Northern Star Resources (NST) Q3 2025 earnings summary

Executive summary

• Shareholders approved the De Grey acquisition, with implementation in May 2025, positioning the company for future growth and tax efficiency.

• Gold sales reached 385,441oz in the March quarter at an AISC of AUD 2,246/oz, supported by strong gold prices above AUD 5,000/oz.

• Net-mined cash flow reached AUD 295 million in the March quarter, with positive contributions from all production centres.

• The company remains in a net cash position, with a strong balance sheet and ongoing hedge book reduction.

• KCGM Mill Expansion Project remains on track, with major construction milestones achieved and capex fully funded.

Financial highlights

• March quarter sales revenue was AUD 1,552 million at an average gold price of AUD 4,028/oz.

• Gold sold in the March quarter totaled 385,000 ounces at an AISC of AUD 2,246/oz.

• Operating cash flow was AUD 846 million, up 22% from the prior quarter.

• Net cash at 31 March stood at AUD 181 million after a AUD 279 million dividend payment.

• Share buyback program 89% complete, with AUD 266 million spent to date.

Outlook and guidance

• FY2025 group production guidance revised to 1.63–1.66 million ounces due to KCGM operational delays, partially offset by increased guidance at Pogo.

• FY2025 AISC guidance increased to AUD 2,100–2,200/oz, reflecting delayed access at KCGM, unplanned Yandal maintenance, and higher royalties.

• FY2025 capital expenditure guidance for KCGM mill expansion remains at AUD 500–530 million.

• Growth capital expenditure (excluding KCGM Mill Expansion) increased to AUD 950–1,100 million; exploration spend raised to AUD 230 million.