UPDATE 2.20pm: Shares in Northern Star Resources hit a 19-month high after the acquisitive gold miner announced it had beaten its June quarter production guidance by a substantial margin on the back of strong results at all its operations.
"Production, as measured by gold sold, from the Paulsens, Plutonic, Kundana and Kanowna Belle projects totalled 115,819 ounces in the three months to June 30," the company said in a statement.
Northern Star recently acquired the Jundee gold project from Newmont Mining for $82.5 million, making it the second biggest ASX-listed gold producer.
The company said its June quarter production would have been 191,209 ounces had production from Jundee been included in the figures. The Jundee transaction only settled on July 1.
The company's previous projection of total production of 550,000-600,000 ounces post the Jundee settlement now looks to have been a conservative estimate.
Northern Star managing director Bill Beament said the results showed the company was succeeding in rapidly bedding-down it recent acquisitions.
"We are pleased to provide more firm evidence that our newly-acquired mines are performing even better than we forecast," he said.
"Production has exceeded our guidance across the board, putting us well on track to achieve our goal of being the second-biggest and one of the most profitable ASX-listed gold producers with the scale and asset diversity demanded by global institutions."
Northern Star said it had $82.3 million in cash at June 30 compared with $67 million as at March 31.
Shares in Northern Star closed up 18.5 cents, or 14 per cent, at $1.505 after touching an intraday peak of $1.515.
Northern Star shares hit an all-time high of $1.585 in late November 2012 when the price of gold was around $US1750 an ounce.
Gold was trading at $US1324.88 at 2.25pm.