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Northern Star Resources (NST) investor relations material

Northern Star Resources Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary22 Oct, 2025

Executive summary

  • Sold 381,055 ounces of gold in the September quarter at an all-in sustaining cost (AISC) of AUD 2,522/oz, with disciplined cost control and strong performance at KCGM and Thunderbox.

  • Maintains full-year guidance of 1.7–1.85 million ounces sold at AISC of AUD 2,300–2,700/oz, with group underlying free cash flow of AUD 14 million and net mine cash flow of AUD 183 million.

  • KCGM advanced its mill expansion and delivered strong cost discipline, while Thunderbox achieved record quarterly milled tonnes.

  • Net cash position was AUD 616 million, with cash and bullion of AUD 1,511 million after dividend and tax payments.

Financial highlights

  • Gold sales revenue for the quarter was AUD 1,697 million at an average realized price of AUD 4,452/oz.

  • Operational cash flow of AUD 751 million, net of AUD 67 million in income taxes paid.

  • CapEx of AUD 614 million, exploration spend of AUD 59 million, and equipment/lease costs of AUD 64 million for the quarter.

  • Group underlying free cash flow was AUD 14 million, with significant growth capital outflows.

  • Paid AUD 416 million in dividends during the quarter.

Outlook and guidance

  • On track to deliver full-year production guidance of 1.7–1.85 million ounces at AISC of AUD 2,300–2,700/oz.

  • Growth capital guidance for FY26: AUD 2,125–2,270 million, including KCGM Mill Expansion and Hemi Development Project.

  • Exploration guidance for FY26: AUD 225 million.

  • June quarter forecast to be the strongest as key growth projects complete.

  • Full-year cash tax guidance maintained at AUD 700–835 million, with two-thirds to be paid in the first half.

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Frequently asked questions

Northern Star Resources Limited is an Australian gold producer operating on a global scale, with a portfolio of world-class projects situated in highly prospective and low sovereign risk regions across Australia and North America. The company's operations span Western Australia, the Northern Territory, and Alaska, encompassing the exploration, development, mining, and processing of gold deposits, along with the sale of refined gold. The company is headquartered in Subiaco, Western Australia, and its shares are listed on the Australian Securities Exchange (ASX) under the ticker NST.

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