ADL572052
ADL572053
ADL572054
ADL572055
ADL572056
ADL572057
ADL572058
ADL572059
ADL572060
ADL572061
ADL572062
ADL572063
ADL572064
ADL572065
ADL572066
ADL572067
ADL572068
ADL572069
ADL572070
ADL572071
ADL572072
ADL572073
ADL572074
ADL572075
ADL572076
ADL572077
ADL572078
ADL572079
ADL572080
ADL572081
ADL572082
ADL572083
ADL572084
ADL572085
ADL572086
ADL572087
ADL572088
ADL572089
ADL572090
ADL572091
ADL572092
ADL572093
ADL572094
ADL572095
ADL572096
ADL572097
ADL572098
ADL572099
ADL572100
ADL572101
ADL572102
ADL572103
ADL572104
ADL572105
ADL572106
ADL572107
ADL572108
ADL572109
ADL572110
ADL572111
ADL572112
ADL572113
ADL572114
ADL572115
ADL572116
ADL572117
ADL572118
ADL572119
ADL572120
ADL572121
ADL572122
ADL572123
ADL572124
ADL572125
ADL572126
ADL572127
ADL572128
ADL572129
ADL572130
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL572131
ADL572132
ADL572133
ADL572134
ADL572135
ADL572136
ADL572137
ADL572138
ADL572139
ADL572140
ADL572141
ADL572142
ADL572143
ADL572144
ADL572145
ADL572146
ADL572147
ADL572148
ADL572149
ADL572150
ADL572151
ADL572152
ADL572153
ADL572154
ADL572155
ADL572156
ADL572157
ADL572158
ADL572159
ADL572160
ADL572161
ADL572162
ADL572163
ADL572164
ADL574904
ADL574905
ADL574906
ADL574907
ADL574908
ADL574909
ADL574910
ADL574911
ADL574912
ADL574913
ADL574914
ADL574915
ADL574916
ADL574917
ADL574918
ADL574919
ADL574920
ADL574921
ADL574922
ADL574923
ADL574924
ADL574925
ADL574926
ADL574927
ADL574928
ADL574929
ADL574930
ADL574931
ADL574932
ADL574933
ADL574934
ADL574935
ADL574936
ADL574937
ADL574938
ADL574939
ADL574940
ADL574941
ADL574942
ADL574943
ADL574944
ADL574945
ADL574946
ADL574947
ADL574948
ADL574949
ADL574950
ADL574951
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL574952
ADL574953
ADL574954
ADL574955
ADL574956
ADL574957
ADL574958
ADL574959
ADL574960
ADL574961
ADL574962
ADL574963
ADL574964
ADL574965
ADL574966
ADL574967
ADL574968
ADL574969
ADL574970
ADL574971
ADL574972
ADL574973
ADL574974
ADL574975
ADL575390
ADL575391
ADL575392
ADL575393
ADL575394
ADL575395
ADL575396
ADL575397
ADL575398
ADL575399
ADL575400
ADL575401
ADL575402
ADL575403
ADL575404
ADL575405
ADL575406
ADL575407
ADL575408
ADL575409
ADL575410
ADL575411
ADL575412
ADL575413
ADL575414
ADL575415
ADL575416
ADL575417
ADL575418
ADL575419
ADL575420
ADL575421
ADL575422
ADL575423
ADL575424
ADL575425
ADL575426
ADL575427
ADL575428
ADL575429
ADL575430
ADL575431
ADL575432
ADL575433
ADL575434
ADL575435
ADL575436
ADL575437
ADL575438
ADL575439
ADL575440
ADL575441
ADL575442
ADL575443
ADL575444
ADL575445
ADL575446
ADL575447
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL575448
ADL575449
ADL575450
ADL575451
ADL575452
ADL575453
ADL575454
ADL575455
ADL575456
ADL575457
ADL575458
ADL575459
ADL575460
ADL575461
ADL575462
ADL575463
ADL575464
ADL575465
ADL575466
ADL575467
ADL575468
ADL575469
ADL575470
ADL575471
ADL575472
ADL575473
ADL575474
ADL575475
ADL575476
ADL575477
ADL575478
ADL575479
ADL575480
ADL575481
ADL575482
ADL575483
ADL575484
ADL575485
ADL575486
ADL575487
ADL592661
ADL592662
ADL592663
ADL592664
ADL592665
ADL592666
ADL592667
ADL592668
ADL592669
ADL592670
ADL592671
ADL592672
ADL592673
ADL592674
ADL592675
ADL592676
ADL592677
ADL592678
ADL592679
ADL592680
ADL592681
ADL592682
ADL592683
ADL592684
ADL592685
ADL592686
ADL592687
ADL592688
ADL592689
ADL592690
ADL592691
ADL592692
ADL592693
ADL592694
ADL592695
ADL592696
ADL592697
ADL592698
ADL592699
ADL592700
ADL592701
ADL592702
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
185
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
186
TENEMENT
ADL592703
ADL592704
ADL592705
ADL592706
ADL592707
ADL592708
ADL592709
ADL592710
ADL592711
ADL592712
ADL592713
ADL592714
ADL592715
ADL592716
ADL592717
ADL592718
ADL592719
ADL592720
ADL592721
ADL592722
ADL592723
ADL592724
ADL592725
ADL592726
ADL592727
ADL592728
ADL592729
ADL592730
ADL592731
ADL592732
ADL592733
ADL592734
ADL592735
ADL592736
ADL592737
ADL592738
ADL592739
ADL592740
ADL592741
ADL592742
ADL592743
ADL592744
ADL592745
ADL592746
ADL592747
ADL592748
ADL592749
ADL592750
ADL592751
ADL592752
ADL592753
ADL592754
ADL592755
ADL592756
ADL592757
ADL592758
ADL592759
ADL592760
ADL592761
ADL592762
ADL592763
ADL592764
ADL592765
ADL592766
ADL592767
ADL592768
ADL592769
ADL592770
ADL592771
ADL592772
ADL592773
