Northern Star Resources (NST) Q4 2026 earnings summary

Executive summary

• Fimiston/KCGM Mill Expansion project completed and commissioning underway, marking a major milestone after three years of work.

• KCGM positioned as a cornerstone asset with increasing production, decreasing capital spend, and a reducing hedge book, supporting near-term cash generation and shareholder returns.

• All three production centers generated positive net mine cash flow, delivering over AUD 1.1 billion for the year.

• Record mining rates at KCGM, improved milling at Jundee, record sales at Thunderbox, and strong cash flow from Pogo highlighted operational improvements.

• New Managing Director and CEO, Suresh Vadnagra, to commence 5 October 2026.

Financial highlights

• June quarter gold sales: 433,482 oz at an all-in sustaining cost (AISC) of AUD 2,651/oz; annual sales: 1.543 million oz at AISC of AUD 2,698/oz.

• FY 2026 net mine cash flow exceeded AUD 1.1 billion; Pogo delivered record annual net mine cash flow of AUD 609 million.

• Cash and bullion at 30 June: AUD 1.235 billion; underlying free cash flow for the June quarter: AUD 206 million.

• FY 2026 cash earnings expected between AUD 2.86 billion and AUD 2.95 billion.

• June quarter gold sales revenue was AUD 2.185 billion at an average price of AUD 5,041/oz.

Outlook and guidance

• FY 2027 guidance to be provided with FY 2026 financial results in August, incorporating KCGM commissioning data.

• KCGM Mill Expansion ramp-up to steady-state 27 Mtpa expected by FY 2029, with Stage II completion targeted for late 1H FY 2027.

• Hemi project final investment decision (FID) targeted for late FY 2027, with permitting and engineering progressing.

• Major planned shutdowns scheduled for all production centres in the September quarter.

• Medium-term guidance for KCGM will not be issued this calendar year; broader outlook to follow after full operational data is available.