Northern Star Resources Limited (ASX: NST) has released three announcements to the ASX – a production update for Q4 and FY26; the chairman succession; and the appointment of a new managing director and CEO.
Production update
A strong June quarter performance has enabled Northern Star to deliver its FY26 revised production guidance.
The preliminary total gold sold for the June quarter was 433koz, bringing FY26 gold sold to 1,543koz, in line with the revised group guidance of above 1,500koz.
- For the Kalgoorlie Production Centre, total gold sold was 844koz for the year, with 468koz from KCGM, meeting revised guidance.
- The Yandal Production Centre sold 434koz and Pogo sold 265koz, both also delivering revised guidance.
All-in sustaining costs (AISC) are being finalised and will be reported in the June 2026 Quarterly Activities Report.
At 30 June 2026, unaudited cash and bullion totalled A$1,255 million (vs 31 March 2026: A$1,183 million), with no corporate bank debt.
During the quarter, A$129 million in shares were purchased as part of the A$500 million on-market share buy-back program.
Following a three-year construction period, the KCGM Mill Expansion Project is tracking to schedule.
- Stage I – Increase total throughput from 13Mtpa to 27Mtpa capacity: Remains on track for commissioning in early FY27. Commissioning timing will determine future gold sales guidance.
- Stage II – Consolidation of the Gidji facility to the new Fimiston mill: Completion remains on track for the end of calendar year 2026.
Northern Star will release its June quarterly results on Wednesday, 29 July 2026.
Chairman succession
Michael Ashforth will succeed Michael Chaney as chairman, with effect from the conclusion of this year’s Annual General Meeting in November.
Mr Chaney had advised shareholders at the time of his re-election in 2023 that this would be his last term.
Mr Ashforth has been an independent non-executive director of Northern Star for two years and has been deputy chairman since July 2025. This succession forms part of the board’s ongoing governance renewal program.
Mr Ashforth’s background in governance, transactions, capital allocation and leadership oversight positions him well to lead the board through Northern Star’s next phase of growth.
MD/CEO appointment
Northern Star has appointed Suresh Vadnagra to succeed Stuart Tonkin as managing director and CEO, effective 5 October 2026.
Mr Vadnagra is a highly accomplished global mining executive with more than 25 years of experience spanning strategy, operations, major projects, transactions, business transformation and enterprise leadership across large, complex, multicommodity portfolios.
He is currently Head of Glencore Nickel and Zinc Industrial Assets based in Switzerland, with responsibility for a diverse global portfolio of more than 25 operations spanning open pit and underground mines, smelters and refineries. He oversees a major projects pipeline and leads a large scale, complex, organisation spanning Australia, North America, Asia and Europe.
Prior to his role at Glencore, Mr Vadnagra was the Chief Technical and Projects Officer at Newcrest, where he was accountable for Newcrest’s major projects, technical teams and technology. As part of his role, he oversaw Newcrest’s substantial growth pipeline including Red Chris block cave, Cadia’s future panel caves, Havieron, Wafi-Golpu and various other major projects across the portfolio. He was closely involved in broader executive management including people, sustainability, business development and capital management. He played a key role in reshaping Newcrest’s portfolio strategy.
Mr Vadnagra holds a Bachelor of Engineering (Mechanical) (Hons) from the University of Western Australia as well as a Master of Business Administration from Southern Cross University.
Commenting on the appointment, chairman Michael Chaney said:
“We are very pleased to have a leader of Suresh’s calibre join the Northern Star team. Suresh is an accomplished mining executive with the experience and capabilities to unlock the full potential of our assets and our people – from ramping up KCGM, progressing Hemi and optimising all of our assets. The Board believes his broad operational experience and leadership qualities can deliver significant value for all of our shareholders. Critically, his track record of execution and deep commitment to safety will ensure that we continue the vital work of keeping all of our people safe and helping them achieve their full potential.
“I take this opportunity again to acknowledge and thank Stu Tonkin for his leadership over the last 13 years and for the significant contributions he has made to the development of Northern Star. As previously announced, Stu will be stepping down as managing director and CEO during the first quarter of FY27.
“The board has resolved to appoint chief financial officer Ryan Gurner as deputy CEO, effective immediately, working alongside Stu until his departure. During the period between Stu’s departure and Suresh’s commencement, Ryan will serve as interim CEO until Suresh assumes his new role.”
Commenting on his appointment, Mr Vadnagra said:
“I am very excited to be joining Northern Star at a time of significant opportunity for the Company and its portfolio of high-quality, long-life assets. I look forward to stepping into the role and working with the team at Northern Star to progress the major development projects, enhance operational performance and further strengthen the portfolio.”