ADL592774
ADL592775
ADL592776
ADL592777
ADL592778
ADL592779
ADL592780
ADL592781
ADL592782
ADL592783
ADL592784
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL592785
ADL592786
ADL592787
ADL592788
ADL592789
ADL592790
ADL592791
ADL592792
ADL592793
ADL592794
ADL592795
ADL592796
ADL592797
ADL592798
ADL592799
ADL592800
ADL592801
ADL592802
ADL592803
ADL592804
ADL592805
ADL592806
ADL592807
ADL592808
ADL592809
ADL592810
ADL592811
ADL592812
ADL592813
ADL592814
ADL592815
ADL592816
ADL592817
ADL592818
ADL592819
ADL592820
ADL592821
ADL592822
ADL592823
ADL592824
ADL592825
ADL592826
ADL592827
ADL592828
ADL592829
ADL592830
ADL592831
ADL592832
ADL593465
ADL593466
ADL593467
ADL593468
ADL593469
ADL593470
ADL593471
ADL593472
ADL593473
ADL593474
ADL593475
ADL593476
ADL593477
ADL593478
ADL593479
ADL593480
ADL593481
ADL593482
ADL593483
ADL593484
ADL593485
ADL593486
ADL593487
ADL593488
ADL593489
ADL593490
ADL593491
ADL593492
ADL593493
ADL593494
ADL593495
ADL593496
ADL593497
ADL593498
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL597692
ADL597693
ADL597694
ADL597695
ADL597696
ADL597697
ADL597698
ADL597699
ADL597700
ADL597701
ADL597702
ADL597703
ADL597704
ADL597705
ADL597706
ADL597707
ADL597708
ADL597709
ADL597710
ADL597711
ADL597712
ADL597713
ADL597714
ADL597715
ADL597716
ADL597717
ADL597718
ADL597719
ADL597720
ADL597721
ADL597722
ADL597723
ADL597724
ADL597725
ADL597726
ADL597727
ADL597728
ADL597729
ADL597730
ADL597731
ADL597732
ADL597733
ADL597734
ADL597735
ADL597736
ADL597737
ADL601263
ADL601264
ADL601265
ADL601266
ADL601267
ADL601268
ADL601269
ADL601270
ADL601271
ADL601272
ADL601273
ADL601274
ADL601275
ADL601276
ADL601277
ADL601278
ADL601279
ADL601280
ADL601281
ADL601282
ADL601283
ADL601284
ADL601285
ADL601286
ADL601287
ADL601288
ADL601289
ADL601290
ADL601291
ADL601292
ADL601293
ADL601294
ADL601295
ADL601296
ADL601297
ADL601298
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL601299
ADL601300
ADL601301
ADL601302
ADL601303
ADL601304
ADL601305
ADL601306
ADL601307
ADL601308
ADL601309
ADL601310
ADL601311
ADL601312
ADL601313
ADL601314
ADL601315
ADL601316
ADL601317
ADL601318
ADL601319
ADL601320
ADL601321
ADL601322
ADL601323
ADL601324
ADL601325
ADL601326
ADL601327
ADL601328
ADL601329
ADL601330
ADL601331
ADL601332
ADL601333
ADL601334
ADL601335
ADL601336
ADL601337
ADL601338
ADL601339
ADL601340
ADL601341
ADL601342
ADL601343
ADL601344
ADL601345
ADL601346
ADL601347
ADL601348
ADL601349
ADL601350
ADL601351
ADL601352
ADL601353
ADL601354
ADL601355
ADL601356
ADL601357
ADL601358
ADL601359
ADL601360
ADL601361
ADL601362
ADL601363
ADL601364
ADL601365
ADL601366
ADL601367
ADL601368
ADL614991
ADL614992
ADL614993
ADL614994
ADL614995
ADL614996
ADL614997
ADL614998
ADL614999
ADL615000
ADL615001
ADL615002
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
187
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
188
TENEMENT
ADL615003
ADL615004
ADL615005
ADL615006
ADL615007
ADL615008
ADL615009
ADL615010
ADL615011
ADL615012
ADL615013
ADL615014
ADL615015
ADL615016
ADL615017
ADL615018
ADL615019
ADL674057
ADL561511
ADL561512
ADL561513
ADL561514
ADL561515
ADL561516
ADL561517
ADL561518
ADL561519
ADL561520
ADL561521
ADL561522
ADL561523
ADL561524
ADL561525
ADL561526
ADL561527
ADL561528
ADL561529
ADL561530
ADL561531
ADL561532
ADL561533
ADL561534
ADL561535
ADL561536
ADL561537
ADL561538
ADL561539
ADL561540
ADL561541
ADL561542
ADL561543
ADL561544
ADL561545
ADL561546
ADL561547
ADL561548
ADL561549
ADL561550
ADL561551
ADL561552
ADL561553
ADL561554
ADL561555
ADL561556
ADL561557
ADL561558
ADL561559
ADL561560
ADL565942
ADL565943
ADL565944
ADL565945
ADL565946
ADL565947
ADL565948
ADL565949
ADL565950
ADL565951
ADL565952
ADL565953
ADL565954
ADL565955
INTEREST PROJECT &
LOCATION
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Pogo - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL565956
ADL565957
ADL565958
ADL565959
ADL565960
ADL565961
ADL565962
ADL565963
ADL565964
ADL565965
ADL565966
ADL565967
ADL565968
ADL565969
ADL565970
ADL565971
ADL565972
ADL565973
ADL565974
ADL565975
ADL565976
ADL565977
ADL565978
ADL565979
ADL565980
ADL565981
ADL565982
ADL569966
ADL569967
ADL569968
ADL569969
ADL569970
ADL569971
ADL569972
ADL569973
ADL569974
ADL569975
ADL569976
ADL569977
ADL569978
ADL569979
ADL569980
ADL569981
