In addition, NST's leverage – as measured by Moody's adjusted debt to EBITDA – was 0.6x as of June 2024, providing significant headroom to our 2.5x downgrade rating tolerance level. "Further, we anticipate NST will continue to operate within its publicly announced financial policy targets and maintain its dividend policy as it executes both projects. The $1.5 billion KCGM Mill expansion project at NST's Kalgoorlie hub in Western Australia will increase its Fimiston gold mine processing capacity to 27 million tonnes a year by 2029 from 13Mtpa currently." The Moody's analyst adds the suitor will fund the project with internal liquidity and is progressing with advanced engineering, design and construction works and the project, which is expected to finish in 2026, followed by the progressive ramp up to 27Mtpa from 2027 to 2029.