Highlights

  • Northern Star sold 381koz of gold at an AISC of AUD 2,522/oz in Q1 FY26.
  • Year-to-date share gains reached 63.73% due to higher gold prices during the period.
  • Net cash of AUD 616M and cash and bullion of AUD 1,511M reported for the quarter.

Northern Star Resources Ltd (ASX:NST) recorded notable share price gains in the period surrounding its September 2025 quarterly update. The stock rose 7.30% over the past month, while the three-month performance increased 39.98%. Over a six-month timeframe, NST gained 24.23%, and on a year-to-date basis, the share price advanced 63.73%. The upward movement aligned with elevated gold prices and steady operational performance through Q1 FY26.

Quarterly Production and Costs

For the September 2025 quarter, the company reported 381,055 oz of gold sales at an AISC of AUD 2,522/oz (USD 1,639/oz). Underlying free cash flow for the period was AUD 14 M, and net mine cash flow reached AUD 183 M. The reported safety metric for the quarter was an SLTIFR of 0.6 injuries per million hours worked.

The Kalgoorlie Production Centre, which includes KCGM, Carosue Dam, and Kalgoorlie Operations, delivered 203 koz of gold at an AISC of AUD 2,474/oz. KCGM’s underground division recorded an annualised mining rate of 2.9 Mtpa, and open-pit operations were expected to gain efficiency with Golden Pike North returning to a single mining horizon.

The Yandal Production Centre, comprising Jundee, Thunderbox, and Bronzewing, reported 113 koz of gold sales at an AISC of AUD 2,778/oz. Thunderbox achieved its highest quarterly milled tonnage, while lower-grade stopes at Jundee and Ramone were planned to contribute more ore during the second half of FY26.

Operations at Pogo generated 65 koz of gold at an AISC of USD 1,453/oz, with two new portals developed to enhance haulage routes and ore access.

FY26 Guidance and Expenditure

Northern Star reaffirmed FY26 guidance of 1,700–1,850 koz of gold sold at an AISC of AUD 2,300–2,700/oz. Early-quarter impacts at Jundee and South Kalgoorlie were expected to reduce December-quarter sales by up to 20 koz, with the affected tonnes scheduled for processing later in FY26.

Planned growth capital expenditure for FY26 remained at AUD 2,125–2,270 M, covering KCGM Mill Expansion, operational readiness programs, and the Hemi Development Project. Exploration spending for the year was estimated at AUD 225 M.

Financial Position and Hedging

As of 30 September, Northern Star reported net cash of AUD 616 M and cash and bullion of AUD 1,511 M, following dividend payments of AUD 416 M and tax instalments of AUD 67 M. Hedging commitments were 1.275 Moz at an average price of AUD 3,309/oz, with no new positions added during the quarter.