Northern Star Resources (ASX: NST) has released its activities report for the June Quarter to 30 June 2026, highlighting improved operational performance across its three production centres and continued progress on the KCGM Mill Expansion Project.
The company recorded a Serious Lost Time Injury Frequency Rate (SLTIFR) of 0.5 injuries per million hours worked for the quarter.
Group underlying free cash flow reached $206 million, with net mine cash of $443 million.
For the full 2026 financial year, Northern Star sold 1,543koz of gold at an all-in sustaining cost (AISC) of $2,698/oz, keeping costs within the original guidance range.
All three production centres generated positive net mine cash flow, totalling $1,179 million for the year.
For the June quarter alone, gold sold totalled 433koz at an AISC of $2,651/oz (US$1,821/oz).
At the Kalgoorlie Consolidated Gold Mines (KCGM) operation, mining volumes hit targeted annualised rates of 88Mtpa for the open pit and 3.2Mtpa for the underground operation, both records under Northern Star’s ownership.
Jundee improved its milling and grade performance in line with plans, while Thunderbox achieved record quarterly gold sales on the back of higher grades.
The Pogo operation in Alaska delivered a fifth consecutive annual record net mine cash flow of $609 million.
Commissioning of Stage 1 of the KCGM Mill Expansion Project, which will lift processing capacity to 27Mtpa, is underway and remains on schedule.
Ramp-up will follow a measured approach using lower-grade feed during the first half of FY27.
The existing KCGM processing plant will continue operating through July and August, with tie-in to the expanded facility planned for September.
Stage 2, which consolidates processing into a single hub, remains on track for completion in late 1H FY27 and is expected to deliver a recovery uplift of 1 to 2 per cent while eliminating concentrate haulage between KCGM and Gidji.
Northern Star confirmed that incoming Managing Director and CEO Suresh Vadnagra will commence in the role on 5 October 2026.
The company held cash and bullion of $1,235 million at quarter end, after spending $129 million on shares purchased under its $500 million on-market share buy-back program.
FY26 cash earnings are estimated at between $2,860 million and $2,950 million, compared with $2,873 million in FY25.
The company is targeting a final investment decision on the Hemi Project for late FY27, with FY27 group annual guidance to be released alongside FY26 financial results on 20 August 2026.
Commenting on the quarter’s performance, Northern Star managing director Stuart Tonkin said the period “delivered improved operational performance and positive net mine cash flow of $443 million, demonstrating the quality of our portfolio and reinforcing the long-term value potential of the business”.
He added that “with the commissioning of the KCGM Mill Expansion Project now underway, Northern Star is well positioned to deliver significant shareholder returns”.
The company’s full FY26 financial results, along with FY27 guidance, are due for release on 20 August 2026.