ADL569982
ADL569983
ADL569984
ADL569985
ADL569986
ADL569987
ADL569988
ADL569989
ADL569990
ADL569991
ADL569992
ADL569993
ADL569994
ADL569995
ADL569996
ADL569997
ADL569998
ADL569999
ADL570000
ADL574867
ADL574868
ADL574869
ADL574870
ADL574871
ADL574872
ADL574873
ADL574874
ADL574875
ADL574876
ADL574877
ADL574878
ADL574879
ADL574880
ADL574881
ADL574882
ADL574883
ADL574884
ADL574885
ADL574886
INTEREST PROJECT &
LOCATION
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL574887
ADL574888
ADL574889
ADL574890
ADL574891
ADL574892
ADL574893
ADL574894
ADL574895
ADL574896
ADL574897
ADL574898
ADL574899
ADL574900
ADL574901
ADL574902
ADL574903
ADL575488
ADL575489
ADL575490
ADL575491
ADL575492
ADL575493
ADL575494
ADL575495
ADL575496
ADL575497
ADL575498
ADL575499
ADL575500
ADL575501
ADL575502
ADL575503
ADL575504
ADL575505
ADL575506
ADL575507
ADL575508
ADL575509
ADL575510
ADL575511
ADL575514
ADL575515
ADL575516
ADL575517
ADL575518
ADL575519
ADL590000
ADL590001
ADL590002
ADL590003
ADL590004
ADL590005
ADL590006
ADL590007
ADL590008
ADL590009
ADL590010
ADL590011
ADL590012
ADL590013
ADL590014
ADL590015
ADL590016
ADL590017
ADL590018
ADL590019
ADL590020
ADL590021
ADL590022
ADL590023
ADL590024
ADL590025
ADL590026
ADL590027
ADL590028
ADL590029
ADL590030
ADL590031
ADL590032
ADL590033
ADL590034
INTEREST PROJECT &
LOCATION
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL590035
ADL590036
ADL590037
ADL590038
ADL590039
ADL590040
ADL590041
ADL590042
ADL590043
ADL590044
ADL590045
ADL590046
ADL590047
ADL590048
ADL590049
ADL590050
ADL590051
ADL590052
ADL590053
ADL590054
ADL590055
ADL590056
ADL590057
ADL590058
ADL590059
ADL590060
ADL590061
ADL590062
ADL590063
ADL590064
ADL590065
ADL590066
ADL590067
ADL590068
ADL590069
ADL590070
ADL590071
ADL590072
ADL590073
ADL590074
ADL590077
ADL590078
ADL593529
ADL593530
ADL593531
ADL593532
ADL593533
ADL593534
ADL593535
ADL593536
ADL593537
ADL593538
ADL593539
ADL593542
ADL593543
ADL593544
ADL593620
ADL593621
ADL593622
ADL593623
ADL593624
ADL593625
ADL593626
ADL593627
ADL593628
ADL593629
ADL593630
ADL593631
ADL593632
ADL593633
ADL593634
ADL593635
ADL593636
ADL593637
ADL593638
ADL593639
ADL593640
ADL593641
ADL593642
ADL593643
ADL593644
ADL593645
INTEREST PROJECT &
LOCATION
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
189
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
NST STATUS
TENEMENT
190
TENEMENT
ADL593646
ADL593647
ADL593648
ADL593649
ADL593650
ADL593651
ADL593652
ADL593653
ADL593654
ADL593655
ADL593656
ADL593657
ADL593658
ADL593659
ADL593660
ADL593661
ADL593662
ADL593663
ADL593664
ADL593665
ADL593666
ADL593667
ADL593668
ADL593669
ADL593670
ADL593671
ADL593672
ADL593673
ADL593674
ADL593675
ADL593676
ADL593677
ADL593678
ADL593679
ADL593683
ADL593684
ADL593685
ADL593686
ADL593687
ADL593688
ADL593689
ADL593690
ADL593691
ADL593692
ADL593693
ADL593694
ADL593695
ADL593696
ADL593697
ADL593698
ADL593699
ADL593700
ADL593701
ADL593702
ADL593705
ADL593706
ADL593707
ADL593708
ADL593709
ADL593710
ADL593711
ADL593712
ADL593713
ADL593714
ADL593715
ADL593716
ADL593717
ADL593718
ADL593719
ADL593720
ADL593721
ADL593722
ADL593723
ADL593724
ADL593727
ADL593728
ADL593729
ADL593730
ADL593731
ADL593732
ADL593733
ADL593734
INTEREST PROJECT &
LOCATION
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL593735
ADL593736
ADL593737
ADL593738
ADL593739
ADL593740
ADL593741
ADL593742
ADL593743
ADL593744
ADL593745
ADL593746
ADL593747
ADL593749
ADL593750
ADL593751
ADL593752
ADL593753
ADL593754
ADL593755
ADL593756
ADL593757
ADL593758
ADL593759
ADL593760
ADL593761
ADL593762
ADL593763
ADL593764
ADL593765
ADL593766
ADL593767
ADL593768
ADL593769
ADL593771
ADL593772
ADL593773
ADL593774
ADL593775
ADL593776
ADL593777
ADL593778
ADL593779
ADL593780
ADL593781
ADL593782
ADL593783
ADL593784
ADL593785
ADL593786
ADL593787
ADL593788
ADL593789
ADL593790
ADL593791
ADL593792
ADL593793
ADL593794
ADL593795
ADL593796
ADL593797
ADL593798
ADL593799
ADL593800
ADL593801
ADL593802
ADL593803
ADL593804
ADL593805
ADL593806
ADL631670
ADL631671
ADL631672
ADL631673
ADL631674
ADL631675
ADL631676
ADL631677
ADL631678
ADL631679
ADL631680
ADL631681
INTEREST PROJECT &
LOCATION
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL631682
ADL631683
ADL631684
ADL631685
ADL631687
ADL631688
ADL631689
ADL631690
