Northern Star Resources (NST) Q4 2026 earnings summary

Executive summary

• Fimiston/KCGM Mill Expansion project completed and commissioning underway, marking a major milestone after three years of work.

• All three production centers generated positive net mine cash flow, totaling over AUD 1.1 billion for FY26.

• Record mining rates at KCGM, improved milling at Jundee, record sales at Thunderbox, and strong cash flow from Pogo highlighted operational improvements.

• New Managing Director and CEO, Suresh Vadnagra, to commence 5 October 2026.

Financial highlights

• June quarter gold sales: 433,482 oz at an all-in sustaining cost (AISC) of AUD 2,651/oz; annual sales: 1.543 million oz at AISC of AUD 2,698/oz.

• June quarter gold sales revenue: AUD 2,185 million at an average price of AUD 5,041/oz.

• Cash and bullion at 30 June: AUD 1.235 billion after AUD 129 million in share buybacks.

• FY26 net mine cash flow: approx. AUD 1.2 billion; Pogo delivered record annual net mine cash flow of AUD 609 million.

• FY26 cash earnings expected between AUD 2.86 billion and AUD 2.95 billion.

Outlook and guidance

• FY27 Group annual guidance to be released with FY26 financial results in August, after KCGM commissioning yields meaningful operating data.

• KCGM Mill Expansion ramp-up to steady-state 27Mtpa expected by FY29, with Stage II completion targeted for late 1H FY27.

• Hemi Project Final Investment Decision targeted for late FY27.

• September quarter expected to be the softest due to planned shutdowns and low-grade commissioning feed at KCGM.