Highlights

  • NST’s december quarter gold sales totalled approximately 348koz, contributing to first-half FY26 sales of around 729koz.
  • FY26 production guidance has been revised to 1,600–1,700koz, down from the previous range of 1,700–1,850koz.
  • Operational disruptions across Kalgoorlie, Yandal and Pogo contributed to lower sales volumes and are expected to influence cost outcomes.

Northern Star Resources Ltd (ASX:NST) has released an operational update for the December 2025 quarter, outlining the impact of several unplanned events across its production centres. These disruptions affected gold sales during the quarter and have led the Company to revise its FY26 production guidance ahead of its full quarterly results later this month.

December Quarter Sales Affected by Isolated Events

Gold sales during the December quarter were impacted by a series of isolated operational issues that occurred late in the period across Northern Star’s asset portfolio. Total quarterly sales of approximately 348koz followed previously disclosed events at Jundee and South Kalgoorlie, which together affected output by up to 20koz. Additional unplanned maintenance and operational challenges further reduced production across all three production centres.

As a result of the softer quarter, Northern Star has adjusted its full-year FY26 gold sales guidance to between 1,600koz and 1,700koz. The Company noted that lower sales volumes are also expected to influence cost performance, with revised cost guidance to be released alongside the December quarterly results on 22 January 2026.

Kalgoorlie Production Centre Overview

The Kalgoorlie Production Centre recorded December quarter gold sales of approximately 203koz. At KCGM, gold sold totalled around 110koz, impacted by reduced processing throughput following a primary crusher failure that affected operations for four weeks. Despite this, milled grades of approximately 1.6g/t were higher than those achieved in the September quarter.

The processing plant is scheduled to return to normal operations in early January, although throughput variability is expected during the second half of FY26 as the Company transitions to the new expanded mill, targeted for commissioning in early FY27. Mining activities at the Golden Pike North area progressed, with higher-grade ore stockpiled for processing later in the year.

Yandal and Pogo Performance

At the Yandal Production Centre, December quarter gold sales were approximately 91koz, reflecting challenges at both Jundee and Thunderbox. Recovery works at Jundee have taken longer than planned following a localised crushing circuit issue, with normal operations now expected during the March quarter. Thunderbox was affected by lower mined grades at the Orelia open pit and unplanned downtime related to carbon-in-leach tank failures.

At the Pogo operation, gold sales of approximately 53koz were influenced by lower mined grades due to underground mining dilution. The underground mine and mill operated at an annualised rate of 1.4Mtpa during the quarter.

Upcoming Updates and Outlook

Northern Star will host a management call on 5 January 2026 to discuss the revised FY26 production outlook. Detailed production and cost results for the December quarter will be released to the ASX on 22 January 2026.

NST share price decreased by 8.12% to AUD 24.56 per share at the time of writing on 2 January 2026.