ADL631693
ADL631694
ADL631695
ADL631696
ADL631698
ADL631699
ADL631700
ADL631701
ADL631703
ADL631704
ADL631705
ADL631706
ADL631770
ADL631775
ADL631780
ADL722071
ADL722072
ADL722073
ADL722074
ADL722075
ADL722076
ADL722077
ADL722078
ADL722079
ADL722080
ADL722081
ADL722082
ADL722083
ADL722084
ADL722085
ADL722086
ADL722087
ADL722088
ADL722089
ADL722090
ADL722091
ADL722092
ADL722093
ADL722094
ADL722095
ADL722096
ADL722097
ADL722098
ADL722099
ADL722100
ADL722101
ADL722102
ADL722103
ADL722104
ADL561561
ADL561562
ADL561563
ADL561564
ADL561565
ADL561566
ADL561567
ADL561568
ADL561569
ADL561570
ADL561571
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
See note
INTEREST PROJECT &
LOCATION
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Brink - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Fog - Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
ADL561572
ADL561573
ADL561574
ADL561575
ADL561576
ADL593826
ADL593827
ADL593828
ADL593829
ADL593830
ADL593831
ADL593832
ADL593833
ADL593834
ADL593835
ADL593836
ADL593837
ADL593838
ADL593839
ADL593840
ADL593841
ADL593842
ADL593843
ADL593844
ADL593845
ADL593846
ADL593847
ADL593848
ADL593849
ADL593850
ADL593851
ADL593852
ADL593853
ADL593854
ADL593855
ADL593856
ADL593857
ADL593858
ADL593859
ADL593860
ADL593861
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
NST STATUS
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
191
* Stone Boy Inc is joint legal owner with SC Minerals America Inc and SMM Exploration Corporation. The Monte Cristo* Project is the subject of an Option Agreement
dated 29 August 2016 with Great American Minerals Exploration Inc (GAME). GAME hold an option to purchase the Monte Cristo* Project and is currently sole funding
exploration expenditure on the Monte Cristo* ground pursuant to its rights to purchase the Monte Cristo* Project.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
192
TENEMENT
ADL593862
ADL593863
ADL593864
ADL593865
ADL593866
ADL593867
ADL593868
ADL593869
ADL593870
ADL593871
ADL593872
ADL593873
ADL593874
ADL593875
ADL593876
ADL593877
ADL593878
ADL593879
ADL593880
ADL593881
ADL593882
ADL593883
ADL593884
ADL593885
ADL598592
ADL598593
ADL598594
ADL598595
ADL598596
ADL598597
ADL598598
ADL598599
ADL598600
ADL598601
ADL598602
ADL598603
ADL598604
ADL598605
ADL598606
ADL598607
ADL598608
ADL598609
ADL598610
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
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NST STATUS
TENEMENT
See note
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ADL598611
ADL598612
ADL598613
ADL598614
ADL598615
ADL598616
ADL598617
ADL598618
ADL598619
ADL598620
ADL598641
ADL598642
ADL598643
ADL598644
ADL598645
ADL598646
ADL598647
ADL598648
ADL598649
ADL598650
ADL598651
ADL598652
ADL598653
ADL598654
ADL598655
ADL598656
ADL598657
ADL598658
ADL598659
ADL598660
ADL598661
ADL598662
ADL598663
ADL598664
ADL598665
ADL598666
ADL598667
ADL598668
ADL598669
ADL598670
ADL598671
ADL598672
ADL598673
See note
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INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
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NST STATUS
TENEMENT
See note
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ADL598674
ADL598675
ADL598676
ADL598677
ADL598678
ADL598679
ADL598680
ADL598681
ADL598682
ADL598683
ADL598684
ADL598685
ADL598686
ADL598687
ADL598688
ADL598689
ADL598690
ADL598691
ADL598692
ADL598693
ADL598694
ADL598695
ADL598696
ADL598697
ADL598698
ADL598699
ADL598700
ADL598701
ADL598702
ADL598703
ADL598704
ADL598705
ADL598706
ADL598707
ADL598708
ADL598709
ADL598710
ADL598711
ADL598712
ADL598713
ADL598714
ADL598715
ADL598716
See note
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INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
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NST STATUS
TENEMENT
See note
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ADL598717
ADL598718
ADL598719
ADL598720
ADL598721
ADL598722
ADL598723
ADL598724
ADL598725
ADL598726
ADL598727
ADL598728
ADL598729
ADL634032
ADL634033
ADL634034
ADL634035
ADL634036
ADL634037
ADL634038
ADL634039
ADL634040
ADL634041
ADL634042
ADL634043
ADL634044
ADL634045
ADL634046
ADL634047
ADL634048
ADL634049
ADL634050
ADL634051
ADL634052
ADL634053
