Northern Star Resources Limited (ASX:NST): What Is Behind the Latest Quarterly Cash Flow?

Sonal Goyal

09 November 2026 06:40 PM AEDT

Northern Star Resources Limited (ASX:NST): What Is Behind the Latest Quarterly Cash Flow?

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Key Highlights

Northern Star shares traded at $25.86, up 0.80%, during the 9 November 2026 trading session.
The September quarter gold sales totalled 364koz at an AISC of A$3,217 per ounce, as reported on 21 October 2026.
FY2027 guidance was unchanged at 1,500 to 1,650koz sold.

Northern Star Resources Limited (ASX:NST) shares were trading at $25.86 during the Trading session on 9 November 2026, up 0.80%. Over the same session the S&P/ASX 200 index was up 0.10% at 9,029.70, and the S&P/ASX 200 Materials index was up 2.88% at 23,254.80. Northern Star is an Australian gold producer with operations in Western Australia, including the KCGM complex, and a pipeline of growth projects.

Latest Development: September Quarter Report on 21 October 2026

Northern Star's September 2026 quarterly report, released on 21 October 2026, reported gold sales of 364koz at an All-In Sustaining Cost of A$3,217 per ounce.

Net mine Cash Flow for the quarter was A$210 million, with all three production centres reporting positive net cash flows. Group underlying free cash flow was A$(31) million, which included A$113 million of corporate tax payments.

Cash and bullion totalled A$1,200 million at 30 September 2026. The company said A$500 million of bank facilities were drawn after quarter end to maintain targeted cash levels.

KCGM Mill Expansion and New Chief Executive

The KCGM legacy plants were shut down on 21 September 2026, and the tie-in to the expanded plant was completed on 28 September 2026. Commissioning of the integrated plant is in its early stages.

Stage II commissioning is scheduled for early in the second half of FY2027 and is expected to deliver a 1 to 2% recovery uplift. Suresh Vadnagra started as Managing Director and Chief Executive Officer on 5 October 2026.

About the Company and Business Overview

Northern Star produces gold from several operations in Western Australia, including KCGM in the Goldfields region. It also holds development projects, including Hemi, which is in study phase.

The company reports results quarterly, with cost measures and free cash flow used to track operating performance.

Sector Context

Gold producers generally face cost pressure from energy, labour and consumables. Gold prices are a key determinant of margins.

Gold rose 1.30% to USD 4,128.20 during the 9 November 2026 session, according to market data.

Risks and What to Watch Ahead

The report notes that the integrated KCGM plant is still in early commissioning, which carries ramp-up risk. Operations are exposed to plant commissioning timelines and recovery performance.

Watch items include stable operating performance at KCGM, Stage II commissioning, progress on the Hemi study and the December quarter report.

Final Word

Northern Star's September quarter report shows gold sales of 364koz, positive net mine cash flow across all three production centres and a change in chief executive. The report covers the quarter ended 30 September 2026.

FAQs

Q: What is Northern Star's main business?

A: Northern Star is an Australian gold producer with operations in Western Australia.

Q: When was the quarterly report released?

A: Northern Star released its September 2026 quarterly report on 21 October 2026.

Q: What was the gold sold in the quarter?

A: Gold sales totalled 364koz at an AISC of A$3,217 per ounce, according to the release.

Q: What is FY2027 guidance?

A: Guidance is 1,500 to 1,650koz sold at an AISC of A$3,050 to A$3,450 per ounce, unchanged.

Q: How did Northern Star shares trade on 9 November 2026?

A: Northern Star shares were trading at $25.86, up 0.80%, during the 9 November 2026 trading session.

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