Results out this week showed Northern Star lifted its half-year profit 79% to $A65.1 million, with revenue up 3% and operating cashflow up 35%.

Managing director Bill Beament said the strong numbers would continue as the company upped production to 700,000 ounces a year over the next two years.

“This growing cashflow is also being underpinned by the increasingly favourable cost environment stemming from the resources downturn,” he said.

“Given our forecast growth in production, combined with today’s gold price and our current costs, Northern Star could be well on the way to generating $450 million a year in operating cashflow.”

Evolution also posted a strong set of numbers, but acquisition costs left it with a net loss of $15.5 million.

The underlying figure came in at $107.9 million, which was up 150% on the same time last year.

Outside the headline figures both miners have been focused on lowering costs, though the market remains favourable for Aussie producers.

The local spot price was last trading at $1723 per ounce, inching closer to the all-time record of $1839/oz set in 2011.