Northern Star Resources (ASX: NST) has released its activities report for the June Quarter period to 30 June 2026.
Management will host an investor call to discuss the June Quarter today at 9am AEST (7am AWST). To access the call register here.
June Quarter highlights
Operating performance
- SLTIFR at 0.5 injuries per million hours worked
- Group underlying free cash flow of A$206 million and net mine cash of A$443 million
- FY26 gold sold of 1,543koz at AISC of A$2,698/oz, with costs within original guidance range
- All three production centres generated positive net mine cashflow of A$1,179 million
- June quarter gold sold totalled 433koz at an AISC of A$2,651/oz (US$1,821/oz)
- KCGM mining volumes achieved targeted annualised rates (open pit: 88Mtpa, underground: 3.2Mtpa), both representing records under Northern Star ownership
- Jundee improved milling and grade performance as planned; Thunderbox achieved record quarterly gold sales driven by higher grades
- Pogo delivered strong operational performance achieving a fifth consecutive annual record net mine cash flow of A$609 million
KCGM Mill Expansion Project update
- Stage 1 (increasing processing capacity to 27Mtpa) commissioning underway and on schedule, with ramp-up to follow a measured approach utilising lower-grade feed during 1H FY27
- Existing KCGM processing plant to operate through July and August, with tie-in to the expanded 27Mtpa processing facility planned for September
- Stage 2 (consolidating processing into a single hub) remains on track for completion late 1H FY27, expecting to deliver a 1–2% recovery uplift while eliminating concentrate haulage between KCGM and Gidji
Financial and corporate update
- New Managing Director and CEO, Suresh Vadnagra, to commence on 5 October 2026
- Cash and bullion of A$1,235 million, after A$129 million shares purchased under the $500 million on-market share buy-back program
- FY26e Cash Earnings of A$2,860-2,950 million (vs FY25: A$2,873 million)
- Hemi Project FID targeted for late FY27
- FY27 Group annual guidance to be released with FY26 Financial Results on 20 August 2026
Commenting on the June quarter performance, Northern Star managing director Stuart Tonkin said:
“The June quarter delivered improved operational performance and positive net mine cashflow of A$443 million, demonstrating the quality of our portfolio and reinforcing the long-term value potential of the business.
“With the commissioning of the KCGM Mill Expansion Project now underway, Northern Star is well positioned to deliver significant shareholder returns.”
