Northern Star has Surges Led by Strong Quarterly Performance

NST delivered a strong result supported by strong demand and cash flow and is expected to continue the same with the help of capacity expansion through different pipeline projects.

Northern Star Resources Limited (ASX: NST)

Northern Star Resources Limited (ASX: NST) is a gold exploration, development, mining and processing company which has a market capitalisation of $29.09B and a full franked annual dividend yield of 2.69%.
Financial performance

NST shares are in the green today as the company announced on 29 July 2026 its quarterly activities report for the quarter ending in June 2026, as the company reported a quarterly sale of 433 koz and an annual sale of 1,543 koz, which is within the line of the original guidance range. 

In the June quarterly Kalgoorlie sold 228 Koz, Yandal with 124 Koz of sales and Pogo contributes 82 Koz of sales, while the annual numbers for FY26 include 844 Koz from Kalgoorlie, 434 Koz from Yandal and 265 Koz from Pogo, highlighting strong demand across all production centres.

The company has reported an AISC of $2,651/oz for the June quarter and $2,698/oz for the financial year, in which Yandal's AISC is the highest with $3,228/oz for the quarter and $3,198/oz for the year, followed by Kalgoorie and Pogo.

NST has reported a group underlying free cash flow of $206M and net mine cash flow of $443M. All three production centres generated positive net mine cash flow of $1,179M, with Pogo delivering strong operational performance, achieving a fifth consecutive annual record net mine cash flow of $609M, highlighting strong demand and operational efficiency.

The company currently has cash and bullion of $1,235M after a buyback of a $129M share purchase under the $500M on-market share buyback programme and FY26 estimated cash earnings of $2,860-$2,950M compared to the prior period of $2,873M.

Capital Expenditure in KCGM

The company highlighted in its announcement that it has done a massive growth capex in KCGM with $664M from operational growth capital, $713M on the KCGM mill expansion project and $322M on operational readiness. Currently, the company is upgrading its KCGM gold processing project, with stage 1 being tested and on schedule; ramp-up will follow a measured approach utilising lower-grade feed during FY27. The old KCGM processing plant will continue the operation through July and August, with a tie-in to the expanded 27 Mtpa processing facility planned for September. Stage 2 also remains on track for completion, scheduled in the late first half of FY27, expecting to deliver a 1-2% recovery uplift while eliminating concentrate haulage between KCGM and Gidji.

Outlook

NST continues to focus on strengthening the core business and capacity expansion in which the Hemi project has continued to progress as planned and managed aquifer recharge trials to commerce during the September quarter following the agreement with Traditional Owners. It is expected to support the Western Australian EPA secondary approval process, engineering design and project scheduling. The company will make a final investment decision in late FY27.

Conclusion

NST has delivered a strong annual result for FY26, supported by strong quarterly and annual sales and overall mine cash flow. As the company continues to meet its deadline for the pipeline project and start the production to drive high revenue growth and free cash flow for the long term.

(Source: Company Announcements)