Highlights

  • September 2026 quarter gold sales totalled 363,891 ounces at an All-In Sustaining Cost of AUD 3,217 per ounce.
  • The KCGM expanded processing plant entered integrated commissioning following its September tie-in.
  • FY27 guidance remains 1.50–1.65 million ounces sold at an all-in sustaining cost of AUD 3,050–3,450 per ounce.
  • Cash and bullion totalled AUD 1.20 billion at 30 September 2026.

Northern Star Resources (ASX:NST) operates gold mines and processing facilities across Western Australia and Alaska, with production centred on Kalgoorlie, Yandal and Pogo. Its September 2026 quarterly update placed the KCGM mill expansion at the centre of FY27 execution, as the group transitions from construction and plant tie-in to sustained processing. Commissioning will influence delivery against guidance.

September Quarter Production and Costs

Northern Star Resources (ASX:NST) sold 363,891 ounces of gold in the three months ended 30 September 2026, realising an average price of AUD 4,999 per ounce. Reported gold sales Revenue was AUD 1.819 billion. Group all-in sustaining cost (AISC) reached AUD 3,217 per ounce, reflecting lower sales volumes and operational interruptions associated with planned shutdowns and commissioning.

Kalgoorlie accounted for 193,540 ounces sold at an AISC of AUD 2,919 per ounce. Yandal contributed 117,631 ounces at AUD 3,687 per ounce, while Pogo sold 52,720 ounces at an AISC of USD 2,307 per ounce. Thunderbox achieved record quarterly gold sales, supported by improved feed grades from the Orelia open pit. At Pogo, processing and underground haulage work constrained activity during the quarter.

The three production centres generated combined net mine Cash Flow of AUD 210 million. Group underlying free cash flow was negative AUD 31 million, including AUD 113 million in corporate tax payments. Northern Star Resources (ASX:NST) reported AUD 968 million of cash and AUD 232 million of bullion at quarter-end.

KCGM Expansion Enters Commissioning

The existing KCGM processing plants were shut on 21 September 2026, and the connection to the expanded Facility was completed on 28 September. The tie-in occurred about two weeks later than anticipated following minor commissioning issues involving the thickener and ball mill; the company reported those issues had been addressed. Initial commissioning affected milled tonnes, grade and recovery.

Stage I replaces approximately 85% of the previous 13-million-tonne annual processing capacity and increases total capacity to 27 million tonnes a year. Northern Star Resources (ASX:NST) is now focused on establishing stable, sustained operating performance rather than simply completing construction. Stage II commissioning is scheduled for early in the second half of FY27 and is expected by the company to improve recovery by 1–2 percentage points and eliminate concentrate haulage between KCGM and Gidji.

Cumulative expansion project expenditure reached AUD 1.746 billion, against a forecast total project cost of AUD 1.75–1.81 billion. Commissioning performance remains important because the FY27 gold sales profile is weighted towards the second half.

FY27 Guidance and Investment Priorities

Northern Star Resources (ASX:NST) maintained FY27 guidance for 1.50–1.65 million ounces of gold sold at an AISC of AUD 3,050–3,450 per ounce. KCGM is forecast to contribute 550,000–650,000 ounces. Total Capital Investment is guided at AUD 2.55–2.935 billion, while exploration spending is expected to reach AUD 230–250 million. These figures are company forecasts, not completed outcomes.

The Hemi development remains another major allocation decision. Engineering and design progressed during the September quarter, with a final investment decision targeted for late FY27. Permitting work includes managed aquifer recharge trials intended to support environmental assessment and project scheduling. Approvals remain uncertain.

Key Insights

The main near-term consideration for Northern Star Resources (ASX:NST) is whether KCGM throughput and recovery improve sufficiently to support second-half-weighted FY27 guidance. Higher costs at individual mines, commissioning delays, gold price changes and capital requirements could affect results. The December-quarter update will provide further evidence of processing stability and Pogo progress.