Highlights

  • KCGM produced 15.3koz of gold from 766kt milled during October 2026, below the company’s plan.
  • Northern Star retained FY27 group guidance of 1,500–1,650koz of gold sold.
  • The Hemi Project received primary federal and state environmental approvals; secondary approvals remain outstanding.
  • The September 2026 quarter delivered 363,891oz of gold sold at A$3,217/oz all-in sustaining cost.

Northern Star Resources (ASX:NST) mines, processes and sells gold through operations in Western Australia and Alaska, with production organised around its Kalgoorlie, Yandal and Pogo centres. On 9 November 2026, the company reported mixed progress across its growth portfolio: commissioning at the expanded KCGM processing plant remained uneven, while its Hemi development project secured important environmental approvals. These developments place operational reliability and permitting progress at the centre of its FY27 outlook.

KCGM Commissioning and October Production

The expanded KCGM processing plant experienced variable availability and throughput during October 2026. Northern Star (ASX:NST) identified intermittent mill motor control issues, which it said had been addressed, alongside equipment rectification work that remained under way. A planned 3.5-day maintenance shutdown was completed on 30 October to support remedial work and commissioning activities.

KCGM produced 15.3koz of gold from 766kt milled in October, below plan. The company said the operation was tracking towards the lower end of its FY27 guidance range of 550–650koz. It also reported more stable plant performance in early November, with higher availability and average throughput. Those early improvements do not yet establish sustained operating performance; the pace of the remaining ramp-up will determine the full-year result.

Mining at KCGM’s open-pit and underground operations continued according to plan, while run-of-mine ore stockpiles increased. Northern Star (ASX:NST) expects that inventory to support processing during the second half of FY27. The immediate priority remains consistent plant availability, utilisation, throughput and gold recovery.

Quarterly Performance and FY27 Guidance

For the September 2026 quarter, Northern Star (ASX:NST) sold 363,891oz of gold at an All-In Sustaining Cost of A$3,217/oz. Kalgoorlie contributed 193,540oz, Yandal 117,631oz and Pogo 52,720oz. Net mine Cash Flow totalled A$210 million, while underlying group free cash flow was negative A$31 million, including A$113 million of corporate tax payments. Cash and bullion stood at A$1.2 billion on 30 September 2026.

The company maintained FY27 guidance of 1,500–1,650koz of gold sold at an all-in sustaining cost of A$3,050–3,450/oz. Production is expected to be weighted towards the second half as KCGM ramps up. Northern Star (ASX:NST) also forecast total sustaining and growth Capital Investment of A$2.55–2.935 billion for FY27, reflecting continued spending on processing capacity, mine access and development projects.

Hemi Approvals and Outstanding Conditions

At the Hemi Gold Project, Northern Star confirmed receipt of primary federal and state environmental approvals in its 9 November update. These approvals advance the project but do not constitute clearance to commence every planned activity. Secondary approvals under mining, water and environmental legislation are still being pursued, including management plans, groundwater licensing and completion of a managed aquifer recharge trial.

The project schedule also remains dependent on land-access and regulatory processes. Northern Star (ASX:NST) indicated in its September Quarterly Report that studies were progressing towards a final investment decision late in FY27. That decision remains prospective rather than completed, and its timing depends on the outstanding work.

Key Insights

The near-term operating test is whether KCGM’s improving November performance becomes reliable throughput and recovery across the rest of FY27. Group guidance remains unchanged, but KCGM is tracking towards the lower end of its own production range. Hemi has progressed through primary environmental approvals, although further permissions and project decisions remain ahead. Northern Star plans to update shareholders on commissioning at its 18 November 2026 Annual General Meeting and again in early December.