Northern Star Resources Limited (ASX: NST) has reported its operating results for the three-month period to 30 September 2025.
Northern Star is the largest gold producer with a primary listing on the ASX. Its production centres are Kalgoorlie and Yandal in Western Australia and Pogo in Alaska, US. The company also owns the Hemi development project in the Pilbara, Western Australia.
Key points
Operating performance
- SLTIFR at 0.6 injuries per million hours worked
- Group underlying free cash flow of A$14 million and net mine cash flow of A$183 million
- Gold sold totalled 381koz at an AISC of A$2,522/oz (US$1,639/oz)
- KCGM underground achieved 2.9Mtpa annualised run rate; open pit productivity set to increase as Golden Pike North returned to one mining level
- Thunderbox achieved record quarterly milled tonnes; lower-grade stope ore at Jundee set to lift 2H
- Pogo successfully developed two new portals for improved ore access and enhanced haulage efficiency
FY26 outlook
- FY26 production guidance of 1,700-1,850koz gold sold and AISC of A$2,300-2,700/oz
- Operational disruptions at Jundee and South Kalgoorlie early in December quarter, estimated impact on 2Q gold sales of up to 20koz with affected volumes scheduled for processing over the remainder of FY26
- FY26 growth capital guidance of A$2,125-2,270 million (including KCGM Mill Expansion and Operational Readiness, and Hemi Development Project); FY26 exploration guidance of A$225 million
- KCGM Mill Expansion in final build phase year and tracking to plan
Investment-grade balance sheet; no hedge commitments added over the last year
- Net cash of A$616 million; cash and bullion of A$1,511 million after A$416 million dividends paid and A$67 million in corporate tax instalments
- Hedge commitments continue to unwind
Commenting on the September quarter performance, Northern Star managing director Stuart Tonkin said:
“The September quarter delivered a mixed performance across the portfolio. Our Kalgoorlie Production Centre performed well, led by KCGM where we maintained elevated production and development rates. Overall, costs for the quarter were better than forecast reflecting our continued focus on capital discipline.
“The KCGM Mill Expansion remains on track for early FY27 commissioning. This week, we received Ministerial approval for the Fimiston South Project and associated infrastructure, which supports higher future throughput and long-term cost efficiency at KCGM to deliver sustainable high-margin ounces.
“We remain well positioned to deliver our full-year guidance, with stronger grades expected at KCGM in the second half along with improved volume and grade performance across the broader portfolio. Combined with growing leverage to gold prices and ongoing cost focus, we are firmly aligned to our purpose of delivering superior returns for our shareholders.”
