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NORTHERN STAR RESOURCES LTD — Annual Report 2021
Aug 24, 2021
65447_rns_2021-08-24_36e41242-3fda-4c58-8c94-6c6c92d5cca0.pdf
Annual Report
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ASX Announcement 25 August 2021
APPENDIX 4E: PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2021
Results for announcement to the market
Current Reporting Period: 12 months ended 30 June 2021
Previous Corresponding Reporting Period: 12 months ended 30 June 2020
| A$M | A$M | ||||
|---|---|---|---|---|---|
| Revenue from ordinary activities | Up | 40.0% | 2,760.5 | ||
| Profit from ordinary activities after tax attributable to members | Up | 299.7% | 1,032.5 | ||
| Net profit for the period attributable to members | Up | 299.7% | 1,032.5 | ||
| Distributions | |||||
| Franked amount | |||||
| Amount per securityper security | |||||
| Interim dividend (per share) | 9.5 cents | 9.5 cents | |||
| Final dividend (per share) | 9.5 cents | 9.5 cents | |||
| Record date of final dividend | 7 September 2021 | ||||
| Payment date of final dividend | 29 September 2021 | ||||
| Franking | 100% franked |
The financial effect of the current reporting period final dividend has not been brought to account in the financial statements for the period ended 30 June 2021 and will be recognised in subsequent financial reports.
| 30 June 2021 | 30 June 2020 | |
|---|---|---|
| Net tangible asset per security | $6.85 | $2.88 |
| Explanation of results | ||
| Requirement | Title | Reference |
| Review of results | Operating and Financial Overview | Page 15 |
| A statement of comprehensive income | Consolidated Statement of Profit or Loss & Other Comprehensive Income | Page 133 |
| A statement of financial position | Consolidated Statement of Financial Position | Page 134 |
| A statement of retained earnings | Consolidated Statement of Changes in Equity | Page 135 |
| A statement of cash flows | Consolidated Statement of Cash Flows | Page 137 |
| Earnings per share | Consolidated Statement of Profit or Loss & Other Comprehensive Income | Page 133 |
Changes in controlled entities
On 12 February 2021, the Company implemented the scheme of arrangement (Scheme) in relation to the merger of the Company and Saracen Mineral Holdings Limited. In addition to this, the transaction also results in the Company obtaining control over Kalgoorlie Consolidated Gold Mines Pty Ltd (KCGM) in which it previously held a 50% joint operating interest. For details of the acquisition refer to note 12 of the financial statements.
During Q4 of FY21, the Company began marketing the sale of its Kundana Operations, its 51% interest in each of the East Kundana Production JV and the East Kundana Exploration JV, its 75% interest in the West Kundana Farm-in JV, and the Carbine/ Carnage gold project (“Kundana Assets”). On 22 July 2021, the Company announced that it has entered into a binding Share and Asset Sale Agreement with Evolution Mining Ltd (ASX: EVN) for the Kundana Assets. For details on the sale refer to note 13 of the financial statements. The Group did not gain or lose control over any other entities during the period.
ASX Announcement 25 August 2021
APPENDIX 4E: PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2021
| Joint venture entities | |||
|---|---|---|---|
| Joint Ventures | Principal Activities | 30 June 2021 | |
| FMG JV | Exploration | 67.72% | |
| East Kundana Production JV | Production & Development | 51.00% | |
| Kanowna West JV | Exploration | 92.42% | |
| Kalbara JV | Exploration | 71.42% | |
| West Kundana JV | Exploration | 75.50% | |
| Zebina JV | Exploration | 80.00% | |
| Acra JV | Exploration | 75.00% | |
| Roberston JV | Exploration | 40.00% | |
| Cheroona JV | Exploration | 30.00% | |
| Sorrento JV | Exploration | 70.00% | |
| Jundee JV | Exploration | 70.00% | |
| Phantom Well JV | Exploration | 86.98% | |
| Nexus JV | Exploration | 10.00% | |
| AngloGold JV | Exploration | 30.00% |
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 24 to the financial statements.
Audit
This Report is based on financial statements which have been audited.