Northern Star Resources (NST) H2 2025 earnings summary

Executive summary

• Achieved record revenue of A$6.415 billion for FY25, up 30% year-over-year, with underlying EBITDA of A$3.5 billion (up 60%) and underlying NPAT of A$1.415 billion.

• Generated record Group Free Cash Flow of A$536 million and cash earnings of A$2.9 billion, supported by favorable gold prices and operational execution.

• Completed the acquisition of De Grey Mining, adding the Hemi development project and aligning with long-term growth objectives.

• Returned over A$840 million to shareholders through record dividends and a completed A$300 million share buy-back program.

• Gold sold totaled 1.63Moz at an average realized price of A$3,922/oz.

Financial highlights

• Operating cash flow was A$2.953 billion, up 43% year-over-year, with net cash position of A$1.0 billion and liquidity at A$3.4 billion.

• All-in sustaining cost (AISC) increased 17% to A$2,163/oz, with FY25 AISC guidance for FY26 at A$2,200–2,700/oz.

• Declared a record fully franked final dividend of 55.0 cents per share, totaling A$715 million in dividends.

• Free cash flow surged 150% to A$1.4 billion; underlying free cash flow up 16% to A$536 million.

• Return on capital employed (ROCE) improved to 11.4% from 4.1% in FY23, with underlying EBIT up 102% to A$2.1 billion.

Outlook and guidance

• FY26 gold sold guidance is 1,700–1,850koz, with production weighted to the second half as growth projects complete.

• FY26 AISC forecasted at A$2,200–2,700/oz, with growth capital expenditure of A$1,140–1,200 million.

• Fimiston Mill expansion on track for early FY27 commissioning, expected to increase throughput to 27Mtpa and average 900,000 ounces of gold sold from FY29.

• Exploration expenditure for FY26 is forecast at approximately A$225 million, supporting a 10-year reserve-backed production profile (excluding Hemi).

• Effective tax rate for FY26 expected at 30–32%, with cash tax paid forecast at A$700–835 million.