ADL634054
ADL634055
ADL634056
ADL634057
ADL634058
ADL634059
ADL634060
ADL634061
See note
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See note
INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
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See note
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NST STATUS
See note
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193
* Monte Cristo is subject to an option held by Great American Minerals Exploration Inc.
* Monte Cristo is subject to an option held by Great American Minerals Exploration Inc.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 TENEMENT SChEdULE
TENEMENT SChEdULE
194
TENEMENT
ADL634062
ADL634063
ADL634064
ADL634065
ADL634066
ADL634067
ADL634068
ADL634069
ADL634070
ADL634071
ADL634072
ADL634073
ADL634074
ADL634075
ADL634076
ADL634077
ADL634078
ADL634079
ADL634080
ADL634081
ADL638345
ADL638346
ADL638347
ADL638348
ADL638349
ADL638350
ADL638351
ADL638352
ADL638353
ADL638354
ADL638355
ADL638356
ADL638358
ADL638360
ADL638361
ADL638362
ADL638363
ADL638364
ADL653268
ADL653269
ADL653270
ADL653271
ADL653272
See note
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See note
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See note
INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
NST STATUS
TENEMENT
See note
See note
See note
See note
See note
See note
See note
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See note
See note
See note
See note
See note
See note
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ADL653273
ADL653274
ADL653275
ADL653276
ADL653277
ADL653278
ADL653279
ADL653280
ADL653281
ADL653282
ADL653283
ADL653284
ADL653285
ADL653286
ADL653287
ADL653288
ADL653289
ADL653290
ADL653291
ADL653292
ADL653293
ADL653294
ADL653295
ADL653296
ADL653297
ADL653298
ADL653299
ADL653300
ADL653301
ADL653302
ADL653303
ADL653304
ADL653305
ADL653306
ADL653307
ADL653308
ADL653309
ADL653310
ADL653311
ADL653312
ADL653313
ADL653314
ADL653315
See note
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See note
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INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
NST STATUS
TENEMENT
See note
See note
See note
See note
See note
See note
See note
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See note
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ADL653316
ADL653317
ADL653318
ADL653319
ADL653320
ADL653321
ADL653322
ADL653323
ADL653324
ADL653325
ADL653326
ADL653327
ADL653328
ADL653329
ADL653330
ADL653331
ADL653332
ADL653333
ADL653334
ADL653335
ADL653336
ADL653337
ADL653338
ADL653339
ADL653340
ADL653341
ADL653342
ADL653343
ADL653344
ADL653345
ADL653346
ADL653347
ADL653348
ADL653349
ADL653350
ADL653351
ADL653352
ADL653353
ADL653354
ADL653355
ADL653356
ADL653357
ADL653358
See note
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INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
NST STATUS
TENEMENT
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
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ADL653359
ADL653360
ADL653361
ADL653362
ADL653363
ADL653364
ADL653365
ADL661552
ADL661553
ADL661554
ADL661555
ADL661556
ADL661557
ADL661558
ADL661559
ADL661560
ADL661561
ADL661562
ADL661563
ADL661564
ADL661565
ADL661566
ADL661567
ADL661568
ADL661569
ADL661570
ADL662276
ADL662277
ADL662278
ADL662279
ADL705957
ADL705958
ADL705959
ADL705960
ADL705961
ADL705962
ADL705963
ADL705964
ADL705965
ADL705966
ADL705967
ADL705968
ADL705969
See note
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See note
INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
See note
See note
See note
See note
See note
See note
See note
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See note
See note
See note
See note
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See note
See note
See note
See note
NST STATUS
See note
See note
See note
See note
See note
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See note
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See note
See note
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See note
See note
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See note
195
* Monte Cristo is subject to an option held by Great American Minerals Exploration Inc.
