Northern Star Resources (NST) Q1 2027 earnings summary

Executive summary

• September-quarter gold sales were 363,891 oz at A$3,217/oz AISC; all three production centres generated positive net mine cash flow of A$210m.

• Underlying free cash flow was A$(31)m, including A$113m in corporate tax payments; FY27 production and AISC guidance remained unchanged.

• New CEO Suresh Vadnagra identified consistent delivery, stronger accountability, operating and capital discipline, and sustainable shareholder returns as priorities.

Financial highlights

• Gold sales revenue was A$1,819m at an average realised price of A$4,999/oz.

• All-in costs were A$4,647/oz, higher than the June quarter as gold sold fell amid grade and recovery impacts, primarily at Pogo and during KCGM commissioning.

• Cash operating costs fell 3% QoQ to A$893m; total all-in costs, including growth capital and exploration, fell 5% QoQ.

• Cash and bullion totalled A$1,200m at 30 September.

Outlook and guidance

• FY27 guidance remains 1,500–1,650koz gold sold at A$3,050–3,450/oz AISC; production is expected to be weighted to 2H as KCGM ramps up.

• KCGM is forecast to sell 550–650koz in FY27; AISC is expected to improve through the year.

• FY27 sustaining capital guidance is A$850–915m; total capital investment, including growth capital, is A$2,550–2,935m.

• KCGM Stage II commissioning is scheduled for early 2H FY27, with a projected 1–2% recovery uplift and elimination of concentrate haulage to Gidji.

• Hemi studies remain on plan for a late-FY27 Final Investment Decision; medium-term guidance timing remains under review as the CEO assesses priorities.