Northern Star Resources (NST) Q2 2026 earnings summary

Executive summary

• December quarter gold sales totaled 348,000 ounces at an AISC of A$2,937/oz, impacted by one-off operational events such as a primary crusher failure at KCGM and unplanned mill downtime at Jundee and Thunderbox, leading to revised FY26 production and cost guidance.

• Revised FY26 guidance: 1.6–1.7 million ounces of gold sold at AISC of A$2,600–2,800/oz, with detailed production and cost guidance by production center.

• Operational growth capital guidance remains at A$1.14–1.2 billion, with major projects at KCGM and Hemi progressing.

• Balance sheet remains strong with net cash position of A$293 million and cash and bullion of A$1,176 million as of 31 December.

• All three production centers generated positive net mine cash flow in Q2, with capital and exploration fully funded.

Financial highlights

• December quarter gold sales revenue was A$1,709 million at an average price of A$4,908/oz.

• H1 FY26 cash earnings estimated at A$1.06–1.11 billion, down from A$1,146 million in H1 FY25.

• Q2 operating cash flow: A$738 million, including A$370 million income tax paid.

• Group all-in costs (AIC) for the quarter: A$4,534/oz, reflecting ongoing capital projects.

• Cash and bullion at quarter end totaled A$1,176 million; net cash position: A$293 million.

Outlook and guidance

• FY26 production guidance revised to 1.6–1.7 million ounces at AISC of A$2,600–2,800/oz, reflecting lower sales and higher royalties.

• KCGM Mill Expansion Project on track for early FY27 commissioning, with increased labor to ensure schedule; FY26 capex revised up to A$640–660 million.

• Hemi project progressing with ongoing permitting and optimization, targeting FID by end of calendar year.

• Exploration spend for FY26 maintained at ~A$225 million.

• Second half expected to deliver stronger production and lower costs as operational disruptions are resolved.