* Monte Cristo is subject to an option held by Great American Minerals Exploration Inc.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 196
TENEMENT
ADL705970
ADL705971
ADL705972
ADL705973
ADL705974
ADL705975
ADL705976
ADL705977
ADL705978
ADL705979
ADL705980
ADL705981
ADL705982
ADL705983
ADL705984
ADL705985
ADL705986
ADL705987
ADL705988
ADL705989
ADL705990
ADL705991
ADL705992
ADL705993
ADL705994
ADL705995
ADL705996
ADL705997
ADL705998
ADL705999
ADL706000
ADL706001
ADL706002
ADL706003
ADL562859
ADL562860
ADL562861
ADL562862
ADL562863
ADL562864
ADL562865
ADL562866
ADL574843
ADL574844
ADL574845
ADL574846
ADL574847
ADL574848
ADL574849
ADL574850
ADL574851
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
INTEREST PROJECT &
LOCATION
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Monte Cristo* -
Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
TENEMENT SChEdULE
TENEMENT SChEdULE
NST STATUS
TENEMENT
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
See note
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL574852
ADL574853
ADL574854
ADL574855
ADL574856
ADL574857
ADL574858
ADL574859
ADL574860
ADL574861
ADL574862
ADL574863
ADL574864
ADL574865
ADL574866
ADL562343
ADL562344
ADL562345
ADL562346
ADL562347
ADL562348
ADL562349
ADL562350
ADL562351
ADL562352
ADL562353
ADL562354
ADL565358
ADL565359
ADL565360
ADL565361
ADL565362
ADL565363
ADL565364
ADL565365
ADL565366
ADL565367
ADL565368
ADL565369
ADL565370
ADL565371
ADL565372
ADL565373
ADL592605
ADL592606
ADL592607
ADL592608
ADL592609
ADL592610
ADL592611
ADL592612
ADL592613
ADL592614
ADL592615
ADL592616
ADL592617
ADL592618
ADL592619
ADL592620
ADL592621
ADL592622
ADL592623
ADL592624
ADL592625
ADL592626
ADL592627
ADL592628
ADL592629
ADL592630
ADL592631
ADL592632
ADL592633
ADL592634
ADL592635
ADL592636
ADL592637
ADL592638
ADL592639
ADL592640
ADL592641
ADL592642
ADL592643
INTEREST PROJECT &
LOCATION
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Shaw - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
ADL592644
ADL592645
ADL592646
ADL592647
ADL592648
ADL592649
ADL592650
ADL592651
ADL592652
ADL592653
ADL592654
ADL592655
ADL592656
ADL592657
ADL592658
ADL592659
ADL592660
ADL596008
ADL596009
ADL596010
ADL596011
ADL596012
ADL596013
ADL596014
ADL596015
ADL596016
ADL596017
ADL596018
ADL596019
ADL596020
ADL596021
ADL596022
ADL596023
ADL596024
ADL596025
ADL596026
ADL596027
ADL596028
ADL596029
ADL596030
ADL596031
ADL596032
ADL596033
ADL596034
ADL596035
ADL596036
ADL596037
ADL596038
ADL596039
ADL596040
ADL596041
ADL596042
ADL596043
ADL596044
ADL596045
ADL596046
ADL596047
ADL596048
ADL596049
ADL596050
ADL596051
ADL596052
ADL596053
ADL596054
ADL596055
ADL596056
ADL596057
ADL596058
ADL596059
ADL596060
ADL596061
ADL596062
ADL596063
ADL596064
ADL596065
ADL596066
ADL596067
ADL596068
ADL596069
ADL596070
ADL596071
ADL596072
ADL596073
INTEREST PROJECT &
LOCATION
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
197
INTEREST PROJECT &
LOCATION
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
Skippy - Alaska
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
NST STATUS
TENEMENT
ADL596074
ADL596075
ADL596076
ADL596077
ADL596078
ADL596079
ADL596080
ADL596081
ADL596082
ADL596083
ADL596084
ADL596085
ADL596086
ADL596087
ADL596088
ADL596089
ADL596090
ADL596091
ADL596092
ADL596093
ADL596094
ADL596095
ADL596096
ADL596097
ADL596098
ADL596099
ADL596100
ADL596101
ADL596102
ADL596103
ADL596104
ADL596105
ADL596106
ADL596107
ADL596108
ADL596109
ADL596110
ADL596111
ADL596112
ADL596113
ADL596114
ADL596115
ADL596116
ADL596117
ADL596118
ADL637530
ADL637531
ADL637532
ADL637533
ADL637534
ADL637535
ADL637536
ADL637537
ADL637538
ADL637539
ADL637540
ADL637541
ADL637542
ADL637543
ADL637544
ADL637545
ADL637546
ADL637547
ADL637548
ADL637549
ADL637550
ADL637551
ADL637552
ADL637553
ADL637554
ADL637555
ADL637556
ADL637557
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
Holder
* Monte Cristo is subject to an option held by Great American Minerals Exploration Inc.
