Northern Star Resources (NST) Q3 2026 earnings summary

Executive summary

• Gold sales for the March quarter totaled 381,000 ounces at an all-in sustaining cost (AISC) of AUD 2,709/oz, generating underlying free cash flow of AUD 301 million.

• Operational improvements at KCGM, Jundee, Thunderbox, and Pogo contributed to higher grades and cost efficiencies.

• FY 2026 production guidance remains above 1.5 million ounces, with growth CapEx unchanged and KCGM mill expansion on track for early FY 2027 commissioning.

• Net mine cash flow for the quarter was AUD 426 million, and cash and bullion at quarter end totaled AUD 1.2 billion.

• An on-market share buy-back program of up to AUD 500 million was announced, commencing April 2026.

Financial highlights

• March quarter gold sales revenue was AUD 2,012 million at an average price of AUD 5,283/oz.

• Group underlying free cash flow for the quarter was AUD 301 million.

• Net mine cash flow for the quarter was AUD 426 million.

• Cash and bullion at 31 March stood at AUD 1.2 billion.

• Interim dividend of AUD 0.25/share paid (AUD 347 million total), and AUD 50 million received from Central Tanami Gold Project divestment.

Outlook and guidance

• FY 2026 production guidance above 1.5 million ounces, with AISC guidance at AUD 2,600–2,800/oz.

• KCGM mill expansion project on track for commissioning in early FY 2027; full-year guidance for FY 2027 to be provided in July.

• Q4 AISC expected to rise by $75-$85/oz due to higher oil prices.

• Growth capital expenditure for FY 2026 forecast at AUD 2,315–2,425 million, with exploration spend unchanged at AUD 225 million.

• Medium-term, multi-year outlook to be provided later in the calendar year.