Highlights

  • Northern Star Resources (ASX:NST) traded at AUD 26.35 on 10 November 2026, up 1.93%.
  • September-quarter gold sold totalled approximately 364,000 ounces at AISC of AUD 3,217 per ounce.
  • KCGM completed its mill tie-in during September, with commissioning continuing into FY27.
  • FY27 guidance remains 1.50–1.65 million ounces sold at AISC of AUD 3,050–3,450 per ounce.

Northern Star Resources Limited (ASX:NST) operates gold mines and processing facilities across Western Australia and Alaska, with production organised around its Kalgoorlie, Yandal and Pogo centres. Its shares traded at AUD 26.35 on 10 November 2026, up 1.93% during the session. The company entered the December quarter following the September completion of the KCGM expanded mill tie-in, while commissioning, operating costs and the timing of higher production remain central to its FY27 programme.

Gold Operations Across Australia and Alaska

Northern Star Resources (ASX:NST) operates the Kalgoorlie production centre, which includes KCGM, Carosue Dam and other Kalgoorlie operations. Its Yandal centre includes Jundee and Thunderbox, while Pogo is an underground gold operation in Alaska. Production depends on mine sequencing, ore grades, processing recoveries and plant availability across these distinct assets.

The company is also advancing the Hemi gold development in Western Australia. Unlike its established production centres, Hemi remains a development project, with Investment decisions and delivery milestones dependent on studies, permitting and other requirements. This distinction matters when assessing current gold sales against potential future production.

September Quarter: KCGM Expansion and Production

In the three months to 30 September 2026, Northern Star Resources (ASX:NST) sold approximately 364,000 ounces of gold at an All-In Sustaining Cost (AISC) of AUD 3,217 per ounce. Kalgoorlie accounted for 193,540 ounces sold, Yandal for 117,631 ounces and Pogo for 52,720 ounces. Their respective reported AISC figures were AUD 2,919, AUD 3,687 and USD 2,307 per ounce.

At KCGM, the legacy processing plants shut down on 21 September and the tie-in to the expanded plant was completed on 28 September. Commissioning then moved into its early stages, with attention on achieving sustained throughput and reliable recovery. The second stage of the processing configuration is scheduled for commissioning in early H2 FY27 and is intended to simplify processing by removing concentrate haulage between KCGM and Gidji.

The company reported September-quarter net mine Cash Flow of AUD 210 million, with each production centre generating positive net mine cash flow. Group underlying free cash flow was negative AUD 31 million, including AUD 113 million of corporate tax payments. These measures capture different levels of spending and should not be treated as interchangeable.

FY26 Earnings, FY27 Costs and Capital Programme

For the year ended 30 June 2026, Northern Star Resources (ASX:NST) reported statutory net profit after tax of AUD 1.7 billion and underlying net profit after tax of AUD 1.8 billion. Underlying EBITDA reached AUD 4.3 billion, while underlying free cash flow totalled AUD 190 million. The company declared a fully franked FY26 Dividend of 55 Australian cents per share, including a 30-cent final dividend.

The September-quarter update retained FY27 guidance for gold sold of 1.50–1.65 million ounces, with AISC expected between AUD 3,050 and AUD 3,450 per ounce. Output is expected to be weighted towards the second half as KCGM commissioning progresses. Planned FY27 capital investment, including sustaining and growth expenditure, is AUD 2.55–2.94 billion, with exploration spending forecast at AUD 230–250 million.

At 30 September 2026, cash and bullion stood at approximately AUD 1.2 billion. The company also disclosed utilisation of AUD 500 million of bank facilities after quarter-end to maintain its targeted cash position. Higher capital requirements during commissioning mean reported earnings, mine cash generation and group free cash flow may follow different trajectories.

Operating Risks and Milestones to Monitor

The principal near-term execution issue for Northern Star Resources (ASX:NST) is the pace at which the expanded KCGM plant establishes stable processing performance. Recovery, throughput, maintenance and ore-feed composition can affect both production and unit costs. The guidance range incorporates commissioning uncertainty, and the company has not presented the upper end as an assured outcome.

Gold prices, Royalty charges, labour and energy costs also influence profitability. At Pogo, underground infrastructure and processing works affected the September quarter. The Hemi project requires further study and project approvals before a final investment decision, targeted for late FY27. Northern Star has scheduled its December-quarter report for January 2027 and FY27 half-year results for February 2027.

Key Insights

Northern Star Resources (ASX:NST) is progressing a major KCGM processing expansion while maintaining FY27 production and cost guidance. September-quarter mine cash generation remained positive, although group underlying free cash flow was negative amid tax payments and investment. Subsequent updates on commissioning reliability, gold sales, Capital Expenditure and Hemi approvals will provide measurable evidence of delivery against the company’s stated plans.