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 I
n
f
o
r
m
a
t
i
o
n
C
o
r
p
o
r
a
t
e
CORPORATE INFORMATION
CORPORATE INFORMATION
200
Shareholder
Information
Table 30 Top 20 holders of ordinary shares at 14 August 2020
#
Name
1
2
3
4
5
6
7
8
9
HSBC Custody Nominees (Australia) Limited
J P Morgan Nominees Australia Pty Limited
Citicorp Nominees Pty Limited
National Nominees Limited
BNP Paribas Nominees Pty Ltd
Citicorp Nominees Pty Limited
BNP Paribas Noms Pty Ltd
Pacific Custodians Pty Limited
HSBC Custody Nominees (Australia) Limited
10
Mr William James Beament
11
12
13
14
15
16
17
18
19
BNP Paribas Nominees Pty Ltd
Ms Karen Beament
National Nominees Limited
HSBC Custody Nominees (Australia) Limited-GSCO ECA
Mr Hendricus Petrus Indrisie
AMP Life Limited
Pacific Custodians Pty Limited
Mr William James Beament
William James Beament
20
Rosiano Pty Ltd
Total Top 20 holders
Balance of register
Total register
Table 31 Substantial holders at 14 August 2020
#
Name
1
2
BlackRock Group
Van Eck Associates Corporation
1 Substantial Holder Notice dated 21 July 2020, 2 Substantial Holder Notice dated 2 April 2020
Shares
% Issued
capital
368,819,274
49.79
121,592,529
16.41
61,427,022
27,051,855
14,736,666
11,905,023
9,098,222
4,813,424
4,754,944
2,320,792
2,189,852
1,753,198
1,719,015
1,680,023
8.29
3.65
1.99
1.61
1.23
0.65
0.64
0.31
0.30
0.24
0.23
0.23
1,500,000
0.20
1,154,566
1,047,110
998,481
976,001
961,148
0.16
0.14
0.13
0.13
0.13
640,499,145
86.46
100,266,558
13.54
740,765,703
100.00
Shares
% Issued
capital
88,131,067
11.90%
79,082,918
10.69%
Table 32 Distribution of ordinary shares at 14 August 2020
Holding
Shares
% Shares
Holders
% Holders
1-1,000
1,001-5,000
3,933,560
13,656,080
5,001-10,000
9,807,269
10,001-100,000
37,128,545
100,001 and over
676,240,249
0.53
1.84
1.32
5.01
91.29
9,552
5,701
1,333
1,468
158
52.45
31.30
7.32
8.06
0.87
Total
740,765,703
100.00%
18,212
100.00%
There were no holders of less than a marketable parcel of $500
Table 33 Restricted securities
Class
Shares 3
Shares 4
Shares 5
Shares 6
Shares 7
Number
96,084
82,574
101,634
1,091,001
150,000
Date escrow period ends
13 June 2021
24 May 2022
26 June 2023
Upon repayment in full of the limited recourse
loan
1 July 2021
201
Table 34 Unquoted equity securities
Class
Number 8
Holders
Performance rights issued under the 2017
Long Term Incentive Plan
760,990
Performance rights issued under the FY20
Share Plan
1,665,349
Share rights issued under the FY20 NED
Share Plan
41,675
43
76
5
Voting rights
On-market buy-back
The voting rights attaching to each class of equity
securities are set out below:
There is no current on-market buy-back of the
Company’s equity securities.
Ordinary shares: On a show of hands every member
present at a meeting in person or by proxy shall have
one vote and upon a poll each share shall have one
vote.
Performance rights: No voting rights.
3 Shares issued under the Employee Share Plan Rules No.3 (approved in June 2017) on 13 June 2018.
4 Shares issued under the Employee Share Plan Rules No.3 (approved in June 2017) on 24 May 2019.
5 Shares issued under the Employee Share Plan Rules No.3 (approved in June 2017) on 26 June 2020.
6 Shares issued under the Performance Share Plan Rules on 20 November 2013 (115,000), 9 October 2014 (677,083) and on 9 July 2015 (298,918).
