Northern Star Resources Limited (ASX: NST) has reported its March Quarter operational and financial results for the three-month period to 31 March 2026.
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.
The company’s management will host an investor call to discuss the March Quarter at 7am AWST / 9am AEST. The call can be accessed here.
March quarter highlights:
Operating performance
- SLTIFR at 0.6 injuries per million hours worked
- Group underlying free cash flow of A$301 million and net mine cash of A$426 million
- Gold sold totalled 381koz at an AISC of A$2,709/oz (US$1,854/oz)
- KCGM open pit and underground mining trending toward annual target rates with accelerated volumes from high-grade Golden Pike North area prioritising cash flow during current mill constraints
- Jundee operational review underway; Thunderbox delivered strong production growth
- Improved gold grades at Pogo driven by successful stope optimisation initiatives in new mining areas
- KCGM Mill Expansion on track for commissioning in early FY27
FY26 Group outlook
- FY26 guidance of above 1,500koz gold sold and AISC of A$2,600-2,800/oz
- Total growth capital expenditure of A$2,315-2,425 million, with revisions to KCGM Mill Expansion Project and KCGM Mill Operational Readiness capex
- Total exploration expenditure of ~A$225 million remains unchanged
Investment-grade balance sheet
- Net cash of A$320 million after A$347 million cash dividend payment; cash and bullion of A$1,183 million
- On-market share buy-back program of up to A$500 million announced, commencing from 23 April
- Undrawn A$1,750 million corporate bank facility refinanced with maturity extended to 2030 and 2031
Commenting on the March quarter performance, Northern Star managing director Stuart Tonkin said:
“The March quarter demonstrated improved operational performance, with the company forecast to deliver its revised FY26 production guidance of above 1.5Moz. As previously disclosed, this outlook remains particularly dependent on mill throughput at KCGM, with downside and upside potential.
“Our share buy-back announcement during the quarter reflects confidence in the strength of our business, the structural uplift in cash generation expected from the ramp-up of the new Fimiston processing plant and the compelling value we see in our share price.
“The KCGM Mill Expansion remains on track for commissioning in early FY27. At the same time, our team continues to optimise the engineering and design of the Hemi Development Project while advancing approvals.”