7 Restricted Shares issued under the FY20 Retention Share Plan.
8 Number of unissued ordinary shares under the Performance or Share Rights. No person holds 20% or more of these securities
NORTHERN STAR RESOURCES ANNUAL REPORT 2020 NORTHERN STAR RESOURCES ANNUAL REPORT 2020 CORPORATE INFORMATION
Glossary
ASX
Australian Securities Exchange
FY21
Financial year ending 30 June 2021
ASX Corporate Governance Principles
and Recommendations
Principles and Recommendations
(4th edition) of the ASX Corporate
Governance Council on the corporate
governance practices to be adopted
by ASX listed entities and which
are designed to promote investor
confidence and to assist listed entities
to meet shareholder expectations
Au
The chemical symbol for gold
Auditor
The auditor of the Company duly
appointed under the Corporations Act
2001
Australian Accounting Standards
Australian Accounting Standards are
developed, issued and maintained by
the Australian Accounting Standards
Board, an Australian Government
agency under the Australian Securities
and Investments Commission Act 2001
(Cth)
Board
Board of Directors
CEO
Chief Executive Officer
202
Company
Northern Star Resources Limited ABN
43 092 832 892
Contractors
Externally employed contracted
workers engaged by the Company to
support operations
Corporations Act
Corporations Act 2001 (Cth)
Director
A director of the Company duly
appointed under the Corporations Act
Employees
Total number of employees of the
Group including permanent, fixed
term and part-time. Does not include
Contractors
EPS
Earnings per Share
ESR
Environment & Social Responsibility
gpt
Grams per tonne
Group
Northern Star Resources Limited, all
of its wholly owned subsidiaries and
KCGM
Incident
means the partial or whole damage
or destruction of an area of cultural
or heritage significance without
Traditional Owner consent and/or
required legal or regulatory approvals
International Financial Reporting
Standards (IFRS)
A single set of accounting standards,
developed and maintained by the IASB
with the intention of those standards
being capable of being applied on a
globally consistent basis
Indicated Mineral Resource
As defined in the JORC Code
Inferred Mineral Resource
As defined in the JORC Code
JORC Code
Australasian Code for Reporting
of Exploration Results, Minerals
Resources and Ore Reserves 2012
Edition, prepared by the Joint
Ore Reserves Committee of The
Australasian Institute of Mining and
Metallurgy, Australian Institute of
Geoscientists and Minerals Council of
Australia
K or k
Thousand
KCGM
KCGM means Kalgoorlie Consolidated
Gold Mines Pty Ltd, a 50:50 joint
venture between Northern Star and
Saracen Mineral Holdings which owns
the Super Pit in Kalgoorlie, Western
Australia, among other operations and
assets
Key Management Personnel or KMP
Defined in the Australian Accounting
Standards as those persons having
authority and responsibility for
planning, directing and controlling
the activities of the entity, directly
or indirectly, including any director
(whether executive or otherwise) of
that entity
FY19
Financial year ended 30 June 2019
koz
Thousand ounces
FY20
Financial year ended 30 June 2020
LTIFR
Lost Time Injury Frequency Rate;
calculated based on the number of lost
time injuries occurring in a workplace
per 1 million hours worked
M or m
Million
Measured Mineral Resource
As defined in the JORC Code
Mineral Resource
As defined in the JORC Code
NPAT
Net profit after tax
Northern Star
Northern Star Resources Limited ABN
43 092 832 892
NSMS
Northern Star Mining Services Pty
Ltd, a wholly owned subsidiary of the
Company, dedicated to underground
mining operations
NST
Northern Star Resources Limited ABN
43 092 832 892
Officer
An officer of the Company defined
under the Corporations Act
Ore Reserve
As defined in the JORC Code
Probable Ore Reserve
As defined in the JORC Code
Proved Ore Reserve
As defined in the JORC Code
Quarter or Q
Financial year quarter, commencing
either 1 July, 1 October, I January or 1
April
Restricted Share
A Share subject to restrictions issued
under the FY20 Retention Share Plan
Share
Fully paid ordinary share in Northern
Star Resources Limited
Shareholder
A shareholder of Northern Star
Resources Limited
TRIFR
Total recordable injury frequency rate
$
Australian dollars, unless the context
says otherwise. All A$ to $US currency
conversions used in this Annual Report
are at $0.70
NORTHERN STAR RESOURCES ANNUAL REPORT 2020
Corporate Directory
Northern Star Resources Limited
ABN 43 092 832 892
Directors
Bill Beament
Executive Chair
John Fitzgerald
Lead Independent Director
Peter O’Connor
Non-Executive Director
Shirley In’t Veld
Non-Executive Director
Mary Hackett
Non-Executive Director
Nick Cernotta
Non-Executive Director
Company Secretary
Hilary Macdonald
General Counsel & Company
Secretary
Registered Office & Principal Place
of Business
Level 1, 388 Hay Street
Subiaco WA 6008 Australia
Telephone:
+61 8 6188 2100
Facsimile:
+61 8 6188 2111
Website:
www.nsrltd.com
Email:
info@nsrltd.com
Share Registry
Link Market Services Limited
Level 12, QV1 Building
250 St Georges Terrace
Perth WA 6000 Australia
Telephone:
+61 1300 554 474
Website:
www.linkmarketservices.com.au
Auditors
Deloitte Touche Tohmatsu
Brookfield Place, Tower 2
123 St Georges Terrace
Perth WA 6000 Australia
Registration & Listing
Incorporated in Western Australia on 12 May 2000
Quoted on the Official List of the Australian Securities
Exchange (ASX: NST)
Securities Exchange
ASX Limited
Level 40, Central Park
152-158 St Georges Terrace
Perth WA 6000 Australia
ASX Code:
NST
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